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| REFINANCE |
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Related Terminology: LOCK-IN PERIOD
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| to replace an old loan(s) with a new loan(s). |
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| Example Garner has a $30,000 loan against her house, which is worth $200,000. She desires cash to pay for a college education. By refinancing the home with a new $150,000 loan, she will realize $115,000 in cash after paying $5,000 in transaction costs. |
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