What is a mortgage refinance?
A mortgage refinance replaces your current home loan with a new one. Often people refinance to reduce the interest rate, cut monthly payments or tap into their home’s equity. Others get a mortgage refinance to pay off the loan faster, get rid of FHA mortgage insurance or switch from an adjustable-rate to a fixed-rate loan.
Let’s consider some important initial steps of mortgage refinancing — and then run through the process step by step.
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