The term refinancing is often thrown around in casual conversation today, especially in the wake of the housing crisis. Some homeowners make it sound like it might be the smartest move they ever made, while others say that refinancing is not such a good idea. The truth is that it can be both. So it's understandable if not everyone understands its explicit meaning, or whether or not it's right for them. Find out more about what home refinancing entails, what it's used for, and how to decide on a long-term plan.
For informational purposes only. Always consult with a mortgage expert or financial advisor before proceeding with any real estate transaction.
What It Means
Refinancing happens when a homeowner gets rid of their own old loan (by
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