What is a Mortgage Refinance?
A Mortgage Refinance occurs when the old loan is paid off, being replaced by a new loan with different terms. As times change, a homeowner may wish to renegotiate the terms of their mortgage loan, thus calling for a refinance. A refinance occurs when a business or person revises a payment schedule for repaying debt.
Why Consider a Refinance?
A loan refinance switches an existing mortgage with a new one, allowing you to modify the loan’s interest rate, adjust the term length, or simply cash out. Consulting with a loan officer will help you set clear financial pathways in order to choose the most suitable package to refinance your home mortgage.