Q&A: Is refinancing still called refinancing even if you already paid off the old mortgage and own the house?

Question by Dilbert: Is refinancing still called refinancing even if you already paid off the old mortgage and own the house?
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?

Best answer:

Answer by sassy25
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

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