Question 1

What is refinancing?

Accepted Answer

Refinancing a property is typically driven by either saving money or adjusting the terms of your loan. It’s a method of obtaining a new mortgage so you can take advantage of lower prevailing interest rates in the marketplace. This is accomplished by applying for a new loan with the intention of seeking a more favorable credit agreement between yourself and the lender.

Question 2

What is the cost to refinance?

Accepted Answer

Even in the most attractive low-interest rate conditions, a home loan refinance will cost you money. If you recently purchased your home, you’ll no doubt see a list of charges that look all-too familiar. Usually, these expenses will either be paid upfront to your lender or rolled into your new mortgage as part of your new APR.