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What happens exactly when someone refinances their residence or house?
What happens exactly when someone refinances their residence or house?
2 Answers
- DashLv 74 years agoFavorite Answer
A person applies for a new loan. The new loan hopefully has lower interest rates or better terms than the original loan. There are closing costs, home inspections, etc. If the loan is approved then the old loan is paid off with the money from the new loan. The homeowner now has lower monthly loan payments because of the lower interest rate.
