In: Root » Legal and finance » Loans and mortgages
A refinance mortgage is a financing of a property in which property ownership is not transferred. A refinance mortgage pays off existing mortgages, if any, may pay some or all closing costs and may even return equity (cash out) to the owner of the property. There are many reasons why you might want to refinance your home mortgage, but all of those reasons fall into three general categories: 1. Saving money by paying lower interest rates 2. Borrowing more money 3. Restructuring (changing from one type of mortgage to another)
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