I can’t quite wrap my head around this so anything will be appreciated.
So if a company ‘buys’ a property for me with the expectation of me paying it back, when I switch mortgage companies, does the new company pay off the debt to the old company? How does it transfer over?
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A mortgage is you saying “hey bank, can you give me money to buy a house so I can pay you back over time?”
A refinance is “hey other bank, I see your rates are cheaper, can you give me money to pay off this mortgage and I will pay you back at the lower rate? “
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