2. If the new loan is larger than the original loan, the transaction is referred to as a “cash-out refinancing.” Otherwise, the transaction is described as a “rate-and-term refinancing.”

3. This, of course, assumes that the lender is aware of all loans made on the property; a loan made against a property carrying an unknown or “silent” second lien likely would result in an overly leveraged loan and a higher probability of ultimate principal loss.

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