Refinancing a Mortgage Loan: Your Complete Guide

Refinancing replaces your current mortgage with a new loan to secure better terms, lower rates, adjust loan length, access equity, or remove PMI. Options include rate-and-term, cash-out, cash-in, no-closing-cost, streamline, short refinance, reverse mortgage, and debt-consolidation refinances. Consider credit impact, home equity, closing costs, and break-even points. Ideal when rates drop 0.5%+, equity exceeds 20%, or credit improves. Refinancing typically takes 30–45 days.