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Understanding Refinancing
Understanding Refinancing 
 
What is a Mortgage?
 
A mortgage is a loan used for real estate, plain and simple.   A creditor, which could be a person, a bank, a company, a credit union or some other entity lends you money, at interest, with the real property as collateral.  Billions and billions of mortgages are given out each year.
With so many mortgages being given out it is no surprise that they are not all the same.  The term “negotiate a mortgage” refers to this. Mortgages are customizable.  For example the nature of your interest rate (i.e. fixed-rate or adjustable-rate), the number of years in your loan (i.e. term) and even what you pay in mortgage closing costs can be negotiated. 
  
So what is Refinancing?
 
Over time your needs may change.  You may no longer like the terms of your mortgage that you negotiated. Fortunately there is a solution, it is known as refinance.
Refinancing your property means to replace your current mortgage with a new one.
You can choose to work with any bank, credit union, individual or mortgage broker you want.  It does not have to be your current lender.
Often people choose to refinance to get a lower mortgage rate, but it could also be to use the ... more

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