Glossary of Real Estate Terms

There are 125 entries in this glossary.
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Term Definition
No 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.

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.


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.

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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