What Is Refinancing and How Can It Benefit Homeowners? Refinancing is the process of replacing an existing loan with a new one, often to secure better terms. For homeowners, mortgage refinancing is a popular option when interest rates drop, offering the chance to reduce monthly payments, shorten the loan term, or switch from an adjustable-rate […]
While refinancing offers benefits, it’s important to consider the costs involved. Refinancing fees—such as closing costs, appraisal fees, and other charges—can sometimes offset the savings gained from a lower interest rate. If you’re planning to stay in your home long-term, the savings from refinancing could outweigh these costs. However, if you plan to sell your […]
