To refinance a mortgage means to pay off your existing loan and replace it with a new one.
There are many reasons why homeowners opt to refinance, from obtaining a lower interest rate, to shortening the term of the loan, to switching mortgage loan types, to tapping into home equity.
Each has its consi...
With mortgage rates at all-time lows, purchase and refinance activity is climbing.
Home sales are at their highest levels since May 2010 as home buyers take advantage of favorable economic conditions. Home prices are low, household income is rising, and rents are up in many U.S. cities.
Low rates have...
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