Typically, when interest rates drop significantly, there’s a lot of ‘buzz’ about refinancing and lowering your monthly payment. If you’re new to homeownership or a homeowner that’s been in their current mortgage for some time, you may have some questions regarding refinancing and what it means. For starters, refinancing is simply the process of financing something again. Often, this is a new loan at a lower interest rate. The decision to refinance your mortgage should be carefully considered based on your short and long-term goals. What’s more, you should always consult a qualified home loan consultant to discuss your options as well as any costs associated with refinancing your home. Why Would A Homeowner Refinance their Mortgage? Quite simply, a refinance is intended to save you money. The interest rate of your mortgage loan impacts your monthly payment, so a lower interest rate means a lower payment. Plus, it reduces the overall amount to finance your home over ...