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Cash Out Refinance
A mortgage loan that allows the borrower to pay off an existing debt and obtain excess money from the equity of their home for payment of closing costs and additional funds for personal needs (i.e., college tuition, home improvement, remodel home, purchase automobile and etc). |
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Fannie Mae
A common term used in real estate finance taken from FNMA (Federal National Mortgage Association). It provides a market for government secured mortgages held by primary lenders and provides them with a ready market so as to permit a greater turnover of money for loans |
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Home Equity Line of Credit (HELOC)
A revolving line of credit secured on the equity in the mortgagor's house, usable for any purpose. |
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Second Mortgage
A mortgage made subsequent to another and subordinate to the first one. |
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