Refinancing can be defined as the placement of a new mortgage to pay out an existing mortgage while using the same property as collateral. This can be done with the same mortgage lender, or with a different lender.

Some of the main Take advantage of lower mortgage rates If you are losing sleep because today's interest rates are quite a bit lower than what you are paying on your mortgage, then it might be time to consider refinancing. You would basically be exchanging a high mortgage rate for a lower one, giving you a lower monthly payment. Today's mortgage rates.