While there are many different types of refinance loans, the basic idea is to reevaluate your mortgage in hopes of lowering your payment or borrowing cash. This can happen in different ways including changing your loan term, lowering your interest rate, changing loan types, or even borrowing from the equity you’ve built in your current home to use for other expenses.
Perhaps you’ve improved your credit score since you got your current mortgage. This may allow you to qualify for a lower interest rate. It’s important to discuss your options with a lender. My Perfect Mortgage can help you match with the right one. Until then, use our refinance calculator to try different scenarios and estimate how much you’ll save.