verb
definition
To renew the terms of a loan.
Examples of refinance in a Sentence
Then you can refinance the mortgage at a later date with a better rate offer.
After five to seven years, if you can't refinance or pay the full amount, you will have to start paying down the principal along with the interest.
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The proceeds will be used to refinance existing debt.
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The proceeds of the issue have been used to refinance existing senior debt, primarily commercial paper.
Those who have equity in their home may be able to refinance their home and use the equity to pay down debt.
You may be able to refinance your existing mortgage and remove the equity from your home to pay off your debt.
Homeowners can seek to refinance their homes through the FHA, thus lowering their monthly housing costs and making more money available to help pay off debt.
If you're considering selling your home or you want to get an appraisal to refinance your mortgage, home staging is a method Realtors use to dress-up the appearance of your home.
This may be a must-do project if you are thinking about reselling or even if you are considering a refinance of your existing mortgage.
The third option is what's called a Cash-Out Refinance.
In this instance, you can refinance your current mortgage to a new mortgage with a term of 15, 20, or 30 years.
Many homeowners choose to shorten their mortgage length during a refinance to pay off their home faster.
At the end of that amount of time (usually 5-7 years) people with interest only mortgage loans can refinance, pay the full amount they owe, or start paying off the principal balance.
When interest rates drop, the question of whether or not to refinance mortgage loans seems to be a clear "yes."
Keep in mind that to refinance mortgage loans, upfront closing costs are always involved.
Although homeowners may be itching to jump on the refinance bandwagon, they should consider that not everyone comes out ahead.
Homeowners who plan to move within 3 to 5 years may not want to refinance mortgage loans.
To find out if the trouble to refinance mortgage loans is worth it, a lot of calculations are involved.
In this case, it may be a wise financial move to refinance your home.
There are many questions that should be asked before deciding whether or not to refinance a mortgage, and the answers to those questions should determine whether or not "right now" is the best time to go through with it.
People refinance their home mortgages for many various reasons.
Adjustable rate mortgages also allow you to take advantage of falling interest rates without having to refinance.
With a cash-out refinance, you refinance your first mortgage for more than you owe and get cash back at closing.
If you need a significant amount of money to make home improvements, a cash-out refinance can help you.
Others choose to refinance because they want to borrow from their equity and get cash back at closing.
However, you must refinance at the right time, or those benefits could become hefty burdens.
A refinance can also help you get rid of that unpredictable adjustable rate mortgage and into a lower fixed rate.
You never know when a refinance may benefit you.
If you don't have the money for closing costs, you can also find a no closing cost mortgage refinance, which generally has no fees associated with it.
Some of the no closing cost refinance loans out there aren't completely free.
Many homeowners choose to refinance their mortgage each year because of the financial benefits that this arrangement provides.
You can either refinance with your current lender or you can find a new lender.
The more equity you have, the safer it is (financially) to refinance.
If your lender is not reputable, your refinance could be a costly mistake.
Cash-out refinancing will allow you to receive cash back at closing when you refinance your home.
If you are wondering whether or not a refinance can help you, the first thing you will want to do is research current rates.
If you have a good relationship with your current mortgage broker/lender, you can ask them to keep you up-to-date on interest rate changes and new refinance programs.
If you have a mortgage, you will want to keep a close eye on what refinance rates are doing.
It doesn't matter if you need a new mortgage or a mortgage refinance, Wells Fargo Mortgage has a financing program designed to meet your needs.
What happens to it after I refinance my home with another company?
The government has responded to situations just like yours by offering programs like FHASecure, which allows people with adjustable rate mortgages to refinance into new FHA-insured loans.
One other option you may want to consider is contacting your lender or other lenders to see if you qualify for a simple refinance into a fixed rate mortgage.
Cautious financial experts would probably advise you to refinance right now into the lowest amortized term you can manage, such as a 15 or 10 year term.