Mortgage Refinance

Refinancing your mortgage basically means that you are trading in your old mortgage for a new one, and possibly a new balance. When you refinance your mortgage, your bank or lender pays off your old mortgage with the new one; this is the reason for the term refinancing.

Most borrowers choose to refinance so they can lower their interest and shorten their payment term, or take advantage of turning some of the equity they have earned on their home into cash. If done thoughtfully, Mortgage refinance is a great option to save money and pay off your debts at much lower interest rates.