Refinancing The process of obtaining a new mortgage, usually at a lower rate, to repay and replace an existing mortgage. Right of first refusal An owner's promise to let someone make the first offer on a property, or to match the amount offered by another party. An additional mortgage behind the first mortgage on a property. The rights of the second mortgage holder are subordinate to the rights of the first mortgage holder. Seller take-back An agreement in which a property owner provides financing to a buyer.
Settlement See closing.
Survey A drawing showing the legal boundaries of a property and the location of structures on it. The length of time you are given to repay a loan. An alternative financing plan that enables households with earnings no more than 115 percent of the median income in their area to make a three percent down payment with their own funds, coupled with a two percent gift from a relative, or a grant or unsecured loan from a nonprofit or government program. Title A legal document establishing the right of ownership.