Definitions
from The American Heritage® Dictionary of the English Language, 4th Edition
- transitive v. To provide new financing or new financing for, as by discharging a mortgage with the proceeds from a new mortgage obtained at a lower interest rate.
from Wiktionary, Creative Commons Attribution/Share-Alike License
- v. To renew the terms of a loan.
from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.
- v. renew the financing of
Etymologies
Sorry, no etymologies found.
Examples
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Another reason to refinance is to get out of an adjustable-rate mortgage, and lock in a lower rate long-term. self employed mortgage and money second mortgage rates mortgage contracting services debtor-in-possession
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MAGGIANO: The two others are sort of what I call refinance roulette, where someone comes in and convinces you that the way to get out of your mortgage problem is to refinance again.
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We need some over at newfiction. com millersburg in refinance Says: at 8: 11 am
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Of course this assumes you are a 740+ FICO borrower with a stable job history and 45% debt to income ratio looking to do an 80% rate/term refinance on your owner occupied property.
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There is limited near-term refinance risk, with no loans maturing in 2009.
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Currently as it stands these borrowers are unable to refinance their loans as the lowest loan to value any lender can do on a rate and term refinance is 97\% assuming you qualify for a FHA loan.
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Purchase or rate and term refinance (no cash out and you're not paying a second mortgage / home equity loan that your obtained after your bought your home-that's considered "cash out").
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A rate-and-term refinance will only include the current loan balance plus any accrued interest, closing costs incurred in the refinance, and any escrow or impound account.
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And she went on to say that it is not as easy to "refinance" - or borrow more money - in the wake of the credit crunch, adding that the fall in the value of assets has impacted on this.
Comments
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