Refinance is a process by which a borrower replaces an existing loan with a new loan, typically from a different lender. The new loan may have a different interest rate, term, or other features compared to the old loan. In some cases, the borrower may also receive cash from the new loan. Generally, refinancing is used to take advantage of lower interest rates or to get cash out for home improvements or other purposes.

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top