Mortgage Refinancing

Mortgage refinancing involves replacing your current home loan with a new one, often to lower your interest rate, reduce monthly payments, change loan terms, or access your home equity. It’s a common strategy for homeowners looking to save money or improve their financial situation.

There are several types of refinancing: rate-and-term (adjusting interest rate or loan length), cash-out (borrowing extra against equity), and cash-in (paying down the balance to get better terms). Each option serves different goals, from debt consolidation to faster payoff.

While refinancing can offer big benefits, it comes with closing costs and depends on your credit score, home equity, and market conditions. Comparing potential savings with upfront costs is key to deciding if refinancing is the right move for your financial future.