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Real Estate Term: No Cash Out Refinance
Category: Real Estate Finance
Definition: a refinance of an existing loan only for the amount remaining on the mortgage. The borrower does not get any cash against the equity of the home. Also called a rate and term refinance.
Source: U.S. Department of Housing and Urban Development. http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/buying/glossary