Glossary

What is Net Tangible Benefit?

DefinitionA required, measurable benefit to the borrower from a refinance, such as a lower rate or a move from an adjustable to a fixed rate.

Where it matters

Home loan

VA IRRRL (Streamline Refinance)

A VA IRRRL (Interest Rate Reduction Refinance Loan) replaces an existing VA loan with a new VA loan at a lower rate or more stable terms, usually with limited documentation and often no appraisal.

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Related terms

1031 Exchange
Amortization
Appraisal
APR (Annual Percentage Rate)
ARM (Adjustable-Rate Mortgage)
ARV (After-Repair Value)
Asset Depletion
Assumable Mortgage
Balloon Payment
Bank Statement Loan
Blanket Loan
BRRRR
Cap Rate
Cash to Close

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