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LendingRisk.com Mortage Industry Dictionary

Terminology, definitions, terms, explanations, and documents for business professionals in the mortgage lending and mortgage risk management industries.

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Debt Consolidation Loan

A Debt Consolidation loan indicates that proceeds from the loan are used to finance the replacement of multiple loans with a single loan. Typically, the new loan features a lower monthly payment and a longer repayment period. The debt consolidation loan is also referred to as a consolidation loan.

See Cash-Out Refinance
See Loan Purpose Type
See Mortgage Loan Purpose Type Overview
See Refinance

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Terminology, definitions, terms, explanations, and documents for business professionals in the mortgage lending and mortgage risk management industries.