Refinancing

• A mortgage refinance gives homeowners the opportunity to shop for a new loan and replace their original mortgage loan. Property owners refinance for varying purposes. Some refinance to convert an adjustable-rate mortgage to a fixed-rate, cash-out the home's equity, acquire a lower mortgage rate or modify the loan term. Qualifying for a refinance requires submitting a new mortgage loan application and paying closing costs to the lender, such as home appraisal, home loan origination fee and title search.