Definition: Refinance mortgage estimate refers to a document or report that estimates the cost of refinancing your existing home loan, which typically includes both principal and interest payments. The term "refinance mortgage estimate" is often used in conjunction with the terms "current market rate," "new loan amount," and "new monthly payment." The purpose of a refinance mortgage estimate is to help you understand how much money you can potentially save by refinancing your existing home loan compared to the original loan balance. It is also useful for investors who are considering buying or selling a home and looking at different options for financing.
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