What is Refinancing?
Refinancing is the process of obtaining a new loan on an existing mortgage. By choosing to refinance your mortgage, you are choosing to replace your current mortgage with a new one, which means new terms and conditions, new closing costs, and potentially a new lender.
If the value of your home has increased, of if interest rates have dropped, you may want to consider refinancing your mortgage loan. There are many good reasons to consider refinancing; however, doing so is not always the best option for every homeowner.