THE OVERVIEW
How this option works
Refinancing replaces an existing mortgage with a new one. Homeowners may consider it to change the rate, loan term, payment structure, or another feature, depending on available products and qualifications.
A refinance has costs and may extend the repayment period or change the total interest paid. Compare a Loan Estimate with the current loan, include closing costs, and consider how long you expect to keep the home and new loan.