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When you pay it off, is that called unfinancing, or what? And if you get a new mortgage later, is that called refinancing even though it’s a new mortgage? Are the terms and rates usually the same as normal refinancing?

2 Thoughts on Is refinancing still called refinancing even if you already paid off the old mortgage and own the house?
  1. Reply
    January 26, 2014 at 1:04 pm

    Payed off mortgage is called Mortgage Free.
    Later you take out a mortgage. Nothing fancy at all. The rates depend on your credit rating and ability to repay the lender

  2. Reply
    Eddy T
    January 26, 2014 at 1:16 pm

    Just remember a mortgage is an agreement which a bank lends you to buy a home.The terms and rate are what is prevailing at the time you take the mortgage.

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