Mortgage refinancing is when you take out a new home loan to pay off an existing mortgage. If you refinance, you may be able to lock in a lower interest rate, reduce your monthly payments, pay off your mortgage faster or even tap into your home’s equity.

The mortgage refinancing process may be more straightforward than when you initially borrowed a loan to buy your home, but there are still a number of factors you should consider before applying. Here’s everything you need to know about how mortgage refinancing works, from comparing interest rates to closing on your new loan.

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