Mortgage   Everything you need to know about mortgages.

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what is...
REFINANCE
Paying off an old loan while simultaneously taking a new one. This may be done to reduce borrowing costs under conditions where the borrower can obtain a new loan at an interest rate below the rate on the existing loan. It may be done to raise cash, as an alternative to a home equity loan. Or it may be done to reduce the monthly payment.
ALSO SEE: RIGHT OF RESCISSION, BALLOON MORTGAGE, CASH-OUT REFI, CHURNING, CLOSING, REFI

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