Question

 What is refinancing a mortgage?

Answer To refinance a mortgage is to replace the old mortgage debt with a new debt that pays off the old loan in full upon closing. A borrower can refinance to take advantage of lower interest rates or to... Read More »
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Top Q&A For: What is refinancing a mortgage

Can you refinance a primary mortgage without refinancing a second mortgage?

It is possible to refinance a primary mortgage without refinancing a second mortgage by subordinating the second mortgage. Subordinating a second mortgage means you are filing a document so that th... Read More »
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What are the benefits of refinancing a mortgage?

When a borrower refinances his mortgage, he repays the original debt with a new loan. The new loan will have a different term and rate, and sometimes, a different loan amount.SignificanceA mortgage... Read More »
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What is the difference between refinancing and a second mortgage?

When people have an existing mortgage, they sometimes choose to refinance for a lower interest rate. If people need additional cash, they may turn to a cash-out refinance or a second mortgage.Types... Read More »
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What is the biggest drawback of refinancing your home mortgage?

The biggest drawback of refinancing your home mortgage is the closing costs that you have to pay as part of issuing the new loan.Why Refinance?People usually refinance their home mortgage to take a... Read More »
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