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WHAT IS REFINANCE?
Refinance is the repayment of a mortgage debt from the proceeds of a new loan using the same property as a security. To replace an existing mortgage with a new mortgage on the same exact property you may have different terms than the old ones. Obtaining a new mortgage loan on a property already owned, just to replace existing loans on the property.The repayment of a debt from the proceeds of a new loan using the same property as a security. Basically just paying old debts with new loans. A substitution of a new loan with ether a new rate, new term, or new loan amount for an existing loan.
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