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Refinance transaction
Refinance transaction The process of paying off one loan with the proceeds from a new loan using the same property as security.
RELATED TERMS--------------------------------------
Loan
A sum of borrowed money (principal) that is generally repaid with interest.
Property
The rights of ownership. The right to use, possess, enjoy, and dispose of a thing in every legal way and to exclude everyone else from interfering with these rights.
Security
The property that will be pledged as collateral for a loan.
SIMILAR TERMS--------------------------------------
Refinance
Obtaining a new loan to pay off an existing loan. Refinancing is a popular practice when interest rates drop.
Refinancing
The process of the same mortgagor paying off one loan with the proceeds from another loan.
PREVIOUS AND NEXT TERMS--------------------------------------
Redemption charges - penalty
Charges made by the lender when the borrower pays off the loan.
Redemption period
A period of time established by state law during which a property owner has a right to redeem real estate after a foreclosure or tax sale by paying the sales price, interest and costs.
Redlining
The practice of refusing to provide loans or insurance in a certain neighborhood.
Reduction certificate (payoff statement)
The document signed by a lender indicating the amount required to pay a loan balance in full and satisfy the debt.
Refinance
Obtaining a new loan to pay off an existing loan. Refinancing is a popular practice when interest rates drop.
Refinance transaction
Refinancing
The process of the same mortgagor paying off one loan with the proceeds from another loan.
Reflective coatings
A black tinted window coating. Reflective coatings greatly reduce the transmission of daylight through clear glass.
Reformation
An action by a court to revise a contract to read as it was intended by the parties to read rather than as stated.
Regional bank
A bank with a primary market in a regional or metropolitan area but takes deposits from throughout the state in which it is located.
Regional diversification
Definitions for what constitute various regions, for diversification purposes, vary among managers, consultants and plan sponsors.
This dictionary contains 6433 terms. |
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