Terms that are on use on this site.
There are 59 entries in this glossary.| Term | Definition |
|---|---|
| Blend and Extend |
A closed mortgage can often be \"opened\" for the purpose of extending the term. Most lenders will blend the penalty for breaking (usually an Interest Rate Differential) with the rate for the new extended term. The idea is to get a lower rate and protect against rate increases in the future. |
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