hello home ownwrs, What does refinance mean?
- linkus86Lv 72 months agoFavorite Answer
If you borrowed money to buy your house, you "financed" the purchase by obtaining a mortgage loan. To "refinance" is to do it all over again. To obtain a new mortgage loan to pay off the your original mortgage and exist in place of it. Borrowers tend to do so to gain better lending terms, extract equity, or to extend the loan to lower the payment.
- oklatomLv 72 months ago
finance (something) again, typically with a new loan at a lower rate of interest.
- JudyLv 72 months ago
Get a new mortgage and use it to pay off the old one. Reason is usually interest rates have gone down a lot. Can let you pay off the house quicker.
- Anonymous2 months ago
Typically, you get a new mortgage for your house. The old mortgage is paid off as part of the process. People do it to get either better interest rates, a different period or to remove someone who no longer wants to be responsible for the mortgage such as after a divorce.
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- KyleLv 72 months ago
maybe refinancing your mortgage. as life goes on, so does level of income. you can refinance it to make your mortgage more affordable, or potentially pay it off early.