Refinancing replaces your current mortgage with a new one, creating a single updated loan and payment.

The process begins with an application and submission of documentation including income, assets, debt, and credit.

Lenders review your eligibility, then schedule a loan closing where legal documents are signed and old mortgage paid.

Refinancing may involve appraisal requirements, interest rate adjustments, and choosing between shorter or longer loan terms.

Cash-out or standard refinances follow similar steps, with funds disbursed after the required right-of-rescission period.