Five Questions To Ask Before You Refinance Your Mortgage

Refinancing a mortgage involves replacing an existing loan with a new one, often to secure a lower interest rate, shorten the loan term, or access home equity. Key considerations include motivation, length of stay, interest rate changes, available equity, and closing costs. The process requires financial documentation, home appraisal, and closing paperwork. Benefits include potential savings and equity access, while drawbacks involve fees and penalties. Legal advice can help navigate complexities and protect interests.