Question

what does it mean to refinance a mortgage?
a. to default on the original mortgage
b. to sell the property
c. to replace the existing mortgage with a new one, often with better terms
d. to renovate the home

Explanation:

Refinancing a mortgage means replacing the existing mortgage with a new one. This is often done to get better terms, such as a lower interest rate or different repayment period. Defaulting (a) is failing to pay, selling the property (b) is a different action, and renovating (d) is about home improvements, not mortgage terms.

Answer:

C. To replace the existing mortgage with a new one, often with better terms