Refinancing is simply the process of replacing your existing mortgage with a new loan that has better terms. There are plenty of reasons that people refinance their mortgages, these could include getting a lower interest rate, shortening their loan term or switching from an adjustable rate to a fixed rate.
Whatever your reason for refinancing, your new loan will pay off the old loan, and allow you to start over with a new rate and better terms.
How LendingTree can help you refinance
Shopping around can save you money when buying a home, and the same is true when refinancing your existing loan. At LendingTree, we make this process easier by doing the shopping for you.
By comparing lenders and having them compete for your business, you’re certain to get the best rate possible on your mortgage refinance. The better your rate, the lower your payments will be and the more money you’ll save in interest.