Refinancing your home is the process of paying off any existing mortgages on a home with a new mortgage loan.
Many existing home owners choose refinancing as a strategy to help them meet their goals. Some benefits to refinancing your home include getting extra cash for any expenses you have, to shorten your mortgage term, closing in on a lower mortgage rate and more.
* By refinancing the existing loan, the total finance charges may be higher over the life of the loan.
This type of refinance option allows homeowners to increase the amount that they are borrowing by pulling from the current equity in their home and taking out the difference in cash.
With this refinance option, the rate and term of your loan are the only changes that occur.