Homeowners must meet certain eligibility requirements to be able to refinance their mortgage. This includes having a good credit score, a stable income, and a property with sufficient equity.
The interest rate is one of the most important factors to consider when refinancing a mortgage. A lower interest rate will result in lower monthly payments and a lower total cost over the life of the loan.
There are several types of refinancing options available, including rate and term refinancing, cash-out refinancing, and HARP (Home Affordable Refinance Program).