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translation powered by GoogleRefinancing Your Mortgage:
Refinancing is getting a new mortgage with all or a portion of the loan used to pay off the original mortgage.
Refinancing can be a good idea for homeowners who want to lower their monthly payments by getting a lower interest rate loan when interest rates drop. You might also want to convert your loan from an adjustable-rate mortgage to a fixed-rate loan so you know exactly what the payment will be for the length of the loan. You might want to build your equity faster by converting to a shorter term loan. You might also need to take some of your home equity out to raise cash for some other need.
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Steps to Apply for a Mortgage:What is a mortgage?Who Gets involved in the Mortgage Process?About Home Mortgages
