Mortgage Refinance

Refinancing a mortgage means paying off an existing loan and replacing it with a new one. There are many reasons why homeowners refinance:  

1. To obtain a lower interest rate 
2. To shorten the term of their mortgage. 
3. To convert from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage, or vice versa. 
4. To tap into home equity to raise funds to deal with a financial emergency, finance a large purchase, or consolidate debt.

Reducing your interest rate not only helps you save money, but it also increases the rate at which you build equity in your home, and it can decrease the size of your monthly payment.