Mortgage Refinancing
Replacing an existing mortgage with a new loan, often to secure different terms or access equity.
Common Uses
- Lowering an interest rate
- Changing the loan term
- Consolidating debt or accessing equity
General Characteristics
- Involves a new application and appraisal
- Closing costs apply
- May reset the amortization schedule
Potential Provider Types
- Banks and credit unions
- Mortgage brokers
- Online lenders
Important Considerations
- Break penalties on the existing mortgage
- Closing costs vs. long-term savings
- Effect on total interest paid
This information is general and educational only. Eligibility, rates, fees, and terms vary by provider and are determined solely by the provider. Trio does not assess whether you personally qualify for any financing.
Related Financing Strategies
Structured strategies connected to this subcategory, with how it works, pros, cons, bookmarking, PDF export, and comparison.
Trio Marketplace is not a financial institution, lender, mortgage brokerage or financial advisor. Trio does not provide, approve, arrange or guarantee financing. Financing products and services are provided by independent third-party providers. Eligibility, rates, fees, terms and approval decisions are determined by the applicable provider.