But the mortgage refinance process can be complicated, with a lot of moving parts and confusing terms that can lead even experienced homebuyers to throw up their hands in exasperation. Cash out refinance: Refinancing for an amount higher than what you owe on your current mortgage and keeping the extra money. Fixed-rate mortgage: A type of mortgage in which the interest rate does not change for the entire length of the loan. With a refinance calculator, you can enter your current mortgage terms, the new proposed mortgage terms and any fees for refinancing. If after using a refinance calculator you find that a refinance makes sense for you, make sure you compare lenders and brokers to find the best mortgage refinance rates, as well as the lowest closing costs.

Source: The Nation February 22, 2021 15:00 UTC