Washington 125% Mortgage Loans.

125% Mortgage - is a home equity loan that allows you to borrow more than the value of the home, usually in the form of a second mortgage.

Washington 125% Cash Out. - A refinance for more than the balance of the current mortgage. The excess money taken out reduces the borrower’s equity.

Washington 125% Refinancing. - The process of paying off one loan with the proceeds from a new loan secured by the same property.

Washington 125% Mortgage Loan. - A loan for which real estate serves as collateral to provide for repayment in case of default.

Washington Home Equity Loan. - An additional mortgage secured by the equity in the home. All funds for this loan are disbursed at closing. (In contrast, see Home Equity Line Of Credit).

Washington Home Equity Line Of Credit. - A revolving line of credit secured by the equity in the home. Unlike a Home Equity Loan, these funds may be drawn and repaid like a credit card.