What is refinancing?
Refinancing is simply the process of replacing your existing mortgage with a new loan that has better terms. Those better terms could include a lower interest rate, shorter loan term or smaller monthly payment. The new loan pays off the old loan, and you start making payments on the new loan.
You must meet lender requirements to qualify for a mortgage refinance, which we’ll discuss later.
How LendingTree can help you refinance
Shopping around can save you money when buying a home, and the same is true when refinancing your existing loan. At LendingTree, we make this process easier by doing the shopping for you. By comparing lenders and having them compete for your business, you’re certain to get the best rate possible on your mortgage refinance. The better your rate, the lower your payments will be and the more money you’ll save in interest over the life of your loan.