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.
Private Student Loan Refinancing — The process of taking out a new private loan to pay off existing student loans, usually to secure a lower interest rate.
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 loan with a new loan that has different terms, usually to lower the interest rate.
The act of taking out a new private loan to pay off existing student loans, usually to obtain a better interest rate.