This term refers to changing your existing mortgage into a new one for an opportunity to lower your monthly payment or interest rate. This means you receive a new loan, with new terms. There are also fees and costs that come with the refinance process.
Read more: First-Time Homebuying Guide
Zach Child is a recent graduate from the University of Washington with an interest in digital marketing strategy. At Sundae, Zach is part of the team that distributes editorial content across social channels and is responsible for the creation of visual content that helps grow Sundae’s brand.