Refinancing

Break-even point is the time it takes for refinance savings to recover the upfront cost of the new loan.

A cash-in refinance is a refinance in which the borrower brings money to closing to reduce the loan balance or improve the new loan structure.

A cash-out refinance replaces the existing mortgage and converts part of the borrower's home equity into cash.

A no-closing-cost refinance is a refinance structure in which upfront costs are reduced or offset rather than paid fully out of pocket at closing.

A rate-and-term refinance replaces the existing mortgage mainly to change the rate, loan term, or both without a major cash withdrawal.

A refinance replaces an existing mortgage with a new loan, usually to change rate, term, payment, or cash access.

Mortgage refinancing terms that explain replacing an existing loan, changing loan structure, or pulling equity out of a property.

A streamline refinance is a simplified refinance path available in certain mortgage programs with reduced documentation or underwriting requirements.