What Are Refinance Loans?
A refinance loan lets you replace an existing loan with a new one. Here are some of reasons why you might want to get a refinance loan:
- Get access to a lower interest rate.
- Reduce your monthly payments.
- Pull cash out of your home equity.
- Shorten your mortgage term.
- Consolidate debt.
Refinancing is best when it ends up reducing the cost of your mortgage in the long term. You’ll want to evaluate your financial situation with a clear goal in mind.