Standard Refinance A
standard refinance paying off an existing mortgage with the proceeds
from a new loan. In order to decide whether this is worthwhile, the
savings in interest must be weighed against the fees associated with
refinancing. Other reasons to refinance include reducing the term of a
longer mortgage, or switching between an adjustable-rate and a
fixed-rate mortgage. Acash-out refinanceis taking a loan for more than you owe on your existing
mortgage. Your existing mortgage is paid off from the new loan proceeds
and you receive the balance of the new loan. |
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