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mortgage refinanceWhat is Mortgage refinance and when does mortgage refinance make sense

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Important must-read mortgage topics with simplistic answers

What is a mortgage?

A mortgage refers to taking a home equity loan and pledging the property as security for payment of the home loan.

What is mortgage refinance?

Mortgage refinance refers to taking a new mortgage loan on a property and paying off the old mortgage finance loan with the new mortgage loan.

Very simply put,if you now get a more convenient home loan at a lower EMI and lower interest rates, you could take this new home loan to pay off the older home loan.

Realities when choosing mortgage refinance

The thumb rule while opting for mortgage refinance is to ensure that the new interest rate is at least two or three percentage points lower than the current mortgage interest rate-else the transaction costs and pains of refinancing the home loan may not justify the monetary gains and lower monthly installment payments for the new mortagage refinance home loan

Choosing a mortgage refinance company

Choosing a mortgage refinance company may not appear to be very difficult - but basing the mortgage refinance company selection purely on advertised mortgage refinance rates is not a very great idea. The reputation of the mortgage refinance company and the interest rates over the entire tenure of the home loan is very important as it often pays to read the fine print while choosing a mortgage refinance company. recommends as the preferred mortgage refinance company

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Last modified: August 31, 2005