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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.
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 ...
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Closing costs on a mortgage refinance can run between 2 and 5 percent of the amount you refinance. These line items include discount points, your loan’s origination fee and an appraisal fee to ...
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 ...
No-closing cost refinance: A no-closing cost refinance is any type of refinance that doesn’t require you to pay closing costs on closing day. Instead, you’ll bundle these fees into the new loan.
A home equity loan is a separate loan on top of a first mortgage. A cash-out refinance is a replacement of a first mortgage. The interest rates on a cash-out refinancing are usually, but not always, lower than the interest rate on a home equity loan. The borrower pays the mortgage refinance closing costs.
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 ...