Mortgage payment calculator, exploring the topic
Refinancing a mortgage can save you money, but make sure you carefully examine and calculate all potential costs and savings before you sign on the dotted line. A refinance essentially trades in your old mortgage for a new one. Borrowers typically refinance to obtain a lower interest rate or change the term on the original loan. Term is the length of time before the loan is paid (such as 15 or 30 years). The Lender will examine your credit and your home will undergo the same appraisal process as when you purchased your house and applied for the original mortgage.