Refinancing a mortgage is a financial strategy that involves replacing an existing home loan with a new one, typically with different terms, interest rates, or loan amounts. The frequency with which homeowners can refinance their mortgages varies depending on several factors.
Refinancing a mortgage can provide numerous benefits, including securing a lower interest rate, shortening the loan term, and accessing equity in the home. Historically, low interest rates and rising home values have led to increased refinancing activity.
