Financial
Mortgage purchase is a loan that is used to buy a home. The borrower must make a down payment, and the lender will finance the rest of the purchase price. The interest rate on a mortgage purchase loan is typically lower than the interest rate on other types of loans, such as credit cards or personal loans.
Mortgage refinance is the process of replacing an existing mortgage with a new one. The borrower may choose to refinance for a number of reasons, such as to lower their interest rate, shorten their loan term, or access cash from their home equity.
Mortgage equity is the value of your home minus the amount you owe on your mortgage. If you have built up equity in your home, you may be able to access it through a home equity loan or a home equity line of credit (HELOC)
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