Key terms
While working with your mortgage company, it’s important to understand the mortgage terms that may be used so you can have a better (and easier) discussion with your mortgage company.
Refinance
A new mortgage with new terms, interest rates and monthly payments. The new loan completely replaces the current mortgage and may lower your payment. Learn more about Refinance
Repayment Plan
A homeowner promises to pay down past-due amounts on a mortgage over a specified time period while still making regular monthly payments. Learn more about the Repayment Plan Option