Glossary term
Mortgage refinancing
Changing or replacing a mortgage borrowing arrangement, often by increasing the amount, changing the amortization, or replacing the mortgage before term-end.
Plain meaning
What mortgage refinancing means
Refinancing restructures the borrowing arrangement rather than simply continuing an unchanged mortgage at renewal.
How OpenBook uses it
Additional or restructured borrowing
OpenBook uses refinancing to distinguish additional or restructured borrowing from an unchanged renewal or straight switch.
Common boundary
Qualification and transaction costs still apply
Refinancing generally requires current qualification. Before term-end, it may also produce a prepayment charge and discharge, appraisal, legal, or registration costs.