Renewal

Definition

  • Extending an unpaid loan with the original lender when the terms of the loan expire.

Synonyms
renewal letter, continuation, recommencement, recommitment, resumption

Related Terms and Acronyms

  • Acceptance Definition,
    • A property seller's formal, written approval of a buyer's offer.
  • Contract Definition,
    • An agreement between two or more parties that can be enforced by law.
  • Insurance (insur) Abbreviation,
    • An arrangement where one party provides financial protection to another party for specific damages or losses.
  • Loan Origination Definition,
    • The process of applying for a loan and the handling of that application by a lender.
  • Mortgage Renewal Definition, Very Important,
    • A renewal as it pertains to the mortgage industry is defined as having an existing mortgage term end and signing a new term to continue.
  • X Definition,
    • A symbol used in contracts, or other legal documents, representing where a signature should appear.
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