Jul 19, 2017 · Refinancing means basically applying for a loan all over again. Lenders require new home appraisals for refinance transactions, even if the original appraisal is only a few years old. They also generally require verification of employment, family income and ongoing debts.
Refinancing is the process of obtaining a new mortgage in an effort to reduce monthly payments, lower your interest rates, take cash out of your home for large purchases, or change mortgage companies.
A common reason for refinancing is to save money on interest costs. To do so, you typically need to refinance into a loan with an interest rate that is lower than your existing rate. Especially with long-term loans and large dollar amounts, lowering the interest rate can result in …
The decision to refinance or not depends on interest rates, closing costs, how many years you will remain in your house, and whether refinancing saves you enough money.
Jul 18, 2007 · · just now. to refinance means to change the terms of a loan. basically it means that your aunt will be taking out a new loan. whoever she owes for her house right now will be paid off in full, she will now owe another mortgage company whatever she owed the …
Rate-and-term refinancing refers to refinancing when your original loan is paid and replaced with a new loan. This type of refinancing consists of lower interest payments. The second type of refinancing option is referred to as cash-in refinancing. It allows you to pay down the loan for a lower loan-to-value ratio or a smaller loan payment.
When a consumer refinances a loan, he allows a lender to pay off an existing loan in exchange for a new one that may have a different interest rate, a different duration or other differences from the original loan. For example, if you owe $100,000 on a mortgage to a local bank with a 5 percent interest rate, a different local bank might be willing