Refinancing means the replacement of existing debt with a new debt that offers more favorable loan terms to the borrower. It is very common in mortgage financings. The main changes in terms are related to a reduction in the fixed interest rate, length of time to mature the mortgage, favorable changes in the payment schedule and change of interest rate from fixed to the adjustable interest rate.
The refinancing can be made if the lender approves it and the borrower can argue on the basis of his improved credit rating. It is also very common when interest rates fall and the existing mortgage interest rate is higher than the rates in the prevailing market.
What evidence is necessary to demonstrate the ability to consummate the refinancing
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