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Mortgage Glossary

Below is an A-Z glossary of general terms used within the mortgage industry. Click on any term to view a detailed explanation. Use the alphabet below to navigate quickly to a term beginning with:

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Refinance

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The process of using a new loan to pay off an existing loan. In an increasingly competitive market this happens more commonly as borrowers swap lenders to make the most of more favourable terms. Refinancing can also be used in order to raise cash against the equity that remains in the property.

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