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Refinancing may refer to the replacement of an existing debt obligation with another debt obligation under different terms.

The terms and conditions of refinancing may vary widely by country, province, or state, based on several economic factors such as, inherent risk, projected risk, political stability of a nation, currency stability, banking regulations, borrower's credit worthiness, and credit rating of a nation.

In many industrialized nations, a common form of refinancing is for a place of primary residency mortgage.

A home equity loan is a type of loan in which the borrower uses the equity of his or her home as collateral.

The loan amount is determined by the value of the property, and the value of the property is determined by an appraiser from the lending institution.

Home equity loans are often used to finance major expenses such as home repairs, medical bills, or college education.

A home equity loan creates a lien against the borrower's house and reduces actual home equity.

A mortgage loan, also referred to as a mortgage, is used either by purchasers of real property to raise funds to buy real estate; or alternatively by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged.

The loan is "secured" on the borrower's property.

This means that a legal mechanism is put in place which allows the lender to take possession and sell the secured property ("foreclosure" or "repossession") to pay off the loan in the event that the borrower defaults on the loan or otherwise fails to abide by its terms.

The word mortgage is derived from a "Law French" term used by English lawyers in the Middle Ages meaning "death pledge", and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure.

A creditor is a party (e.g. person, organization, company, or government) that has a claim on the services of a second party.

It is a person or institution to whom money is owed.

The first party, in general, has provided some property or service to the second party under the assumption (usually enforced by contract) that the second party will return an equivalent property and service.

The second party is frequently called a debtor or borrower.

The first party is the creditor, which is the lender of property, service or money.

Economic growth is the increase in the inflation-adjusted market value of the goods and services produced by an economy over time.

It is conventionally measured as the percent rate of increase in real gross domestic product, or real GDP, usually in per capita terms.