A mortgage refinance is the process of getting a new loan and paying off your previous one using the proceeds.
This is typically done to change the structure of your debt in order to acquire more money, a cheaper monthly payment, or a quicker pay-off date.There are many reasons why people refinance their home loans including:
# The ability to consolidate all of your debts into a single payment.
# To benefit from a lower interest rate or lesser costs.
# To make use of additional features provided by other goods.
# To convert a fixed-rate loan to a variable-rate loan, or vice versa.
# To gain access to the equity in your house for purposes such as remodelling, vacations, and other investments.