Loan/Additional loan financed on an existing asset/product

To pay off a mortgage or other registered encumbrance and to arrange a new mortgage with the same or a different lender.

Paying off one loan with a new loan (usually with better terms and conditions) on the same property.

The act of placing financing on a parcel of real property subsequent to the date the property was purchased. This is often done to retire a current mortgage for a new one with a lower interest rate, or to liquidate part of an owner's equity in a property.

MP] Paying off an old loan while simultaneously taking a new one.

is when you pay off your existing mortgage with a new loan. Many times you may choose to refinance because you can obtain a lower interest rate and save money or pay off your mortgage quicker.

Obtaining a new mortgage loan on a property already owned to repay a debt.

Paying off an existing loan with the proceeds from a new loan, usually of the same size, and using the same property as collateral. In order to decide whether this is worthwhile, the savings in interest must be weighed against the fees associated with refinancing. The difficult part of this calculation is predicting how much the up-front money would be worth when the savings are received. Other reasons to refinance include reducing the term of a longer mortgage, or switching between a fixed-rate and an adjustable-rate mortgage. If there are prepayment fees attached to the existing mortgage, refinancing becomes less favorable because of the increased cost to the borrower at the time of the refinancing.

To payoff a current loan with the proceeds of another loan secured by the same property.

To pay off debts by taking the debts to a new lender.

The act of taking out a new mortgage loan to pay off an existing mortgage, usually to take advantage of lower interest rates or to accelerate the payment schedule.

Replacing an existing loan with a new loan. This may be done to reduce borrowing costs under conditions where the borrower can obtain a new loan at an interest rate below the rate on the existing loan. Or it may be done to raise cash, as an alternative to a home equity loan.

A mortgage which replaces an existing mortgage.

The substitution of an old loan(s) with a new loan (s).

The borrower replaces a debt from proceeds of a new loan using the same property for security for the purpose of getting a better interest rate, loan term, or to get cash out.

The renewal of an existing loan by the some borrower.

the process of paying off an existing mortgage on a property to replace it with a new loan or to pay off all existing loans on the property entirely. This is normally done to acheive a better interest rate or to take equity out of the property to either do home improvements, pay off debt or to pay for big ticket purchases such as college educations or cars.

Obtaining a new loan to pay off an existing loan. Refinancing is a popular practice when interest rates drop.

Switching your loan from one lender to another.

To renew or restate the financing of a loan.

Arrange new mortgage for increased amount. Old mortgage is paid off and discharged from the proceeds of the new mortgage. Also known as "EQUITY TAKE OUT."

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.

The process of retiring all existing loans against a property and replacing them with a new loan. In a cash-out refinance, the new loan is greater than the sum of the loans being retired and the borrower receives the difference in cash.

Obtaining a new loan on your property to pay off your existing loan(s).

substitution of a new loan(s) for an old loan(s).

Replacing your current mortgage with a new one. The new loan could be at a different interest rate, have a different term, increase the amount borrowed, or be an entirely different type of loan.

Revision of a loan by making a new loan with new terms.

Repaying an old loan with a new loan, typically for better terms or cash out.

Often referred to as "rate and term" refinance; it is the process of paying off an existing loan and replacing it with a new one with a new interest rate and loan term. Literally "rate and term" refinance suggests to the lender and underwriter that the borrower's intentions are not to change any of the loan criteria with exception to lower the interest rate and begin again the term (or amortization period) for 15 to 45 years.

When a mortgagor replaces the current mortgage with a new one. Refinancing is generally done when a lower interest rate or monthly payment can be achieved or when the mortgagor wants to get cash out.

Obtaining a new mortgage loan on a property already owned. New mortgage replaces existing loans on the property.

Securing a new loan in order to pay off an existing mortgage or to gain access to the existing equity in the property.

Occurs when you replace or extend an existing mortgage by arranging for a new mortgage, with the same or different lender.

A new mortgage loan on the existing property. The creditor draws up new loan documents, lowers the monthly payments at a reduced interest rate, and records a new mortgage with the county clerk’s office. Repossession, Same as Foreclosure Shortfall Short Payoff A remaining balance due a creditor after a third party sale is sufficient enough to pay off the entire debt obligation.

To renew or replace the existing loan with additional financing, or to secure a loan on the free and clear property already owned by the borrower.

Repaying a loan with a new loan, using the same property as collateral. The new loan usually has more favorable conditions in comparison to the original loan.

Paying off an existing mortgage by using a new mortgage loan.

(1) The renewing of an existing loan with the same borrower and lender. (2) A loan on the same property by either the same lender or borrower. (3) The selling of loans by the original lender.

A loan is paid back but then replaced with a new loan.

The process of a borrower paying off one loan with the proceeds from another.

The payoff of one loan with proceeds from another, using the same property as security. Primarily used to lower the interest reate or receive "cash out". ( The difference between new mortgage amount and payoff balance.)

To take out another loan on your home at a lower rate than that of the original mortgage interest rate. The first loan is then paid in full with funds from the second loan.

A new loan on a property with the same borrower usually at a better rate and or terms

Term used for taking out a new mortgage (usually at a lower interest rate) to pay off an existing mortgage (typically with a higher rate).

To pay off a mortgage and arrange for a new mortgage, sometimes with a different lender. top of the page

Paying off an existing loan with the proceeds from a new loan, usually of similar size but on better terms and/or with a new lender. In order to decide whether this is worthwhile, the savings in interest must be weighed against the fees associated with refinancing.

To pay off an existing first mortgage and other liens by using funds acquired from a new first mortgage that is secured by the same property.

To repay one or more existing mortgage loans by getting a new mortgage loan.

Refinance is a type of loan that is used to pay off another loan. Refinance may also refer to a lengthened term of debt.

When you refinance a loan, you get a new loan, with which you pay off the existing loan. The purpose is to get a lower rate, or have a longer term than the previous loan.

to replace an old loan(s) with a new loan(s).

Taking out a new mortgage loan to receive more favorable terms. Generally recommended for fixed-rate mortgages if rates drop below 1 percent of what you're currently paying. (However, refinancing can be expensive and time-consuming, so you'll want to consider this carefully, and to ask yourself how long you plan to own the San Jose home.

To replace an existing mortgage with a new mortgage in order to reduce the interest rate or take cash out of home equity.

paying off one loan with the proceeds from a new loan at the same property, typically done for a lower rate, different terms, or cash equity from the home.

To renegotiate your existing mortgage agreement and may include increasing the principal or paying out the mortgage in full.

The process of replacing or extending an existing loan with money from the same loan institution or a new one.

Paying off an existing loan by using the proceeds from a new loan. The same property is usually used as collateral. This occurs when the new loan will allow the borrower to save money through lower monthly payments, lower interest rates, or financing costs.

The repayment of a debt from the proceeds of a new loan using the same property as security.

To pay off a mortgage or other registered encumbrance and arrange for a new mortgage, sometimes with a different lender.

The renewal of an existing loan by the same borrower.

Paying off one loan with the proceeds from a new loan using the same property as security.

The process of paying off any existing mortgages on a home with a new mortgage loan.

To revise a loan agreement to make the terms of payment more suitable to a borrower's present income and ability to repay. Refinancing usually provides a lower interest rate and lower monthly payments over a longer period of time.

To arrange a new mortgage for an increased amount. The old mortgage(s) is paid off (discharged) from the proceeds of the new loan. This type of loan is also referred to as equity take out.

Financial restructuring; such as paying off an existing loan with a new loan.

Obtaining a new mortgage loan on a property already owned. Often to replace existing loans on the property.

A new loan made to a borrower who currently owns a property or has a first mortgage on it. Refinancing either pays off the existing mortgage with a new first mortgage, or a second mortgage is made in addition to the existing first mortgage. Call your local office for more details regarding the above loan programs and find out how one of our personal Loan Officer s can help you with a loan that matches your unique needs. Mortgage Terminology Home Loans Appraisal Basics Credit Debt Consolidation Mortgage Refinancing Home Equity Lines of Credit

The creation of a new loan to pay off existing debts.

Obtaining a new mortgage with all or some portion of the proceeds used to pay off the original mortgage.

Paying off one mortgage with another, usually to get a better interest rate and/or lower monthly payments.

To replace an existing and perhaps mature mortgage with a new mortgage on the same property. New mortgage may have different terms than the old one.

Refinance is paying off the original loan through the proceeds received from a new loan. Refinance helps customer gain from reduced rate, better credit score etc.

Entering into a new mortgage loan transaction in order to pay off an existing mortgage loan covering the same real estate.

To pay off an existing mortgage by replacing it with a new one, usually at a lower interest rate.

Replacement of an older loan with a new loan offering better terms.

The repayment of a loan with the proceeds of a new loan using the same security as collateral.

The process in which one replaces the original mortgage loan with a new one to take advantage of lower interest rates or better terms or to get cash. An alternative is taking out a second mortgage, which involves the same process as refinancing, but adds a junior lien on the property.

Paying off a loan with loan proceeds from another loan. Borrowers will often refinance with a loan that has a lower interest rate and lower payments. WHEDA does not provide loans for the purpose of refinancing other loans unless the borrower is applying for a Major Rehabilitation loan, which would provide funds for the payoff of a current mortgage loan and would include additional funds for significant repairs and/or improvements to the property.

When a mortgage is taken out and some or all of the funds are used to pay off another existing mortgage. The new mortgage may or may not be with the same lender. Refinancing is often used to access built up equity in a property, or simply to move to a cheaper home loan.

Retirement of an existing debt from the proceeds of a new loan using the same collateral as security.

Refinance, or "re-fi," is a fancy word for taking out a new mortgage loan (usually at a lower interest rate) to pay off an existing mortgage (generally at a higher interest rate). Refinancing is not automatic, nor is refinancing guaranteed. Refinancing can also be a hassle and expensive. Carefully weigh the costs and benefits of refinancing.

Obtaining a new mortgage on an existing property. You might be looking for more money, a better rate, or different prepayment terms.

Acquire a new loan to pay off an existing loan on the same house. Read more...

Refinance is the term used when a borrower pays off one loan with a new loan on the same real estate. The new loan usually has some kind of benefit to the borrower, either lower interest rates or lower monthly payments. (See Cash Out Refinance)

The process of obtaining a new mortgage loan to pay off the existing debt from loan proceeds using the same property as collateral.

Reprocessing of a loan to change the interest rate, principal balance or the repayment period.

Take out a new loan to pay off an existing loan. Refinancing usually involves new closing costs.

To pay off an existing loan with the proceeds of a new loan.

Obtaining a new mortgage loan with lower interest rate and terms for the purpose of paying off the existing mortgage using the same property as a security.

To pay in full and discharge a mortgage with the proceeds of a new mortgage.

Process of paying off an existing loan with proceeds from another.

Homeowners usually consider refinancing to reduce their monthly mortgage payment or to draw from the equity that has built up over a period of time. This is used to pay off an existing mortgage loan.

Describes taking out a new loan (often at a lower interest rate) to pay off a loan or series of loans you already have that usually have a higher interest rate locked in for a fixed term. It’s not automatic and its not guaranteed and it can also be expensive, so you need to look at alternatives for consolidating your debts before deciding to consolidate your debts and refinance by replacing several small loans with one larger one.

A financial term referring to a second financing that replaces an existing financing, because the latter has expired or because new financing is available at better terms.

To pay in full and discharge a mortgage and any other registered encumbrances and arrange for a new mortgage with the same or different lender.

The act of revising or rewriting a financial arrangement to reflect new and different terms/conditions.

To obtain a new loan to pay off an existing mortgage or agreement of sale.

To finance again under a new agreement which is usually for a lower interest charge (or APR).

Prepaying the balance mortgage by replacing it with a new one.

Receiving a new loan to pay an existing loan.

Lending industry jargon for taking out a new mortgage loan (usually at a lower interest rate) to pay off an existing mortgage (generally at a higher interest rate). Refinancing (also called a refi) is not automatic, nor is refinancing guaranteed. Refinancing can also be an expensive hassle. Carefully weigh the costs and benefits of refinancing.

Negotiation of a new loan in order to pay off an existing loan. Homes are usually refinanced in order to (a) take advantage of lower interest rates, (b) switch from one loan type to another (e.g. from variable to fixed), or (c) to generate cash from built-up equity. Since refinancing generally involves new loans costs, these costs must be weighed against the benefits to be gained.

The process of replacing a loan with proceeds from another loan.

Paying off an existing loan with the proceeds from a new loan usually done to get a lower interest rate.

Extending the date a loan is due, or adjusting the interest rate on a loan, or increasing the amount of a loan.

To obtain a new loan to pay off an existing loan, or to pay off one loan with the proceeds from another. Properties are frequently refinanced when interest rates drop and/or the property has appreciated in value.

(1) Paying off existing debts with new (and cheaper) loans.(2) Funding provided by an ECA to a commercial bank to assure liquidity and to enable it to finance export transactions. The bank may be required to provide collateral for the funding. Français: Refinancement Español: Refinanciación, refinanciamiento

Paying off an existing loan with the proceeds from a new loan, usually of the same size, and using the same property as collateral. Reasons to refinance include reducing the term of the loan, debt consolidation, increasing your loan size or switching to lending institutions to benefit from a lower rate of interest.

obtaining a new mortgage on a presently owned property. Borrowers frequently refinance when there is a sufficient downward change in the interest rate

To provide new financing for, as by discharging a mortgage with the proceeds from a new mortgage obtained at a lower interest rate.

Replaces an existing mortgage with a new mortgage to either the same or different lender.

The securing of a new loan either to pay off an existing lien or mortgage on the property or to access your equity.

To pay off a loan with the funds from another; often done when interest rates drop after you buy a home.

1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms.

Obtaining a new mortgage loan to replace a previous one.

Obtaining a new mortgage loan with better terms to replace an older mortgage loan on a property already owned.

The act of renegotiating a loan, (or loans) with more suitable terms, usually over a longer period of time.

The replacement of an existing loan on a property by obtaining a new mortgage loan on the same property, usually at a more favorable rate.

To pay off an existing obligation and assume a new obligation in its place.

Modification of existing debts, including mortgages, typically by replacing one or more existing obligations with new loans. Usually done when interest rates are more favorable or when the original debt can no longer be afforded.

Acquiring a new mortgage loan to replace an existing mortgage loan without the subject property changing hands.

To obtain new financing to pay off an existing loan.

The act of obtaining a new loan to pay off an existing loan; the process of paying off one loan with the proceeds from another.

When refinancing, the borrower replaces an existing loan with a new one to get a lower rate, switch from one loan type to another, or convert equity to cash.

Replacing an existing loan with a new one to get a lower rate, switch from one loan type to another, or convert equity to cash. A refinance loan will involve various loan fees, just as with any other mortgage.

To obtain or replace an existing mortgage with a new mortgage loan on property already owned. New mortgage may have different terms than the old one. back