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What Happens When You Refinance Your Home

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Restructuring Debt Terms. Refinancing puts you in a new loan. While it is possible to refinance a 30-year loan into a 15-year loan, shortening the term, most refinances go from a 30-year term to a new 30-year term. If you were five years into your loan and refinance, instead of having 25 more years, you are still left with 30 years.

Scenario 2.Your heirs refinance the home loan. If heirs want to keep a home, Ebby says, in many cases they would refinance the loan – especially if they can get a lower interest rate or reduced monthly payments. If your heirs can’t qualify for a new loan but can afford to make monthly payments, they can always keep the original mortgage.

Refinancing is the replacement of an existing debt obligation with another debt obligation.. For example, you plan on selling your home in three years, but it will take five years to recoup the closing cost. This could prevent you from considering.

Read how refinancing works and find out how soon you can refinance your mortgage. Learn what to consider when deciding if refinancing is.

Cash Out Rates When enough equity has accumulated, the borrower may cash out by refinancing the loan (mostly home mortgage loans) to a higher balance. However, refinancing normally requires the payment of certain fees. Unless accompanied with a lower interest rate, cash-out refinancing is normally expensive.

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The formula above doesn’t measure your total savings over the life of the new mortgage. A refinance can cost more money in the long run if you start your new loan with a 30-year term.

When (and when not) to refinance your mortgage. Refinancing a mortgage means paying off an existing loan and replacing it with a new one. There are many reasons why homeowners refinance: the opportunity to obtain a lower interest rate; the chance to shorten the term of their mortgage; the desire to convert from an adjustable-rate mortgage (ARM).

Even if you can refi, does it make sense for you?. When that happens, your relationship with the old lender ends and your new lender takes.