How to refinance your mortgage and why you need to do it

How to refinance your mortgage and why you need to do it

A mortgage refinance replaces your current home loan with a new one.

Often people refinance to reduce the interest rate, cut monthly payments or tap into their home’s equity.

Here's how tackle the refinance process

Shop for the best mortgage refinance rate.

Apply for a mortgage with multiple lenders and submit applications within 2 weeks to minimize the impact on your credit score.

Choose a refinance lender.

Lock your interest rate so that it can’t be changed during a specified period.

Close on the loan and pay those closing costs that were listed in the Loan Estimate.