What is refinancing a home?
What Is Refinancing? A mortgage refinance refers to the process of getting a new loan for your home. When you refinance, the new mortgage loan pays off the old one, so you’re left with just one loan and one monthly payment. There are a few reasons people refinance their homes.
What does it mean to'refinance'?
What is 'Refinance'. A refinance occurs when a business or person revises the interest rate, payment schedule and terms of a previous credit agreement. Debtors will often choose to refinance a loan agreement when the rate environment has substantially changed causing potential savings on debt payments from a new agreement.
What is a cash-in refinance?
A cash-in refinance allows you to pay a lump sum toward home equity, reducing the remaining loan amount. Cash-in refinances often entail borrowers contributing tens of thousands of dollars to lower the amount they will borrow under the new loan. If the balance on your mortgage is higher than the market value of your home