How does refinancing work?
In most cases, refinancing is the act of paying off an existing mortgage on a home using a new loan that has more attractive terms. More attractive terms could mean a lower interest rate, a shorter loan term, or accessing the equity in your home for cash-in-hand. The loan process for refinancing is very similar to that of purchasing a home, however, some programs allow for 'streamlined' options which may not require employment, income or assets verification and/or an appraisal. A licensed loan originator will be able to help guide you to the best refinance option for your situation.