Terms with Tag Refinance

  • Cash Out Mortgage (COM) Acronym, Very Important,
    • The taking out of a new mortgage on the same property in which the amount borrowed is greater than the amount of the previous mortgage. The difference is taken out in cash.
    More commonly referred to as "home equity loan" or "refinance."
  • Home Equity Release (HER)Acronym,
    • Home Equity Withdrawal (HEW)Acronym,
      • Home Improvement Loan (HIL)Acronym, Important,
        • Interest Rate Differential (IRD) Bank, Very Important,
          • The penalty one pays for breaking a mortgage.
        • Mortgage Interest Rate Differential (MIRD)Acronym,
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