Refinancing your home is the process of replacing your current loan with a new one that better fits your needs. Refinancing can help lower interest rates, cut down monthly payments, or help you pay off your mortgage faster.
It is not for everyone but it is a great option to have as a homeowner. Refinancing is very similar to the process homeowners go through when obtaining their original mortgage loan. Homeowners should shop around for a loan that meets their needs.