Refinance

Refinance

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

Contributors in Refinance

Refinance

If you are facing a temporary hardship, your lender may offer you a deferment. A deferment is a postponement of your home loan payments for a set period of time. This does not release you from having ...

fixed-rate mortgage

Banking; Refinance

A home loan with a predetermined fixed interest rate for the entire term of the loan.

extension

Banking; Refinance

If you’re experiencing a temporary hardship and are less than 90 days behind on your home loan payments, you may be eligible for an extension. An extension is where your lender agrees to suspend a ...

escrow

Banking; Refinance

This is where your lender collects part of your mortgage payment in a special account to pay your taxes and insurance premiums when they become due. The amount in this account is based on the ...

delinquency cycle

Banking; Refinance

A delinquency cycle is the time between you missing your first mortgage payment and the foreclosure of your home. Being in the “delinquency cycle” does not automatically mean you’ll lose your home to ...

default

Banking; Refinance

A default on your mortgage is when you fail to make a payment on time, miss a payment, or fail to meet any other terms of the loan. Defaulting on your mortgage can lead to foreclosure proceedings.

deed-in-lieu of foreclosure (DEED-IN-LIEU)

Banking; Refinance

Used as an alternative to foreclosure, a deed-in-lieu of foreclosure is where you sign over the deed to your property to the lender because you are unable to pay off your mortgage debt. May also be ...