| Refinancer
The term "refinancing" is
used in this web site to mean "replacing your existing mortgage" with a
brand new one. Following is a menu of options to choose from:
|
| Taking
Out Equity From your Home ("Equity Take Out") |
| Larger than the existing
one, but without blending in any other mortgages, in which case it is called
an "equity take out", usually to consolidate non-mortgage debt, such as
credit cards or loans, or to make improvements to your home. |
| Consolidating
Existing Financing |
| Presumably to lower the
total interest cost. Referred to as simply a "refinance". |
| Refinancing
When you Can't Transfer to a New Lender |
| Held by a private, or little-known
lender whose mortgages are not accepted for switch purposes by your new
- presumably larger - lender (may be either increasing the balance, keeping
it the same, or lowering it) . Also referred to as simply a "refinance". |
|