Mortgage Refinance Process
efinancing your mortgage is a process that involves taking out a new loan to replace your existing loan. Refinancing your mortgage will allow you to borrow money generally at a better interest rate and repay the loan over a different time length as well as withdraw from or add to the equity of your home. If you are considering refinancing your mortgage, before beginning the process, it’s important to understand how the process works.
How Does Mortgage Refinancing Work?
The process of refinancing your mortgage involves the same steps as when you applied for the original mortgage loan. The first and one of the most important steps in the process is to shop around with various mortgage lenders to see which has the best offer for interest rates and other terms.