Mortgage Refinance vs Mortgage Renewal?

[Administrator]

Hello everyone. I was wondering if there a difference between mortgage renewal and mortgage refinance. I know that renewal is when the statement is mailed from the bank, at which point the mortgage is pretty much over. Mortgage refinance(at least from my research) is done whenever(as long as its allowed by lender). So i was wondering if I was correct. Also heard a so called andquot;not costandquot; switch for the renewal where bank takes care of the fees. Does this apply for the refinance? Is renewal and refinance similar in process? Would appreciate your answers!!!


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(Source: mortgagefit.com)