You are here: Home
» What is mortgage refinancing
What is Mortgage Refinance?
Mortgage refinance is a situation where a borrower pays down an existing loan with a new loan. The new loan usually has reduced interest rate, while a current loan has higher interest rate. Apart from lowering your monthly payment and being able to keep more money in your budget, there are other benefits of refinancing.
People who refinance a mortgage do so to alter the mortgage from a variable-interest loan to a fixed loan, and also to cash out equity for renovation and repairs. On the Internet you can apply for a pre-approval. When evaluating various lenders, pay attention to the interest rates and the closing costs.
Online Calculator
Don't forget to try our online mortgage refinance calculator.