what does Mortgage Refinance for a house means?
what does Mortgage Refinance for a house means
- Steve DLv 71 decade agoBest Answer
It means you go out and find another bank to give you a mortgage so you can pay off your existing mortgage. Reasons to do this are: 1) you can get a lower interest rate; 2) you can get a lower payment [either through lower interest or stretching the remaining payments out longer]; 3) you want to take equity out of the house; 4) You want to pay off the mortgage sooner (change a 30 year mortgage into a 15 year mortgage).
- 4 years ago
Like Pascal says. The HARP program aka DU refi plus allows you to take out more than your homes value. You have to be moving from an unadvantaged loan to a more advantaged. ie. from am arm to a fixed, or from a 30 year to a 25 year fixed etc. There are other guidelines to meet as well but what you're asking is not impossible. Talk with your bank or a mortgage broker.
- 1 decade ago
its bouncing your loans to another bank