Refinancing is when you, well, refinance your home- your negotiate the terms of your mortgage again, or get a completely new one. You can get a lower interest rate, switch from a 30 year to a 15 year, or whatever else you want to change. If your financial situation has changed, but you’re still making the same payments, it may be time to refinance. Check out this post by Radwa Madkour at the House Hunt blog for why refinancing may be a smart decision for you:
-You can reduce your monthly mortgage payment
-Consolidate credit cards or other loans to lower interest rate
-Use it to finance home renovation projects with equity you have built up