What Is Refinancing a Home?
Refinancing a home is the process of replacing your current mortgage with a new one. This can be done to lower your interest rate, shorten your loan term, or change the type of mortgage you have. For example, you could refinance from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage (FRM) to lock in a lower interest rate.
Refinancing can be a great way to save money on your mortgage payments. If you can qualify for a lower interest rate, you could save hundreds of dollars each month. You could also use refinancing to consolidate debt or make home improvements.
