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31. Cash-out refinance

A refinance transaction in which the amount of money received from the new loan exceeds the total of the money needed to repay the existing first mortgage, closing costs, points, and the amount required to satisfy any outstanding subordinate mortgage liens. In other words, a refinance transaction in which the borrower receives additional cash that can be used for any purpose.

32. Certificate of title

A statement provided by an abstract company, title company, or attorney stating that the title to real estate is legally held by the current owner.

33. Chain of title

The history of all of the documents that transfer title to a parcel of real property, starting with the earliest existing document and ending with the most recent.

34. Clear title

A title that is free of liens or legal questions as to ownership of the property.

35. Closing

A meeting at which the buyer signing the mortgage finalizes a sale of a property documents and paying closing costs, the date on which title passes from the seller to the buyer. Also called “settlement.”

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