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To refinance a mortgage or loan means to replace an existing loan with another loan. The new loan usually has better terms, such as a lower interest rate. The new loan is used to pay off the old loan, and one makes payments under the new terms.

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Q: What does it mean to refinance a mortgage or loan?
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Related questions

How can you remove the cosigner from a mortgage?

You must pay off the mortgage and refinance the loan in a single name.You must pay off the mortgage and refinance the loan in a single name.You must pay off the mortgage and refinance the loan in a single name.You must pay off the mortgage and refinance the loan in a single name.


What is a mortgage refinance loan for?

A mortgage refinance loan is exactly what the term implies. A homeowner can refinance a mortgage on their home in order to get a lower interest rate on their remaining balance on their mortgage debt.


Do you need to have a separation agreement to refinance a mortgage in your name?

You can refinance the mortgage in your name if the property is on your name alone and the lender approves your loan.You can refinance the mortgage in your name if the property is on your name alone and the lender approves your loan.You can refinance the mortgage in your name if the property is on your name alone and the lender approves your loan.You can refinance the mortgage in your name if the property is on your name alone and the lender approves your loan.


Does a cosigner on a mortgage mean that person is an owner of the property?

Yes it does, Only after you refinance the property may you take the cosigners name of the mortgage loan.


Where can I find a remortgage lender?

low home loan mortgage interest rates from hundreds of mortgage ... refinance, mortgage rate, refinance news and calculator, and mortgage lender directory.


Where can one find the rules for home loan mortgage refinance in the UK?

There are many different places where one can find the rules for home loan mortgage refinance in the UK. One can ask the home loan mortgage companies, or go to their official websites.


What do you have to do to refinance your mortgage?

You have to go to the bank that has the loan on your house. They will have you fill out a bunch of paperwork. After that they will refinance your house.


What companies offer mortgage loan refinance and debt consolidation services?

Several companies offer mortgage loan refinance and debt consolidation services. These companies include First Mortgage Company , PNC Mortgage, Amerisave, and Evergreen Does Loans.


What are the reasons a person might seek out a 2nd mortgage refinance loan?

A person might seek out a second mortgage refinance loan if they are struggling with debt or monetary issues. It also lowers the amount of your monthly mortgage payment.


What is Eloan Refinance all about?

E-Loan refinance is part of the E-Loan service that deals with finding a new mortgage deal for an existing purchase. E-Loan is an online mortgage and loan broker owned by Lending Tree LLC.


What is required when one wants to refinance their home mortgage loan?

To refinance one's home mortgage loan, one needs to make sure their loan is not in default. Loaners will also need to meet specific financial thresholds.


On average, how long does it take to complete a refinance of an existing mortgage loan?

On average, it takes about one to two years to complete a refinance of an existing mortgage loan. Read more at www.mortgageloanplace.com/refinancing.html