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Stocks A to Z / Stocks B / Berkshire Hathaway (BRK.A) ❤
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Author: Knighted ✧  😊 😞
Number: of 15061 
Subject: Re: OT: Berkshire or mortgage
Date: 06/07/2023 1:37 PM
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Though I don't argue with you, I for one would be deeply confused to hear the term "refinance" used in the context of obtaining a new loan secured against something already owned free and clear.

I fully agree on the terminology - it's not intuitive.

If there's another term someone is aware of for taking out a mortgage later on a fully paid off home, I'd love to hear it.

I see nothing on google on the phrase "cash-out mortgage" that another poster used, but I find many references to "cash-out refinance" referring to situations where the house is paid off and a new mortgage is taken out.

Just speculating, but perhaps since the vast majority of situations involving cash-out transactions are refinancing of existing debt, the same term has been adopted for this far less common but similar cash-out transaction?
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