Refinancing your Mortgage

A refinance loan pays off your existing loan with a new loan. You can refinance your mortgage with any lender. You do not need to go back to the original lender, and you can change loan programs.  There are several reasons people refinance their mortgage, lower the interest rate, remove mortgage insurance, take cash out to pay off other debt or remove a borrower from the existing loan.

The refinance fees are typically added to the loan amount, if you have enough equity in your home, although some choose to pay the costs out of pocket.