A Remortgage – What is It?
January 5, 2011 by David
You say tomato, I say tomahto. You say remortgage, I say refinance. Yup, you guessed it. They both mean the same thing. The only difference is “remortgage” is the term used primarily in England where as “refinance” is used in America. Since the housing crash hit, more and more people are searching out for a new loan once their existing rate starts adjusting. This is typical for those who went with a 3 or 5 year ARM instead of locking in a 30-year fixed.
Has your number been called yet in the UK or are you just looking for a better overall mortgage rate? If so, now is the time to start looking while interest rates are still reasonable. The hardest part is finding the right person or loan broker to work with (at least in my experience) but with the internet at your fingertips, it’s much easier.
As I mentioned in my previous post about researching home insurance policies, using a search engine comparison site is the best way to compare and find deals catered for you. This is also true when it comes to just about anything these days. Before I order things online, I use shopping comparison sites like Froogle. When I’m searching for health insurance I’ve used ehealthinsurance.com. Now, if you’re living in the UK and looking for a remortgage, I would try a site like remortgage.org.
Remortgage.org makes it easy to speak with a mortgage professional for free advice regarding a remortgage in the UK. After completing 3 steps on their site, you’ll get access to one of their professional remortgage brokers. They will then answer your questions regarding advice on a mortgage or remortgage in the UK. I have yet to personally try them out since I don’t live in the UK but their site is pretty clean and useful which presumably means their staff is professional too.
If anyone has used remortgage.org, I would love to hear about your experiences by commenting below. Our goal is to help share knowledge and real estate information that is useful to all.
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I have never heard that term remortgage thanks
Kelly Parks
I have only recently heard the term here in Miami Beach. I see the terms use as companies try to create business by marketing their services under new descriptive terms.
Remortgaging is nothing but switching over from your current mortgage lender to a new one, of course in anticipation of a better deal with lower interest rates. Remortgage becomes a viable option when the market situation is favorable and the interest rates start to decrease. Remortgaging can help you make use of your home equity and get better deals at cheaper rates. Remortgaging may often incur costs and fees but this is taken into account when a professional adviser looks at your circumstances.
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A remortgage denotes paying off of the current mortgage loan in full by use of funds from a new lender. The purpose is essentially to save money, lower payments, pay off other debts (that is, debt consolidation), cash out and lower interest rate.
You can visit: mortgagestar.com/strotter1 to check it out or apply online. It offers good financing options.
Remortgage or refinance – this words don’t matter for people who looking for a good professional advice. That’s why I want to say many thanks for the link at Remortgage.org. There is many useful info which help me understood all that I want to know about Remortgage.
Here in San Antonio many home owners with unafordable rates are going to a program called NACA. NACA works with the current lender to help negotiate a payment the home owner can afford. They do this service for free as they are a non profit organization. Has anyone had any experience with this.
I am also familiar with the NACA mortgage restructure. This could mean great things for homeowners who are in trouble.
This post is very informative.
I have worked in real estate for over 8 years and have never heard the term remortgage before. Very interesting to learn what others call our typical refinance. Thanks for teaching me something today.
remortage = get another mortage = refi , yep. Can’t say that I have heard it before, but it seems to be common sense.
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Thanks for the great info.
Chris Minjarez
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Thank you, I kinda figured that out. We have all heard that President Obama has set aside money to help American’s to do Mortgage Modifications. I think that is great. And I want to see if we will qualify. BUT – where do I find someone that will truly help me and not rip me off? HUD – no. I called local a loan officer listed in the loan area of HUD’s web site. She said she does not know anyone that is doing them – but to be sure whom ever I use is an Attorney!
I have heard many news commentators and people in real estate to not use someone who wants money up front. But that is all I am finding. I know if I query on the Internet for Loan Modification I will get millions of responses and never be able to find a legitimate person with all the responses I will get.
Please – I have worked for the school district since Sept. 2007 and only get 3.5 hours of work a day. I have been looking for and applying for a full time job since then – only to find none. We have spent all of our savings, took money out on a credit card and borrowed from my mom. I know I will be getting a pink slip in June. My entire department is getting pink slips. When we qualified for this mortgage they listed me as the main borrower knowing I was quitting my job and would be looking for one. My husband drives 70 miles each way daily for work at Disneyland. My mom gave us a gift for the down payment and there is no way I want to loose that.
We agreed to $375,000 for this house. Within the last month, 2 banks were selling larger houses in our track for $175,000 and $170,000. Luckily our mortgage is only $220,000 but with the prospect of loosing this house is stressing me out. I was hospitalized for my heart in Feb. 2008, we have 3 young kids (2 we adopted, and are “delayed”) and we do not want to leave this house! Please – can you help us?
Remortgaging is just getting a better deal, on your mortgage, at a better rate.
Thanks so much for resources. I also use the internet when I am interested in real estate. I will try the remortgage.org
Interesting I had never heard the term remortgage before. Is it exactly the same as a refinance or is it slightly different?
I haven’t heard remortgage before but I do know what refinancing. Sometimes there are words that have the same meaning but where just not aware of it.^_^
Refinancing is to extend the repayment time to pay off other debts.
Whatever you call it, I think there’s another wave or two of 5 and 7 year arms coming up on homes that are going to be way upside down.
RM
If mortgage is a transfer of interest in property which is strongly associated to real estate re mortgage is improving the contract you have in mortgage.
There are two things that might spell/pronounced different but the meaning is exactly the same.
Remortgage and refinancing means the same thing.
This article is really informative hope you share more of your knowledge in real estate.
I recently came across your blog and have been reading along. I thought I would leave my first comment. I donâ��t know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often. I’m interest in
property investment as well.
I recently came across your blog and have been reading along. I thought I would leave my first comment. I donâ��t know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often. I’m interest in property investment as well.
I never heard that word before, how is that going to happen? Is it reconstructing the old mortgage when it’s beyond due date so that the mortgage will not going to foreclose?
Will visit remortgage.org. and send em feedback..
Thanks for the info. This is why I visit this site.
Interesting topic! Thanks for sharing this information!
Remortgaging is nothing but switching over from your current mortgage lender to a new one, of course in anticipation of a better deal with lower interest rates.
I wanted to understand what remortgage is. Thanks for writing nice post on remorgage. However I could find another link for what is remortage. it may be helpful to other as well
Thanks
Raj
Interesting info. here in Sarasota Florida there are lots of homes for sale at bargain prices. Contact me for info on short sales and bank-owned homes at
http://www.sarasotahomefinderservice.com/request-buyer-alerts.shtml
I just call them re-fi’s here in Tampa Bay, Florida. Whatever you call them, they can be useful in reducing your monthly payment or freezing in the rate you have right now instead of taking a risk on future mortage rates. I’d be more than happy to help anyone interested in this area to find that perfect home for their own family at these attractive mortgage rates. Learn more about my services at http://www.tampafloridahomes.net/meet-cheryl-stimac.shtml
Re-finance, re-mortgage, re-whatever. For the best deals you’ll ever find come to Sarasota Florida right now. You’ll be re-al happy you did.
Great! but dangerous, no?
Since I’m a newbie in this industry. The following information regarding the terms used are pretty much an aid to widening my vocabulary as far as real estate is concern. I’ve been looking for different sites where I could access necessary information about real estate, hard money lenders, where to find them.I’ve checked sites like reiwired.com and rehabhardmoney.com where I got useful information. And your article in about remortgage and refinancing added knowledge to me.
I have not got to check out the site yet but I have seen many quite similar. The only problem I have found is a lot of the site you find on Google for real estate reviews are actually rigged.
Hi
The loan of real estate time line is 5-30 years and there are many people want to get this facility to bank. This real estate loan is called mortgage loan. I think this is typical for those who went with a 3 or 5 year ARM instead of locking in a 30-year fixed.
Anyone who still has at least some equity left in their home should look into this. It may be the one way to stay afloat in the troubled waters that are the housing market these days.
ty for my comment sharing
If your current mortgage co, can offer to moritifiel your loan whats th pro anb cons to this aveueue
I never knew that but it makes sense…
I am very thankful to get this information through this austin real estate related post.
This article is very Informative. I haven’t heard of Remortgage and this is new. A big help for Real estate investors. “Business Builder” like me should take a pause on this. It’s another way for Real Estate Investors.
Investing on real estate is a sure win investment.
Tacoma Homes
Investing on real estate is a sure win investment.
Tacoma Homes
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I just don’t see this helping the real estate market stabilize..and without equity how can they even “refinance” the home…well I hope im wrong..
Nice article. Have a look at other web sites as well.
I do not even hear the word remortgage but thanks because now I know what it meant.
Seattle Real Estate
http://homemadeunaffordable.blogspot.com/
i have never heard the term remortgage either. interesting concept on what is essentially refi. thanks for the info tho
that’s simple….
Remortgage is same as refinance……
It’s funny how they change it up a little bit in the UK and it means the same thing. Thanks for sharing.
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In the eyes of many the two words are just the same. But it is good to know that articles like this one is being published to help clear out some terms that are new in the perception of many. Keep it up!
Remortgage = again, right? The way I perceive it is that….remortgaging means changing from your old mortgage agreement to another mortgage agreement. I may be right I may be wrong. Just want to share my insights.
Based on what I know, I think it is the same thing with refinance or just like changing to another mortgage agreement? Hope this helps.
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Great post. It’s good to know some quality blogs still exist now that have useful information. Thanks for sharing buddy.
Always find your comments most helpful. Thank you.
I think many people generally use the terms refinance and remortgage interchangeably. I always thought of them as the same anyway.
Nice post Mate… really clear
Great article… i like
Really confusing terms at times… nice post!!
Quite enlightening!!
keep it up buddy…
A lot of useful information here concerning remortgages, thanks for posting!
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I guess, Remortgage is synonymous with refinancing. One should consider remortgage/refinancing if they think that the market condition is suitable. Home buyers should really think about this real hard so they will not regret refinancing.
website: Elgin Homes for Sale
Remortgage or refinancing can be an advantage or a huge help for home buyers. if you want a home improvement or renovation, you can always apply for a refinancing supporting a home improvement loan. Home buyers can really take advantage of this option if they know how to use it correctly.
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yeah it is confusing. Most people I know think that remortgage and refinance is different from each other but these two terms just tell the same concept. some home buyers decide to apply for a refinancing when they plan to have a home improvement. It is always necessary to consider your financial capacity if you are going to get a remortgage. Holmdel Homes for Sale
Finding for Remortgage Broker…
A remortgage broker is essentially an intermediary who brings together borrowers and lenders, but do not use the equity to make a deal. Remortgage loan money given to the customer on behalf of lenders and brokers receive payment for services rendered i…
This is pretty cool! For me.. this is a new thing and a new idea as well. Thanks for sharing this one. Now I have new topic for my next article. I look forward for more of your post.