refi
New mortgage deal
Refi is informal shorthand for refinancing, the process of replacing an existing loan with a new one, typically to get better terms: We did a refi when interest rates dropped.
The word appears most often in discussions of home mortgages.
Borrowed money repaid later
- equityImpartial treatment or ownership value
- appraisalEstimation of worth
- lenderOne who loans money
- borrowerOne who takes temporarily
underwriting · amortization · escrow · interest · principal · closing · deed · title
Combining into unified whole
- creditRecognition or payment deferral
- borrowingTemporary taking of another's
- repaymentGiving back what's owed
- collateralSecurity for debt
default · payoff · savings · term · balance · obligation · restructuring · modification
Formal request document
- approvalFavorable opinion given
- appraisalEstimation of worth
- closingFinal stage of something
- documentationWritten proof or instructions
verification · income · assets · fees · timeline · paperwork · settlement · funding
loan
Borrowed money repaid later
borrower · underwriting · amortization · escrow · interest · principal · closing · deed · title · loan-to-value
consolidation
Combining into unified whole
- creditRecognition or payment deferral
- borrowingTemporary taking of another's
- repaymentGiving back what's owed
collateral · default · payoff · savings · term · balance · obligation · restructuring · modification · underwater
application
Formal request document
documentation · verification · income · assets · fees · timeline · paperwork · settlement · funding
interest
Attention, stake, or fee
- APRYearly borrowing cost
- fixedRestored or immovable
- adjustableAble to be changed
locked · floating · spread · discount · prime · reduction · shopping · comparison · quote
refifirst mortgage
- refinance loanNew loan replaces old
- debt refinancingReplacing existing obligation with new terms
- refinancing optionsLoan replacement possibilities