Ledyard Real Estate Update 10-14-2012
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Ledyard Mortgage Monday - How Does Refinancing Work?

In the world of mortgages, the term "financing" refers to borrowing money from a bank to help pay for a property.

If then, at a later date, the homeowner wishes to replace his mortgage with a new one -- one with either a lower mortgage rate, for example, or one that provides cash-out at closing -- the financing process is repeated.

This repeat is called a "refinance". Refinancing is when you obtain a new mortgage loan to pay off and replace an existing one.

The web is full of mortgage and financial news and I find it important to keep up to date and follow any developing trends. Most of the news I view online but some arrives in my inbox. I use the weekend to catch up on my reading, try to get my inbox to zero (never happens), and clean out my feedreader. The Mortgage Reports shows up in my inbox everyday and always has good information to share like this article about How Refinancing Works.


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