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Mortgage Glossary

Buyer

The person who applies for a mortgage loan and will be responsible for repaying it. There may be more than one buyer on a single loan.

Buyer's Title Insurance

Insurance that protects you from losses that may result from disputes over the property's title. Typically, you purchase two separate policies: The Lender Title Insurance, which is a part of your closing costs, and separate insurance to protect your interests.

Cap (Interest Rate)

See Rate Cap.

Cap (Payment)

See Payment Cap.

Cash Out Refinance

A refinance loan in which the new loan amount is larger than the remaining balance of all current mortgages, giving you cash that can be used for any purpose. Many homeowners use a cash out refinance to pay for home improvements, to consolidate debt, or to take needed cash from the equity earned by the property.

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