the process of paying off one loan with the proceeds from a new loan using the same property as security. Homeowners usually refinance to reduce their monthly mortgage payment or to draw equity that has built up over a period of time.

renters insurance

protects from losses due to damage to the contents of a dwelling rather than the dwelling itself.

retirement plan

plan provided by an employer or a self-employed individual for retirement. Because of the tax advantages, most retirement plans are designed to insure a present deduction to the employer while the employee is permitted to avoid recognizing the income until he has actually or constructively received it.