refinance loan
Replace existing mortgage
A refinance loan replaces an existing loan with a new one, typically to secure better terms—a lower interest rate, reduced monthly payments, or different loan length.
Homeowners commonly refinance mortgages when rates drop: We refinanced to save three hundred dollars a month.
A cash-out refinance lets borrowers access equity by taking a larger loan than what's owed.
- mortgageSecured home loan
- home equityOwnership portion of residence
- interestAttention, stake, or fee
- interest rateCost of borrowing money
- rateMeasured speed or charge
rate lock · debt · debt consolidation · consolidation · cash out · equity · monthly payment · payments · lender · bank · closing · closing costs · appraisal · credit · credit score · savings · monthly · principal
- loanslend, borrow, borrower, lender, microloan
- secured debtcollateral, lien, mortgage lien, tax lien, mechanic's lien