
Refinancing
Refinancing a mortgage means replacing your current loan with a new one—typically to lower your interest rate, change your loan term, or tap into home equity. Unlike purchasing, which involves buying a new home, refinancing is used to improve the terms of your existing mortgage. It’s a smart option for homeowners looking to reduce monthly payments or access cash for major expenses.
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Refinancing is for current homeowners aiming to improve their mortgage terms—not for buying a new home..
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A rate-and-term refinance can help reduce your interest rate or change the length of your loan..
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A cash-out refinance allows you to borrow against home equity for renovations, debt consolidation, or other needs..
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You’ll need a new home appraisal to determine your current property value..
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Closing costs still apply, but savings over time can make refinancing a worthwhile move..
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