Interest rates continue to hover near historical lows, so it’s not too late to lock in a lower mortgage payment for potentially the next decade or more. But a mortgage refinance isn’t necessarily the right choice for everyone. You’ll need to consider a number of variables, and it’s important to understand the terms lenders use in a refinance and how the process works.
So before you start down the mortgage refinance path, take a look at our guide on how to refinance your mortgage and learn all the ins and outs — it’ll help you decide if a refinance makes sense for you.
Refinancing is the process of paying off your existing mortgage with the funds from a new mortgage. While most people refinance to take advantage of a lower interest rate on a new loan, other reasons to refinance include switching mortgage companies, changing the terms of your loan