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Mortgage glossary
Refinance
A new loan used to replace an existing mortgage or other property debt. A refinance may change the rate, term, payment, borrowers, or cash received, but a benefit is not guaranteed. Consider closing costs, the new loan balance, and long-term cost.
In plain language
This term may appear in conversations, forms, or documents during the mortgage process. If something important changes in your situation, ask how it may affect your case before making a decision.
This explanation is general and educational. It is not personalized advice, a loan offer, or a promise of approval.