Refinancing Your Mortgage
When you refinance your mortgage, you take out a new home loan and use some or all of the proceeds to pay off the existing one. Why refinance your mortgage? There are a variety of reasons why you may want to consider refinancing your mortgage, such as: Lowering your monthly mortgage payment by refinancing to a lower interest rate Shortening the length of your loan (e.g., from a 30-year mortgage to a 15-year mortgage) to potentially reduce interest charges over time Accessing extra cash through a cash-out refinancing to pay for home improvements, pay for college, or consolidate debt Refinancing…