Glossary » Refinance

Refinance - The act of arranging a new mortgage for an increased amount, for a better interest rate, or simply because the term has ended. The old mortgage is paid off, or discharged with the proceeds of the new mortgage.



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Mortgage Term Rate
INTRO VARIABLE 2.24%
6 MONTH CLOSED 4.75%
1 YEAR CLOSED 5.00%
2 YEAR CLOSED 5.49%
3 YEAR CLOSED 5.19%
4 YEAR CLOSED 5.29%
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10 YEAR CLOSED 6.05%
Updated 01/06/2009

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