HomeownershipHomebuying Glossary
Refinancing
Also known as Refinance
Replacing your existing mortgage with a new one, usually for a better rate, term, or to access cash.
In plain English
Refinancing pays off your current mortgage with a brand-new loan — typically to secure a lower interest rate, change your loan term, remove PMI, or convert equity into cash through a cash-out refinance.
Why it matters
Refinancing isn't free — closing costs apply again, so it's worth calculating your break-even point before committing.
Where you'll run into it
Guides and tools on TheBuyingPath that cover refinancing in context.
Related terms
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