Question 1

What is a bank statement?

Accepted Answer

A bank statement is an official document issued by your bank that summarizes all transactions in your account over a specific period, typically monthly. It includes deposits, withdrawals, fees, interest earned, and your account balance.

Question 2

What is mortgage refinancing?

Accepted Answer

Refinancing means replacing your current mortgage with a new loan, typically to get a lower interest rate, reduce monthly payments, change loan terms, switch from ARM to fixed-rate, or cash out equity. You'll go through the application process again, pay closing costs, and should calculate whether long-term savings outweigh upfront expenses.

Question 3

What are common bank statement abbreviations?

Accepted Answer

Common abbreviations include ATM (Automated Teller Machine), POS (Point of Sale), ACH (Automated Clearing House), DD (Direct Deposit), NSF (Non-Sufficient Funds), EFT (Electronic Funds Transfer), and CR (Credit) or DR (Debit).

Question 4

What is an escrow account?

Accepted Answer

An escrow account holds money temporarily during a transaction until conditions are met. Common in real estate for holding deposits, property taxes, and insurance payments. A neutral third party manages the funds.

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What is a bank statement?

What is mortgage refinancing?

What are common bank statement abbreviations?

What is an escrow account?

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