Refinancing Your Mortgage

When you refinance your mortgage, you take out a new home loan and use some or all of the proceeds to pay off the existing one.

Why refinance your mortgage?

There are a variety of reasons why you may want to consider refinancing your mortgage, such as:

  • Lowering your monthly mortgage payment by refinancing to a lower interest rate

  • Shortening the length of your loan (e.g., from a 30-year mortgage to a 15-year mortgage) to potentially reduce interest charges over time

  • Accessing extra cash through a cash-out refinancing to pay for home improvements, pay for college, or consolidate debt

  • Refinancing your adjustable rate mortgage (ARM) to a fixed rate mortgage or to a new ARM with better terms

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