Glossary

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

rate cap
A cap on how much an adjustable interest rate may change.
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rate lock-in
A written guarantee from the lender that the borrower has a specified interest rate, provided the loan closes within a set period of time.
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refinancing
The process of paying off one mortgage with the proceeds from a new mortgage loan using the same property.
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