What is Refinancing?

Refinancing involves replacing an existing loan with a new one, typically to secure a lower interest rate or change the loan term. This can lead to significant savings over time.

Reasons to Refinance

• Lower Interest Rates: If rates have dropped since you took out your loan, refinancing can save you money.
• Change Loan Terms: You may want to switch from a 30-year to a 15-year mortgage.

Before deciding to refinance, consider your long-term financial goals and whether the costs associated with refinancing are justified.