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