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GovAuctionGuy39



Joined: 10 Aug 2009
Posts: 21
PostPosted: Tue Aug 11, 2009 3:05 am    Post subject: Terms I don't understand Reply with quote
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.



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imenacedk



Joined: 20 Feb 2010
Posts: 6
PostPosted: Tue Feb 23, 2010 9:36 pm    Post subject: Reply with quote
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



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