Refinance Options

What does it mean to refinance?  When you refinance the mortgage on your home it simply means that you are trading in your current mortgage for a new one – with different terms and a new principal amount.  There are several reasons to consider refinancing, including getting cash from your home, lowering your monthly payment, shortening your loan term, changing your rate type (i.e., Adjustable to Fixed rate) or paying down your balance.  Refinance can also be used to add or remove someone from your mortgage (i.e., with a marriage or divorce).