What does refinancing a loan mean?

Refinancing a mortgage means you allow the lender to pay off an existing loan for a new one. The process allows borrowers to capitalize on potentially better interest rates, a different term or lower monthly payments. Refinancing a loan may have costs associated with it, so you'll want to stay in your home long enough to break even and benefit from the savings gained.


See if refinancing makes sense.


  • Protects you from rising interest rates when converting from an adjustable rate to a fixed-rate loan

  • Can let you use the equity in your home responsibly to cover the expense of a renovation project or paying off a higher-interest loan


  • Expenses or fees to refinance may outweigh any potential short-term savings

Get Guidance

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