Terms I don't understand

GovAuctionGuy39 · Joined: 10 Aug 2009 Posts: 21

I don't understand what these terms mean ?Can anyone help me with it.
Refinance,Equity,Subordinate Mortgage,Foreclosure.Please some one brief it for me.

imenacedk · Joined: 20 Feb 2010 Posts: 6

Refinance = means you have a current mortgage and are looking to take another loan. Most of the time it's too lower your interest rate or cash out.

Equity = ownership of the property. Example: your house is worth $100 and you paid off $50 you have a 50% equity

Subordinate Mortgage= having 2 loans and refinancing only for one

Foreclosure= if you can't pay your mortgage, bank takes ownership of the property and sells it.

basic summarys