To refinance a mortgage means to pay off your existing loan and replace it with a new one.
4 Of The Best Questions To Ask Before Refinancing Your Mortgage
To get a conventional loan, you will usually need to have at least 20 percent equity. This means that your house will have to be worth at least $250,000 to get a $200,000 loan. If you have less equity, you could end up having to pay for private mortgage insurance, which can easily add $100 or more to your monthly payment.
