Consolidation Loan
Definition of "Consolidation loan"
Loan that combines smaller loans into one larger loan and typically arises from refinancing debt. It typically results in a lower overall interest rate, longer payment schedule, and lower dollar amount for each payment. Further, it is more convenient and easier when there is one loan rather than many loans.
Popular Real Estate Terms
...
A convex vaulted curvature often spherical in shape usually built atop of a building. Domes can be constructed of any material including masonry, wood, glass or steel. They can be ...
Annual Percentage Rate (APR) is a measure of the cost of credit that must be reported by lenders under the Truth in Lending regulations. The Annual Percentage Rate (APR) takes into ...
Fee charged by a lender to a borrower for a standby commitment. ...
A liability that does not go beyond the owner's investment in a real estate business. A corporation and limited partners have this benefit. The stockholders of a corporation usually have ...
Also called interim financing. A mortgage that provides the funds necessary for the building or construction of a real estate project. The project can be a residential subdivision, a ...
Transfer of title based on a preceding title transfer of conveyance. A derivative conveyance increases, ratifies, moderates, renews or transfers the stake created by the original ...
The term effective interest rate is the actual return from a savings account or any investment where you pay interest when considering the effects of compounding costs over time. Through an ...
Plywood whose surface is given parallel scratches or grooves in the manufacturing process. It provides, increased bond to adhesives, mortar, plaster, or stucco as well as giving a grain ...
Have a question or comment?
We're here to help.