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Refinance – To pay off an existing loan with whatever proceeds are had with the new loan as website a way to love a reduced fascination charge.
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Foreclosure – This is a legal process in which collateral which has been pledged for the loan is often bought so that you can repay the loan if the borrower defaults.
Co-signer – A person who willfully indications a loan settlement With all the borrower and partly assumes duty of repayment of the loan.