Refinance
Replacing your existing mortgage with a new loan, usually to lower the rate or change the term.
Why it matters
A rate-and-term refinance lowers your rate without pulling equity. A cash-out refinance replaces the loan with a larger one and gives you the difference in cash. Refinancing has closing costs, so a break-even period governs whether it saves money.
See also
Educational only — not financial, tax, or legal advice.