There are quite a few reasons people may want to refiance the mortgage on their home. Often times the reason is simply to take advantage of lower current interest rates which would secure a lower monthly mortgage payment. Other folks refiance to shorten the total term of their mortgage. This will generally increase the monthly payment but tends to dramatically decrease the interest paid over the life of the loan. Often times, though, the reason is to access the equity that is available on the home to use for debt consolidation, home improvement and other wants & Needs.



If you asked the question 'Why Refiance' and have found some of these reasons worth taking advantage of but are still uncertain of whether or not refinancing will be worth the time and money involved then please permit us to reassure you about the simple process of refinancing...

The process itself involves paying off your current mortgage and taking out a new one on the same property. The new mortgage will be refianced at more attractive terms that create benefits for you. Maybe you'll even find that there is a new type of loan that will dramatically benefit you in comparison to your present loan. For example, you may be switching from an adjustable rate loan into a fixed rate loan.

If it's been a while since you took out your loan then be sure to use our Loan Glossary to catch up on some of the terms that will be used on this site and during the refiance process. You may also want to spend some time with our helpful mortgage calculators to test the effects of refinancing at a given rate and term.