what is refinancing a mortgage
In this article I'll explain the mortgage refinancing process in a clear, step-by-step manner. If you're planning to refinance your home for the first time, this article is.
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Refinancing is like shopping for any loan or mortgage. First, take care of any issues with your credit so that your score is as high as possible. Then shop around to find the best rate and the best terms.
Refinancing is the replacement of an existing debt obligation with another debt obligation under different terms. The terms and conditions of refinancing may vary widely by country, province, or state, based on several economic factors such as inherent risk, projected risk, political stability of a nation, currency stability, banking regulations, borrower’s credit worthiness, and credit rating.
Mortgage refinancing is the process of replacing your mortgage or mortgages on your property with a new mortgage, generally with different terms than the original mortgage. Some confuse mortgage refinancing with a second mortgage, but they are not the same.
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So you might refinance to a fixed-rate mortgage, ending up with payments that might be higher than what you face now but that won’t rise anymore. There’s money to be saved through refinancing, as.
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When you refinance your mortgage, you are applying for a new loan. By refinancing, you are actually paying off the old loan by obtaining a new one. Because you will be obtaining a new loan with new terms, a lender will have to obtain key information and documentation in order to verify you qualify for a refinance.
Mortgage refinance . A mortgage pre-approval shows you, the homebuyer, what value of home you can afford, and the mortgage payments associated with various purchase prices. It also guarantees a mortgage rate for a period of time; therefore, protecting you against potential rate increases.
Traditionally, the decision on whether or not to refinance has meant balancing the savings of a lower monthly payment against the costs of refinancing.