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No cash-out refinance
A refinance transaction in which the mortgage amount is limited to the sum of the unpaid principal balance of any existing mortgages plus closing costs.
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No-documentation loan
A loan application that does not require verification of income but typically is granted when a borrower puts down a large down payment.
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Note
A written promise by a borrower to pay a sum of money, at a specified interest rate, at a stated time to a named payee.
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