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Home Refinancing The term "refinancing" refers to a secured loan which is meant to replace an existing loan using the same assets for security. One of the most common types of refinancing occurs with home mortgages, a process in which a home owner will renegotiate the terms of the mortgage loan on their home either for the purpose of reducing their mortgage payments or because they have a need to secure cash for home improvements or for other purposes. The home, which was used as security for the initial mortgage remains the security on the refinanced second mortgage. While refinancing has an immediate benefit, things to consider include the potential reduction of equity in the home as well as an extension of the time period required to pay off the mortgage. Refinancing and reduced equity can mean that in the event of a home sale, the owners will make a lesser profit on the transaction. More terms explained |
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