Mortgage Glossary
Refinance
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
A refinance replaces your current mortgage with a new loan, usually to lower the rate, change the term, or access equity.
What Refinance means
Refinancing resets your loan and incurs closing costs, so the savings should outweigh the cost. Types include rate-and-term, cash-out, and streamline refinances.
Florida example
A Florida homeowner who took a 7.75% loan during a rate spike refinances to 6.5% once rates ease, recovering the closing costs in about two years through lower payments.
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