What is a Refinance Home Loan
There are a variety of refinance mortgages types such as rate-and-term, cash-out, and even cash-in. The refinance type that is best for you will depend on your individual circumstance. With a refinance, the first loan is paid off, and a new loan is created. Refinancing can be a good way to convert an adjustable loan rate into a fixed rate, and/or obtain a lower an existing interest rate. Refinancing is the process of obtaining a new mortgage in an effort to reduce monthly payments, lower your interest rates, take cash out of your home, or change mortgage companies.