Refinance
Real estateGlossary term
Definition
Replacing an existing loan with a new one, typically to get better terms such as a lower interest rate, different loan term, or to access home equity.
Related terms
- MortgageA loan used to purchase real estate where the property serves as collateral. The borrower makes regular payments over a set term (typically 15-30 years) until the loan is paid off.
- Interest RateThe percentage charged by a lender for borrowing money, or earned on savings and investments. Can be fixed or variable depending on the financial product.
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