Refinance

Business / Real Estate / Refinance: To obtain a new loan to pay off an existing loan, or to pay off one loan with the proceeds from another. Properties are frequently refinanced when interest rates drop and/or the property has appreciated in value. Sometimes, a buyer will purchase a property by way of a contract for deed with the expectation of either selling the property before the balance under the contract for deed becomes due or refinancing at better terms and interest rates than exist at the time the agreement of sale is entered into.

Fixed-Rate Mortgage

Business / Taxes / Fixed-Rate Mortgage: A fixed-rate mortgage is a long-term loan that you use to finance a real estate purchase, typically a home. Your borrowing costs and monthly payments remain the same for the term of the loan, no matte MORE

Negative Amortization

Business / Finance / Negative Amortization: A loan repayment schedule in which the outstanding principal balance of the loan increases, rather than amortizing, because the scheduled monthly payments do not cover the full amount required to amor MORE

Va Loan

Business / Real Estate / Va Loan: A government-sponsored mortgage assistance program administered by the Department of Veterans Affairs. Under the Servicemens Readjustment Act of 1944, eligible veterans and widows or widowers (who hav MORE

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