Realtor Jargon:
No-cash-out refinance:
When the amount of the new mortgage covers the remaining balance of the first loan plus closing costs and any liens, and yields no more than 1 percent of the new loan's principal in cash.
Alienation%clause


Alienation clause

A loan provision requiring the borrower to pay the balance of the loan in a lump sum if the property is sold or transferred.



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