Definition: The term "home loan refinance mortgage" refers to a type of home loan in which an existing mortgage payment, or a portion thereof, is paid off through refinancing with a new home loan that also refinance the remaining amount of the existing loan. A home loan refinance typically involves two primary types: cash-out refinances and equity-refinances. In a cash-out refinance, the borrower pays off some or all of their mortgage balance using proceeds from the sale of their existing property to pay for the refi. In an equity-refinance, the borrower sells any equity in their home (such as a rental income) to finance the refinancing and refinance the remaining amount of the existing loan. In summary, a home loan refinance is when a borrower refinances a mortgage with a new or improved home loan that also refinance the remaining amount of the old loan.
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