Refi Goal Finder glossary
Key terms
Straight answer
These terms come up when matching a refinance to your goal, each with a primary source.
Last reviewed against the primary sources listed below.
- Rate-and-term refinance
- A refinance that changes the rate or term without taking cash out. Source: CFPB: What is a Loan Estimate?
- Cash-out refinance
- A refinance into a larger loan with the difference paid to you. Source: Fannie Mae Selling Guide B2-1.3-03: Cash-out refinance transactions
- Seasoning
- Time or payments required on the current loan before refinancing. Source: Fannie Mae Selling Guide B2-1.3-03: Cash-out refinance transactions
- Co-borrower
- A second person who signs the loan and shares responsibility to repay. Source: CFPB: What is a Loan Estimate?