Mortgage Refinance
What is a refinance?
When you refinance, you are replacing your current mortgage with a new loan. This new loan may have different terms, whether it be moving from a 30 to 15 year term or from a fixed to an adjustable rate. However, the most comment change made is refinancing to get a lower interest rate. Refinancing allows you to lower your monthly payment, save money on interest, and draw from your home’s equity.
How does a refinancing a mortgage work?
The refinance process is similar to when you first applied for your mortgage. A lender will review your finances to assess and determine your eligibility for the most favorable interest rate. With a refinance you can use an entirely new lender from the one you originally worked with to buy your home.