Mortgage Refinance
Refinancingis the replacement of an existing mortgage or debt with another debt obligation under different terms. The terms and conditions of refinancing may vary widely, based on several A loan (debt) might be refinanced for various reasons:
1. To take advantage of a better current rates(a reduced monthly payment or a reduced term)
2. To consolidate other debt(s) into one loan (a potentially longer/shorter term contingent on interest rate differential and fees)
3. To reduce the monthly repayment amount (often for a longer term, contingent on interest ratedifferential and fees)
4. To free up cash (often for a longer term, contingent on interest rate differential and fees)
Step 1 / 3
Current Mortgage Balance
Current interest rate
Second Mortgage (optional)
Loan Amount
Current interest rate
Estimated Home Value