What is a refinance?

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A refinance, or “refi” for short, refers to a process of revising and replacing the terms of an existing credit agreement, usually as it relates to a loan on a mortgage or a car loan. Most people refinance to get a lower interest rate and, in turn, save money because of a lower rate. Other reasons are debt consolidation and cash out options.

Types of Refinancing

  • Rate-and-term refinancing:
  • Cash-out refinancing: to cash immediately while still maintaining ownership of the asset.
  • Cash-in refinancing:
  • Consolidation refinancing:

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