Mortgage Refinance

Mortgage refinance is the process of replacing an existing home loan with a new one, often to secure better terms. Homeowners typically refinance to obtain a lower interest rate, reduce monthly payments, change the loan duration, or access equity for cash. This can lead to savings over time or make monthly finances more manageable. However, refinancing involves costs, such as closing fees, so it's essential to weigh these against the potential benefits before deciding. Overall, refinancing can be a strategic financial move if done thoughtfully.