Refinance

Refinance

Mortgage refinancing is the process of obtaining a new mortgage loan to replace an existing mortgage loan. The main reason people refinance their mortgages is to get a lower interest rate, which can lower their monthly mortgage payment and save them money over the life of the loan. Other reasons for refinancing include changing from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage, converting equity into cash, or consolidating debt. The refinancing process involves obtaining a new mortgage loan, paying off the existing mortgage loan, and starting a new loan with new terms and conditions. It’s important to consider the costs associated with refinancing, such as closing costs, and to compare the savings over time against the costs to determine if refinancing makes financial sense.