mortgage refinancing

Mortgage refinancing is the process of replacing your existing mortgage with a new one, typically to secure better terms. Homeowners often refinance to lower their interest rate, reduce monthly payments, or access cash from their home’s equity. This involves applying for a new loan to pay off the old one, which may come with closing costs. The decision to refinance should consider current interest rates, your financial situation, and how long you plan to stay in your home, as these factors can significantly impact the benefits of the new mortgage.