Mortgage Refinancing Options and What They Mean

If you’ve never refinanced your mortgage before, it can feel like a steep learning curve. How do you know which refinancing option is right for you? Refinancing simply means you take an existing mortgage and replace it with a new mortgage for the same property. You aren’t moving, just changing the terms of your loan while you continue living in your home. Refinancing makes sense when you want to reduce your interest rate, get rid of private mortgage insurance, lower your monthly payments, or extend your term.

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