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Refinancing a home
It's more than just an interest rate reduction.
Refinancing is not a process of changing or adjusting your existing mortgage. It's the process of taking out a new mortgage and using the money to pay off your current mortgage. Most people refinance their mortgages to get a lower interest rate. The lower rate translates into a faster mortgage payoff or a lower monthly payment.

 
When you refinance, you start the loan process over, which means you will be asked to make an application and then undergo a credit check, title search, appraisal and so on. You will incur closing costs just like the first time around.

You may be asking:

What Are The Costs Of Refinancing?
But, a low rate isn't the only reason you should consider refinancing. It can also help you:
1. Lower your monthly payment
2. Pay off your mortgage more quickly
3. Consolidate debt
 
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