Definition: Refinancing a home mortgage means to transfer your existing loan from one lender to another or from a different bank, as opposed to refinancing a home equity line of credit (HELOC). Refinancing involves either making a new payment on your current mortgage or selling some or all of your assets (such as real estate) in order to make the new loan more affordable. The term 'refinance' is often used interchangeably with 're-finance.'
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