Key terms

While working with your mortgage company, it’s important to understand the mortgage terms that may be used so you can have a better (and easier) discussion with your mortgage company.

Refinance

A new mortgage with new terms, interest rates and monthly payments. The new loan completely replaces the current mortgage and may lower your payment.

Learn more about Refinance

Repayment Plan

A homeowner promises to pay down past-due amounts on a mortgage over a specified time period while still making regular monthly payments.

Learn more about the Repayment Plan Option