A remortgage loan is simply a new loan that replaces an existing mortgage. It can be obtained through your existing lender or you can use a different lender, depending on where you can find the best deal. As part of the remortgage process, your old mortgage will be paid off and you may even have the option to cash out some of your home equity.

Why Would I Want A Remortgage Loan?

There are a number of reasons why you may want a remortgage loan:

• To take advantage of a lower interest rate
• To pay for large expenses such as a child's education or wedding
• To pay for remodelling or expansion of your existing home
• To pay off other higher rate debts like credit cards or car loans

Remember that a remortgage loan is secured by your home, so it's important to make the payments on time and in full to maintain the loan in good standing.