A refinance mortgage loan is a mortgage loan where the existing mortgage or a combination of a 1st and second mortgage on a home is paid out and replaced with a new mortgage. Home owners typically refinance a mortgage to take out equity, lower their interest rate, consolidate debt, or get a home equity line of credit.
A typical mortgage refinance transaction can be completed, end to end, in as little as 48 hours. The most timely aspect of mortgage refinancing is the appraisal process, as it may take 1 or 2 days for a professional home appraiser to inspect a property, and provide an appraisal report to a lender.
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The Mortgage Refinancing Process Is Very Simple