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Remortgage: meaning, definitions and examples

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remortgage

 

[ ˌriːˈmɔːɡɪdʒ ]

Verb
Context #1 | Verb

mortgage agreement

Remortgage refers to the process of paying off an existing mortgage with a new mortgage, usually from a different lender. This can be done to secure a better interest rate, to borrow additional funds against the property, or to alter the terms of the loan. The remortgaging process can help homeowners save money on their monthly payments or access cash for other financial needs. It is common for people to remortgage when their fixed-rate period ends or when property values increase.

Synonyms

refinance, refinance mortgage

Examples of usage

  • I decided to remortgage my house to get a better interest rate.
  • They opted to remortgage in order to fund their children's education.
  • After two years, I looked into remortgaging for a lower monthly payment.
  • Remortgaging can be a smart financial move if done wisely.

Translations

Translations of the word "remortgage" in other languages:

🇵🇹 refinanciar

🇮🇳 नवीनीकरण

🇩🇪 Umschuldung

🇮🇩 mengganti hipotek

🇺🇦 ремортгедж

🇵🇱 refinansowanie

🇯🇵 リモーゲージ

🇫🇷 remortgage

🇪🇸 refinanciar

🇹🇷 yeniden ipotek

🇰🇷 리모기지

🇸🇦 إعادة الرهن العقاري

🇨🇿 refinancování

🇸🇰 refinancovanie

🇨🇳 再抵押

🇸🇮 refinanciranje

🇮🇸 endursköpun

🇰🇿 қайта ипотека

🇬🇪 რეეფინანსირება

🇦🇿 yenidən ipoteka

🇲🇽 refinanciar

Etymology

The term 'remortgage' emerged in the late 20th century as financial markets evolved and mortgage products became more accessible. Originating from the prefix 're-', which denotes a repetition or return to a previous state, and 'mortgage', a term derived from the Old French 'mort' meaning 'dead' and 'gage' meaning 'pledge', it reflects the act of refinancing an existing mortgage agreement. Before the widespread use of remortgaging, many homeowners felt stuck with their initial mortgage terms. However, the financial deregulation of the 1980s paved the way for increased competition among lenders, which led to a variety of mortgage products, including those focused on remortgaging. This evolution has empowered homeowners to better manage their financial situations by allowing them to capitalize on lower rates or access the equity built up in their homes.

Word Frequency Rank

With rank #42,651, this word is among the least frequently used in common English. Understanding it can be beneficial for comprehensive language mastery, but it's not essential for most learners.