refinancing

Refinancing is the process of replacing an existing loan, such as a mortgage, with a new one, often to secure better terms. Homeowners typically refinance to get a lower interest rate, reduce monthly payments, change the loan duration, or switch from an adjustable to a fixed rate. It involves paying off the original loan with the new one and often includes closing costs. Refinancing can help improve financial stability or save money over time, but it's important to consider fees and the long-term benefits before proceeding.