A loan in which the monthly payments are smaller than the monthly interest generated. As the unpaid interest is added to the principal, the amount owed on the loan grows.
|no cash-out refinance|
A loan whose proceeds are handed not to the borrower, but directly to the lender of an old loan.
A loan in which the lender pays for your closing costs such as settlement fees, title insurance, escrow fees, etc. Such a loan usually has a higher interest rate than a traditional mortgage.
A legal document acknowledging a debt which the borrower must repay at a stated interest rate during a specific period of time.
The interest rate on a mortgage note.