August 25, 2010
Are low mortgage rate refinance offers impossible to find? Most people read news reports about problems in the housing market with pure dread. They assume that due to a slow recovery, it is impossible for anyone wishing to acquire a mortgage will have difficulty. And if a mortgage may be procured, it will invariably be a high rate. This can have a ripple effect on current homeowners that makes refinancing difficult, correct? Actually, the answer may be no.
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August 21, 2010
A remortgage is a process where a borrower replaces their current mortgage with a new mortgage provided by a different lender. Often times the terms “remortgage” and “refinance” are used interchangeably. While they are very similar, a remortgage and refinance have one big difference. A refinance refers to a new mortgage loan provided by the current lender, while a remortgage refers to getting a new loan from a new lender. There are many advantages to getting a remortgage including lowered interest payments, receiving cash out proceeds, and saving money on closing costs.
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