when you refinance a mortgage what happens

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What Happens During a Mortgage Refinance? | Home Guides | SF Gate – A refinance is any loan not used to purchase a home. Refinances come in many different forms. Some refinances simply lower the rate of the loan or change the term, such as from an adjustable-rate.

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A Consumer's Guide to Mortgage Refinancings – When you refinance, you pay off your existing mortgage and create a new one. You may even decide to combine both a primary mortgage and a second mortgage into a new loan. Refinancing may remind you of what you went through in obtaining your original mortgage, since you may encounter many of the same procedures–and the same types of costs–the second time around.

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What Happens to Credit Score When Refinancing a Mortgage. – Mortgage refinancing allows you to replace your existing mortgage with a new loan. As a savvy consumer, you might worry about what a mortgage refinance will do to your credit. Since it’s a new loan, the inquiry itself, balance, loan terms and new open date can affect your credit score, according to FICO.

What Happens to My Escrow If I Refinance? | Home Guides | SF Gate – When you refinance a mortgage, the existing escrow account is usually closed and a new one opened specific to the new loan. All mortgages require a monthly payment.

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Refinance Mortgage – When to Refinance Your Mortgage. – 2 major types of refinances: Rate-and-term refinancing to save money. Typically, you refinance your remaining balance for a lower interest rate and a loan term you can afford. (The loan term is the number of years it will take to repay the loan.) Cash-out refinancing, in which you take out a new mortgage for more than what you owe.

What Happens to the Equity if I Refinance? | Finance – Zacks – Some lenders allow you to roll your closing costs into a straight refinance loan. When this happens, you actually cash in some of your equity to cover these costs.

What Happens to Your Mortgage in a Divorce | Money – For example, say you sign a quitclaim deed because your ex wants to pay the mortgage, but cannot afford to refinance. Now that your name is off the deed of the home, your ex can sell or refinance the house any time and will not owe you anything.