Refinancing Current Loan

The term refinance refers to specifically getting a new mortgage loan that can include either a residential or commercial mortgage loans.

The main purpose of a refinance could be getting a lower rate, cash out to help finance education, home improvements or just getting a lower payment from refinancing and getting longer term and lower monthly payment. the process of the refinance would mean that an old loan is paid off completely via an instrument called reconveyance and a new loan is taken out and recorded against the same property securing the first loan.