Remortgage – Change of ownership of Lender

Remortgage - Change of lender
Basic terminology of Remortgage

Remortgage is a sub type of mortgage. In simple term Remortgage means revolutionize mortgage with a different mortgagee or lender, in order to lower the amount buyer or mortgagor paying on mortgage.

Remortgage is popular as refinancing. It is all about saving money. It’s a process of paying off one mortgage with the returns from a new mortgage using the same property as security. The prime objective of Remortgage is to secure a more flattering interest rate from a changed lender.

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Mortgage – Loan against property

Mortgage is one more type of Loan. In simple term when buyer takes the loan from lender against his/her property, it’s called mortgage. Mortgage is well known as the transfer of an interest in property by owner to a lender as a security for a debt.

Mortgage is a security for the loan that the lender makes to the borrower for a precise period of time.

Deed of Trust
Basic term of Mortgage

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