Plain-English definitions for the terms you'll encounter on your financial journey.
A refinancing of a loan in which the new loan is larger than the existing one, with the difference given in cash.
A refinancing option where a new mortgage is taken out for more than the amount owed, with the difference paid in cash.
A refinancing of an existing mortgage to change the interest rate, the loan term, or both, without taking cash out.
The process of replacing an existing mortgage with a new one, typically to obtain a lower interest rate or different terms. This can help homeowners reduce monthly payments or access home equity.