Definitions for "Mortgage Refinance"
The process of paying off and replacing an old loan with a new mortgage. Borrowers usually choose to refinance a mortgage to get a lower interest rate, lower their monthly payments, avoid a balloon payment or to take cash out of their equity. Click here to compare refinance loan options online.
a very serious thing and something that you shouldn't get into lightly
The borrower pays off an old loan with a new loan. If interest rates declines such that the savings from switching to a loan with lower interest rate outweigh the costs of securing a new loan at lower interest rate, then refinancing may be advisable.
a very big deal for many people and for good reason it is on a huge asset that has a major impact on their financial future
a great way to
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