Tag: refinancing

IRRRL- Interest Rate Reduction Refinancing Loan loans mortgage terminology definition

IRRRL- Interest Rate Reduction Refinancing Loan: This is a VA Mortgage Loan that takes mortgages in the VA Home Loan Guarantee Program and allows the owner to refinance the loan for a lower interest rate. The loan can either be an adjustable rate mortgage

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Refinancing loans mortgage terminology definition

Refinancing: Getting a new mortgage loan that replaces and pays your existing mortgage loan in full. This is like getting an entirely new mortgage loan, and is usually done in order to lower interest rates on a current mortgage loan or take cash out of th

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HUD-Department of Housing and Urban Development loans mortgage terminology definition

HUD-Department of Housing and Urban Development: A department within the federal government that aids people with the purchase of property through guaranteed loans, energy efficient home improvement loans, general home improvement loans, refinancing optio

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Prepayment Penalty loans mortgage terminology definition

Prepayment Penalty: The fee paid to a lender if you pay off your mortgage loan before a certain amount of time has gone by. This penalty may or may not be written into a mortgage loan agreement. It is designed to deter the borrower from refinancing the lo

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