refinance mortgage for dummies

In Mortgages For Dummies, bestselling authors Eric Tyson and Ray Brown give you proven solutions for obtaining a mortgage, whether you want to buy your first home, refinance, or tap into your equity.

What Is a Cash-Out Refinance? A cash-out refinance is a refinancing of an existing mortgage loan, where the new mortgage loan is for a larger amount than the existing mortgage loan, and you (the borrower) get the difference between the two loans in cash.

In Mortgages For Dummies, 3 rd Edition, bestselling authors Eric Tyson and Ray Brown give you proven solutions for obtaining a mortgage, whether you want to buy your first home, refinance, or tap into your equity. You get the latest on sub-prime and adjustable-rate mortgages, finding the best lender, avoiding fiscal pitfalls and foreclosure.

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A mortgage refinance replaces your home loan with a new one. People refinance to save money, tap the home’s equity or trade an ARM for a fixed-rate loan. What is a mortgage refinance?

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What is a mortgage refinance? A mortgage is a loan used for real estate. They’re available via banks, credit unions, and online lenders. Hundreds of billions of dollars worth of mortgage loans.

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Mortgage Refinancing for Dummies The process of refinancing is simply taking the balance you owe on your existing mortgage and paying it off with a new mortgage. You may have the opportunity to borrow against your home’s existing equity and get cash back in the process.

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A mortgage refinance means using a new loan with a lower rate to pay off a higher rate existing loan. If a refinance of your mortgage seems like the right decision for you, it is important to know the steps of the process.

A mortgage is a loan taken out to buy property or land. Most run for 25 years but the term can be shorter or longer. The loan is ‘secured’ against the value of your home until it’s paid off. If you can’t keep up your repayments the lender can repossess (take back) your home and sell it so.