While interest rates have slightly risen in the last few months, they're still very low compared to previous years. As a result, many are looking to take advantage of refinancing their residential and commercial loans.
If you're one of those considering a refinance, it can be confusing to figure out the best option if you are not familiar with industry terminology.
To save you some research, we've created this easy-to-understand glossary of loan terms. A quick glance through it will help prepare you to make the best decision.