 TITLE: How Much Does It Cost to Refinance a Mortgage? CONTENT: What Is Mortgage Refinancing?\n-----------------------------\nRefinancing a mortgage involves replacing your existing loan with a new one, either through your current lender or a different one.\nThere are a few different reasons why you might consider refinancing a mortgage:\n*   **Lower interest rate**: If market rates have dropped or your credit and financial situations have improved since you first applied, you may be able to score a lower interest rate, which could save you on your monthly payment and cut the total amount of interest you'll pay.\n*   **Lower monthly payment**: Even without a lower interest rate, you could refinance your mortgage to a loan with a longer repayment period, reducing your monthly payment. Just keep in mind that this typically results in more interest paid over time.\n*   **Switch interest rate types**: Adjustable-rate mortgages are appealing because they start off with a lower interest rate than a fixed-rate mortgage, and you'll typically maintain that rate for the first three, five, seven or even 10 years. Once that fixed period ends, though, your rate can fluctuate with the market. If you want to switch from an adjustable rate to a fixed rate, a mortgage refinance is the only way to do it.\n*   **Tap your home equity**: If you need some extra cash to pay down high-interest debt, finance a home improvement project or buy an ex-partner out of ownership, a cash-out refinance allows you to borrow more than what you currently owe. The amount you can borrow will depend on how much equity you have, and the additional debt will be paid to you in cash. END