Question

1. what does it mean to refinance a mortgage?

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

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 terms. Selling the property (a) is a different action. Renovating the home (b) is about improving the property's condition. Defaulting on the original mortgage (d) means failing to make payments as agreed.

Answer:

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