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
Sorry, no etymologies found.
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
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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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.
There is limited near-term refinance risk, with no loans maturing in 2009.
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.
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").
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.
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.