Outrageously Funny Word Dictionary :: Remortgage

👉 Remortgages are mortgage refinancing transactions where a borrower renews their existing mortgage loan with a new one, typically for a longer period of time. This process involves repaying the principal balance on the original mortgage and making payments towards the interest rate on the new loan. Repayment terms may vary depending on the lender's policies, but in general, remortgages allow borrowers to extend the term of their existing loans while still benefiting from lower interest rates and better repayment options.

remortgages

👉 "Remortgaged" is a legal term that refers to the process of converting a mortgage from one type of loan (such as a first-time home purchase or commercial real estate loan) into another type of loan, such as a refinancing or a second mortgage. This involves paying off the original mortgage and replacing it with a new loan on the same property. Remortgaged mortgages are often used by homeowners who want to reduce their monthly payments or avoid early payment penalties.

remortgaged

👉 A remortgage is a type of mortgage loan in which an existing mortgage is converted into another type of mortgage, such as a home equity line of credit (HELOC). The new mortgage allows for additional principal and interest payments over time. This process can be used to pay off your existing mortgage or refinance it into a lower rate, making it more cost-effective for you.

remortgage

👉 REMORTGAGED: A term that means to borrow money by lending it back to lenders after a period of time. The most famous usage is the 2019 Netflix documentary 'The Big Short,' where Joe Sferlis, the man who famously mocked the idea of remortgaging to make money on Wall Street, was played by actor Tom Hardy.

EDGY EXAMPLE: "If you're in a bad situation and need some cash, consider remortgaging. It's like borrowing a car and then putting it back into your garage."