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Origination Fee -
The fee imposed by a lender to cover certain processing expenses in connection with making a loan. Usually a percentage of the amount loaned.


Owner Financing -
A property purchase that is partly or wholly financed by the seller.


Owner's Title Policy -
A policy protecting the buyer for the amount of the...

Negative Amortization -
Essentially occurs when a borrower makes a minimum payment that may not cover the interest that is due. Loan balance then increases as a result.


Net Effective Income -
Gross income less federal income tax.


No Cash-out Refinance -
A refinance transaction that is not intended to put cash in the hand of the...

What is Refinancing
Refinancing is when you apply for a secured loan in order to pay off another loan secured against your property. If the original loan had a fixed interest rate mortgage and rates have now declined considerably, then you might like to take advantage of a new loan at a more favorable interest rate which will certainly lower your...