A variable interest rate is an interest rate that can fluctuate over time, often in response to changes in market conditions. This means that the amount of interest charged on a loan or other financial product with a variable interest rate can vary from month to month or year to year.

Subrogation is the process of transferring the rights and responsibilities of a loan or other financial product from one party to another. This can happen when a borrower refinances their loan and the new lender takes over the rights and responsibilities of the old loan.

Refinancing refers to the process of taking out a new loan to pay off an existing one. This can be done for a variety of reasons, such as to secure a lower interest rate or to change the terms of the loan.

Prequalification, or preapprobation, is the process of determining whether a borrower is likely to be approved for a loan or other financial product based on their credit history and other financial information. Prequalification is typically used to give borrowers an idea of what they may be able to borrow and can help them narrow down their options when shopping for a loan.

Equity refers to the value of an asset (such as a home) minus any outstanding debts or liabilities (such as a mortgage). It can also refer to the ownership interest that a person has in an asset.

Renewal refers to the process of extending the term of a loan or other financial product. This typically involves making new loan agreements with the lender and may involve changes to the terms of the loan, such as the interest rate.