Refinancing means getting a new loan to replace your old one This can lower your monthly payments or help you pay off your loan faster First use a good calculator It will ask for your loan details and the new rate you hope for This helps you see how your payments and interest will change Check the current rate today against your mortgage rate The difference is key to deciding if you should refinance This guide will show you where you can save money You'll learn about lowering interest shortening your loan term and how closing costs affect your savings You'll also find out how to get the info you need and use tools like Fannie Mae s calculators https youtu be akvjxlBvyuc feature shared Key Takeaways Refinancing swaps an existing mortgage for a new loan with different terms Use a refinance calculator to estimate monthly and lifetime interest changes Compare today s market rate against the rate on your current mortgage first Savings come from lower interest a shorter term or both fees change the math Gather credit income and payment history before applying to speed approval Understanding refinancing and when it makes sense today A refinance pays off an existing mortgage and replaces it with a new loan that sets fresh terms and a new payment schedule Why this matters now When interest rates fall you can lower your monthly payments or cut total interest It also lets you switch from an adjustable-rate to a fixed-rate loan for... Login to read full