Question: What does it mean to refinance a loan? A . It means that someone is taking out a new loan in order to pay off

What does it mean to refinance a loan?
A.
It means that someone is taking out a new loan in order to pay off an old loan.
B.
It is when the bank seizes an asset used as collateral and then sells it to pay off the loan.
C.
It is a special type of loan that banks offer to people when they have difficulty obtaining loans from other banks.
D.
It refers to the process that occurs when a borrowers defaults on a loan.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Q:

The following question has some factual information (loan rates) and some made up (loan amount) information. You may use the spreadsheet titled Amortization Loan Bonus to help you with the...

Q:

When I moved to Harrisonburg in 2007, the home loan rates were 6%. Assume that I purchased a home for $450,000 and financed it for 30 years / 360 months. There are usually closing costs (title...

Q:

I'm struggling to work out this problem... Daniel just purchased a new home (at time t=0). He took out a loan for $300,000. The loan requires equal monthly payments for 30 years. The interest rate on...

Q:

Chapter 10 Business Process and Information Systems Development \"Jeff, we clean the clubhouse restrooms twice a day . . . in the morning before 7 and again just before lunch. We've been doing that...

Q:

You should construct a decision tree that includes one decision node (purchase a new EHR system) or maintain the status quo (retain the existing EHR system). There are the two EHR systems under...

Q:

Answer question 13 only. Thanks. ' 66 Personal Financial Planning: Cases & Applications Textbook 10th Edition 2017-2018 Benjamin and Sarah Redding have great aspirations for their future. They have...

Q:

i will show the questions first (first two pics). only 5 questions are required from the list of 18. they can be any that you feel most confident answering! Ik usually the rule is about 3 question...

Q:

This question doesn't violate honor code it is for my personal knowledge. I just need help with the questions below I have a California Real Estate Exam that is coming up soon at the end of this...

Q:

HE STEP-BY-STEP SOLUTION TO: Question 1 of 100 -The law enforces promises through the use of laws. regulations. contracts. policies. 2 of 100 -A substantive law establishes and controls rights and...

Q:

Question 1 Video Pioneer Pte Ltd (VP) runs a video hire shop in the suburbs. You are the accountant for this company. The two directors are Jason and Chiew. Over the last three years the company has...

Q:

In Prob. 16.71, determine (a) The distance r for which the horizontal component of the reaction at C is zero, (b) The corresponding angular acceleration of the rod.

Q:

Find Missing Data for Profit Variance Analysis Requirement : Find the values of the missing items ( a ) through ( q ). Suppose that the actual sales volume equals actual production volume. Income...

Q:

ANSWER Select the correct terms to complete the following statements about the human life cycle. 1. Adults produce haploid [Click to select) | through the process of | (Click to select) ] . 2. The...

Q:

Can you elucidate the role of molecular chaperones and protein quality control systems in maintaining the integrity and homeostasis of the cytoplasm, particularly under conditions of cellular stress...