Refinance

Refinance

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

Contributors in Refinance

Refinance

A professional opinion about the market value of a house. An appraiser visits your home, evaluates its exterior and interior condition, and compares the property to other homes recently sold in your ...

adjustable-rate mortgage (ARM)

Banking; Refinance

A mortgage or home equity loan in which your interest rate and monthly payments may change periodically during the life of the loan, based on the fluctuation of an index. Lenders may charge a lower ...

capitalization

Banking; Refinance

Used to bring a loan in default current by adding delinquent and unpaid interest, fees and/or escrow advances to the unpaid principal balance of the loan.

abstract of title

Banking; Refinance

A written history of all the transactions bearing on the title to a specific tract of land. An abstract of title covers the period from the original source of title (often the original land grant ...

acceptance

Banking; Refinance

A buyer’s or seller’s agreement to enter into a contract and be bound by the terms of the offer.

addendum

Banking; Refinance

An attachment to a contract to add, remove or amend specified terms or conditions.

additional principal payment

Banking; Refinance

A payment made by a borrower of more than the scheduled principal amount due in order to reduce the outstanding balance on the loan, to save on interest over the life of the loan and/or pay off the ...