Purchase mortgages and refinances are both home loans, so what’s the difference? And more importantly, why do you need to know? To find out, let’s take a closer look at each.
Purchase mortgages, as the name implies, are mortgages used to finance the purchase of a home. Refinances, on the other hand, are used to “refinance” an existing mortgage. You can have a purchase mortgage without a refinance loan. But you can’t have a refinance without a purchase mortgage in the first place (because there would be nothing to refinance!).
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