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Refinancing the mortgage on your house means you’re essentially trading in your current mortgage for a newer one – often with a new principal and a different interest rate. Your lender then uses the newer mortgage to pay off the old one, so you’re left with just one loan and one monthly payment. More @Wikipedia
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- Refinancing A Mortgage: How It Works | Rocket MortgageRefinancing the mortgage on your house means you’re essentially trading in your current mortgage for a newer one – often with a new principal and a different interest rate. Your lender then uses the newer mortgage to pay off the old one, so you’re left with just one loan and one monthly payment.
- 8 Proven Tips For Refinancing Home Loans | Rocket MortgageRefinancing may be the appropriate solution if you want to convert your home equity into cash, lower your monthly payment, lock in a lower interest rate or shorten your loan term to pay your mortgage off sooner.
- Current Refinance Rates - Compare Rates Today - BankrateCompare refinance rates: Explore refinance offers from at least three mortgage lenders and keep an eye on rates while you comparison-shop — this can help you decide when to lock in a rate.
- Mortgage Refinancing: What Is It And How Does It Work? - BankrateRefinancing replaces your current mortgage with a new one, adjusting the rate, term or both. With refinancing, you can change the loan type and lender.
- Refinance: What It Is, How It Works, Types, and Example - InvestopediaRefinancing involves the re-evaluation of a person or business’s credit and repayment status. Consumer loans often considered for refinancing include mortgage loans, car loans, and student...
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