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What is Mortgage Refinance?
Refinancing is simply getting a new mortgage to replace an original mortgage, usually with different (and ideally better) interest rates or terms.But instead of simply throwing out the original loan and making a new one, the first mortgage paid off and then a second loan is created.
Since there is going to be a gap between when the first is paid and the second becomes effective, mortgage lenders must get involved to facilitate the transaction.
This concept should not be confused with getting a second mortgage, although there are some similarities, especially when exploring the benefits of cash-out refinancing.
To quickly see how refinancing works and what it can do for you, try experimenting with a refinance calculator.
Next: Would you like to be matched with up to five mortgage refinance lenders?
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