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refinancing

Paying off an existing loan with the proceeds from a new loan, usually of the same size, and using the same property as collateral. In order to decide whether this is worthwhile, the savings in interest must be weighed against the fees associated with refinancing. The difficult part of this calculation is predicting how much the up-front money would be worth when the savings are received. Other reasons to refinance include reducing the term of a longer mortgage, or switching between a fixed-rate and an adjustable-rate mortgage. If there are prepayment fees attached to the existing mortgage, refinancing becomes less favorable because of the increased cost to the borrower at the time of the refinancing.

Related information about refinancing:
  1. Refinancing - Wikipedia, the free encyclopedia
    Refinancing may refer to the replacement of an existing debt obligation with a debt obligation under different terms. The terms and conditions of refinancing may ...
     
  2. A Consumer's Guide to Mortgage Refinancings
    Aug 27, 2008 ... Tip: Refinancing is not the only way to decrease the term of your mortgage. By paying a little extra on principal each month, you will pay off the ...
     
  3. Refinance Your Home | Wells Fargo
    We're with you when you're considering refinancing. Make informed refinancing decisions with help from Wells Fargo. What's your refinancing goal? Your home ...
     
  4. Refinance | Mortgage Loan Refinancing | Bankrate.com
    Should I refinance? Bankrate.com examines the current economic conditions for refinancing your home mortgage.
     
  5. Refinance | Mortgage Refinancing | Should I Refinance?
    Bankrate.com offers advice and commentary regarding ...
     
  6. Refinance Overview - Mortgage Refinance Loans from Bank of ...
    Whether you're looking at refinancing your mortgage to lower your monthly mortgage payment, switch to a fixed rate, or for jumbo loan customers wanting to get ...
     
  7. Refinancing Your Home - HUD
    Sometimes, refinancing your mortgage can really save you money. You may be able to pay less interest, lower your monthly payment, or convert from a 30-year ...
     
  8. Refinance — Get the best possible mortgage refinancing quotes ...
    Replace your current mortgage with a better one by refinancing. Zillow Helps you find a better rate along with a highly reviewed, verified lender.