ABA Family Legal Guide

Home Ownership

The Financial Side of Home Ownership

Refinancing and Home Loans

Do the same rules apply to original mortgages and refinancing?

When you refinance, you pay off the original mortgage and replace it with a new one. State and federal laws protect consumers in both obtaining a mortgage loan and refinancing, but you will want to go through the same steps as you would in obtaining a first mortgage. (See chapter 4, "Buying and Selling a Home," for advice on shopping for mortgage interest rates and mortgages.)