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When you refinance a mortgage does the 30 years start over.

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Refinancing personal loan

When you refinance a mortgage does the 30 years start over

What happens when you refinance a personal loan

Disadvantages of refinancing home loan

When to Refinance Your Mortgage

Refinancing a mortgage means paying off an existing loan and replacing it with a new one. There are many reasons why homeowners refinance:

To obtain a lower interest rate and smaller monthly payments
To shorten the term of their mortgage
To convert from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage, or vice versa
To tap into home equity to raise money for a large purchase, to consolidate debt, or to deal with a financial emergency,

Since refinancing can cost between 5% and 7% of a loan's principal and—as with an original mortgage—requires an appraisal, a title search, and application fees, it's important to know when it's worthwhile and when it's better to wait.

Key Takeaways

Refinancing your home mortgage can make sense under different scenarios.
You may be able to get a significantly lower mortgage rate, reducing your monthly payments and freeing up cash for other purposes.
You may also be able to shorten the term of your loan, allowing you to pay it off sooner.
A cash-out refinancing is a way to tap the equity in