What Is Refinancing a Mortgage?So, what does refinancing a home mean? The definition of mortgage refinancing is to pay off your existing home loan with a new one that likely has more favorable terms.In many cases, this means getting a lower interest rate that can help reduce your monthly ...
Refinancing explained Refinancing is when a homeowner gets a new mortgage loan to replace their current loan. The new loan should help them save money or meet another financial goal. For example, most people refinance to lower their interest rates and reduce their mortgage payments, often saving...
Is a reverse mortgage right for you? For many homeowners, a reverse mortgage makes it possible to stay in their homes as they age while receiving tax-free income. Many use the funds to supplement Social Security, cover medical expenses, pay for in-home care or make home improvements or mod...
Besides selling the home, you can close out a reverse mortgage with a lump sum or series of cash payments, by refinancing it into a HELOC or other home equity product or by transferring ownership to the lender through a deed in lieu of foreclosure. Your heirs will typically have 30 days ...
Refinancing a mortgage has a lot of advantages. Here’s how it works, the types of loans available, and the pros and cons to consider.
Why mortgage refinancing is still worth pursuing Rates have risen from these historic lows, and no one knows when (or if) they will ever return. However, it's important to note that refinancing a mortgage loan can still be a wise financial decision today. After all, while mortgage rates ar...
A mortgage is a loan used to buy a home. The property is collateral for the loan, which is paid off after a set number of years.
Consumers access this home equity either by refinancing their original mortgage, getting a reverse mortgage, selling their property and downsizing, or taking out a home equity loan (also known as a second mortgage). The CFPB says there is currently a mismatch between consumer expectations and the...
What is refinancing and how can you avoid the pitfalls of getting a new mortgage? We’ll take a closer look at the ins and outs of refinancing a mortgage and the options that might work best for you. What Does ‘Refinance’ Mean? Refinancing a loan is when you replace an existing loan...
Let’s start with the ultra basic: “What is a mortgage?” Over here at The Truth About Mortgage, this is always the word of the day, as you might have guessed. Fortunately, the definition of mortgage has a somewhat interesting origin. ...