Real Estate
Glossary
This glossary has been provided to help Colorado Springs
homebuyers understand the unique language
of the real estate business.
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cash-out refinance:
This is a kind of a refinance transaction that is not intended
to put cash in the hand of the borrower. Instead of that, the
new balance is calculated to cover the balance due on the current
loan and any costs associated with obtaining the new mortgage.
Note:
It is a kind of legal document which obligates a borrower to
pay back a mortgage loan at a stated interest rate throughout
a particular period of time.
No-points loan:
Most lenders offer the loans at "no points". The interest
rate on a "no points" loan is approximately a quarter
percent higher than on a loan where you pay one point.
Notice of default:
This is a formal written notice to a borrower. Here it is notified
that a default has occurred and legal action may be taken.
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