Remortgage
Ok kiddo, so you know how your parents pay for the house we live in? Well, sometimes people want to change the way they pay for their house. And that's when they do something called remortgaging.
So basically, a mortgage is like a long-term loan that your parents got from the bank to buy our house. They have to pay back a little bit of that loan every month for a really long time, like 20 or 30 years. But sometimes, they might find that they're not happy with the interest rate on their loan, or the monthly payment is too high.
So, instead of just sticking with the same loan for the whole 20 or 30 years, your parents could remortgage. That means they would go back to the bank and ask for a new loan with a different interest rate, or a different monthly payment. It's like taking out a new loan to pay off the old one.
Sometimes, people remortgage to get a better deal and save money on their mortgage payments. Other times, they might need to remortgage because their financial situation has changed, like if they lost their job or had unexpected expenses. Remortgaging can help them to lower their monthly payments or pay off their mortgage faster.
So, that's basically what remortgaging is, kiddo. It's just a way for your parents to change their mortgage loan to better fit their needs or financial situation.
So basically, a mortgage is like a long-term loan that your parents got from the bank to buy our house. They have to pay back a little bit of that loan every month for a really long time, like 20 or 30 years. But sometimes, they might find that they're not happy with the interest rate on their loan, or the monthly payment is too high.
So, instead of just sticking with the same loan for the whole 20 or 30 years, your parents could remortgage. That means they would go back to the bank and ask for a new loan with a different interest rate, or a different monthly payment. It's like taking out a new loan to pay off the old one.
Sometimes, people remortgage to get a better deal and save money on their mortgage payments. Other times, they might need to remortgage because their financial situation has changed, like if they lost their job or had unexpected expenses. Remortgaging can help them to lower their monthly payments or pay off their mortgage faster.
So, that's basically what remortgaging is, kiddo. It's just a way for your parents to change their mortgage loan to better fit their needs or financial situation.