Refinance

Refinance

When a debt is repaid by making another loan on different terms.

Contributors in Refinance

Refinance

A reverse mortgage is a loan that allows homeowners age 62 and older to access a portion of the available equity in their homes without having to sell the home, give up title, or make monthly reverse ...

request for modification and affidavit (RMA) form

Banking; Refinance

This form provides information to your mortgage servicer about your home and financial situation. All of the borrowers listed on the mortgage must sign the Request Form.

repayment plan

Banking; Refinance

If you are behind on your payments, your lender may agree to a repayment plan that allows you to make your regularly scheduled mortgage payments, plus pay off a portion of the past due amounts over ...

refinance

Banking; Refinance

Paying off your existing loan with the proceeds from a new loan in order to take advantage of lower interest rates and other more favorable loan terms.

partial claim

Banking; Refinance

A partial claim is a no-interest or low-interest loan given to you by a lender to help you pay back any missing or partial mortgage payments and default-related fees. This is a one-time only loan. ...

modification

Banking; Refinance

A loan modification is a change to the original terms of your loan. Loan modifications could include lowering your interest rate, extending the term or maturity date of the loan, moving you from an ...

marketability

Banking; Refinance

Marketability refers to the “sale-ability” of your home. The marketability of your house is based on its location, size, condition and the condition of the local housing market in general.