Have you heard of refinance? What it isnt new for you. But, it was newer to me. In fact mortgages too were newer to me. I had considered it my fate to be stuck to the high interest mortgage. It was refinance (commonly known as remortgage) that gave me the faith that I can not only change the mortgage and its terms, but also the mortgage lender.
Refinance allows borrowers to repay an existing mortgage prematurely. While a high rate of interest was the push-factor in your case, different people may have different motivation behind the use of refinance. Extending the term of repayment, changing terms of repayment, and changing the type or category of mortgage earlier taken form the several reasons behind refinance decisions.
What differentiates refinance from a premature settlement of mortgage is that borrowers do not have to use their personal resources for making balance payments to the mortgage lender. It is another mortgage lender who makes the repayment.
The new mortgage lender would calculate the balance of the mortgage along with the interest accrued on it. Depending on the lending policy of the original mortgage lender, the borrower will either have...
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