Refinances  

Definition: To replace an existing mortgage loan with new financing

Refinancing involves the payoff of an existing loan with the proceeds from a new loan, using the same property as collateral. In order to decide whether this is worthwhile, the savings in interest must be weighed, reducing the term of a longer mortgage, replacing an adjustable rate loan with a fixed-rate loan or withdrawing cash equity against the fees associated with refinancing.

The process of refinancing can be problematic and cumbersome endeavor that requires innovative problem solving and timely follow-up.

Leading financial institutions and mortgage brokers trust Home Escrow Co., Inc., to process refinances for their customers.