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A factor that determines the payment structure and whether the rate may adjust during the life of the loan. Generally fixed or adjustable (ARM).

The process of obtaining a new mortgage loan to pay off the existing debt from loan proceeds using the same property as collateral. This type of loan is generally requested to obtain a lower interest rate and/or reduce payment or term.

A loan with a maximum credit limit that provides the borrower with the ability to disburse funds up to the maximum credit line as needed. The line of credit can be accessed repeatedly as the balance is paid down. A revolving loan functions similar to a credit card and may be accessed by writing a check or a using a debit card.