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Refinancing?

Discussion in 'General Discussions - USA & Canada' started by bharthi, Jul 21, 2005.

  1. Jul 21, 2005 #1
    bharthi

    bharthi Junior IL'ite

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    I hear this term a lot - refinancing? What does it mean to "refinance a home" or "refinance a mortgage"? A few americans I know talk as if refinancing is a basic concept and hence didn't feel like asking them what it means.

    Can anyone help me understand what refinancing means? Appreciate your help.
     
    bharthi, Jul 21, 2005
    bharthi, Jul 21, 2005
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  2. Jul 23, 2005 #2
    madhu_cute

    madhu_cute Junior IL'ite

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    Refinancing - re-borrowing for better rates...

    Hi Bharathi,

    We bought a house taking a 30-yr mortgage @ 6.125%. After a couple of years, when we came across better rates we did a refinancing with a credit union for 15-yrs @ 5.125%.

    Basically what it means is taking a new loan from a financing organization offerring better rates with revised number of years and repaying the earlier organziation with whom you mortgaged. This way you can get better rates and save some money during the transaction.

    Hope it helps!
     
    madhu_cute, Jul 23, 2005
    madhu_cute, Jul 23, 2005
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