Debt Consolidation Glossary of Terms

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Glossary - R

rate
Percentage a borrower pays for the use of money, usually expressed as an annual percentage.

rate lock-in
A lender's guarantee that the mortgage rate quoted will not change for a specific period. The borrower wants the lock to stay in effect until closing.

refinancing
The repayment of a mortgage with another mortgage. Homeowners typically refinance to take advantage of lower interest rates or to transform equity into cash.