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A remortgage (known as refinancing in the United States) is the process of paying off one mortgage with the proceeds from a new mortgage using the same property as security. [1] The term is mainly used commercially in the United Kingdom , though what it describes is not unique to any one country.
The Certificate in Mortgage Advice and Practice (CeMAP) is a UK-specific qualification for mortgage advisers offered by The London Institute of Banking & Finance at QCF Level 3. It meets the standards required by the Financial Conduct Authority to practice as a 'licensed' adviser in the UK. As of 2020 80% of UK advisers hold this qualification. [1]
Refinancing is the replacement of an existing debt obligation with another debt obligation under a different term and interest rate. The terms and conditions of refinancing may vary widely by country, province, or state, based on several economic factors such as inherent risk, projected risk, political stability of a nation, currency stability, banking regulations, borrower's credit worthiness ...
Many borrowers in recent years have settled for a higher mortgage rate, hoping to refinance in the future. If rates trend lower, some might look to refinance more than once. “A lot of homeowners ...
A loan modification and a mortgage refinance aim for the same goal — to save you money by lowering your monthly payments. However, when it comes to which option you should choose, keep in mind ...
An online mortgage calculator can help you estimate how your monthly payment and overall costs would change with different rates and terms. 5. Research mortgage lenders. Mortgage lenders aren't ...
The Mortgages and Home Finance: Conduct of Business Sourcebook (MCOB) governs the relationship in the United Kingdom between mortgage lenders and borrowers. They were first issued in October 2003 by The Financial Services Authority. They apply to Regulated Mortgage Contracts which are entered into on or after 31 October 2004.
The credit score you need to refinance depends on the mortgage lender you work with, your individual situation and often the type of refinance you choose (for example, cash-out versus rate-and-term).