Definition of "Consolidation loan"

Marjorie Lindsey & Karen Lindsey real estate agent

Written by

Marjorie Lindsey & Karen Lindseyelite badge icon

LightHouse Realty Assoc Inc

Loan that combines smaller loans into one larger loan and typically arises from refinancing debt. It typically results in a lower overall interest rate, longer payment schedule, and lower dollar amount for each payment. Further, it is more convenient and easier when there is one loan rather than many loans.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

Brick wall where a space or cavity is left between the inner and outer walls and is usually filled with insulation. ...

Inverted gable roof design where the two side slope upward from the center to the eaves with a valley in the middle. The roof resembles the wings of a butterfly, hence, the name. ...

Also called “Grey shell, “Bare Shell”, and “Artic shell”, a Cold Shell could be described as the more radical version of a Vanilla Shell. If Vanilla Shells ...

Supervisor of the operation of apartments while residing in one of the apartments. Some responsibilities include showing vacant apartment to prospective tenants and assuring that the ...

Agreement by a lender to lend money to a borrower. A loan commitment typically includes the amount of money to be lent, the interest rate, and the period of the loan. ...

Arbitrary value assigned to real property without any scientific or technical reason. It is a personal decision based on a hunch. ...

Corporation having only one person, A corporation sole is primarily used for the purposes of a nonprofit ecclesiastic church related organization. Ina church, the corporation sole is headed ...

Legal instrument permitting one to grant others general or specific powers for administering their finances. ...

Preference. Precedence. Something given prior attention. Something having a higher level of importance or ranking. Example of when priority apply are a prospective tenant for an ...

Popular Real Estate Questions