With lenders offering low mortgage rates, it may make sense to refinance your mortgage loan to save money and repay your loan faster. Here’s what you need to know about mortgage refinancing.
Mortgage refinancing – what is it?
Refinancing a mortgage essentially means you apply for a new home loan to replace your current one. Mortgage refinancing helps you save money if you refinance into a loan with an interest rate that’s lower than what you currently pay.