Remedying Mortgage Snarl-Ups to Secure Your Home
Mortgage refinancing refers to a homeowner taking a second mortgage from a lender to clear the first balance. Thus, people essentially trade in their old mortgages for new ones in a mortgage refinance. Generally, there are two types of mortgage refinances: cash-out mortgage refinances and rate and term mortgage refinances. Homeowners usually elect to refinance their mortgages for various reasons. Some owners refinance to take advantage and convert the first mortgage's equity gain to cash.