Ever heard of the term refinancing? If you purchased your home on a mortgage or a loan then chances are you probably could have. Refinancing home loans means that you try to finance your current loan with another loan that has a lower interest rate than your current loan.

Simply put, refinancing is being able to pay off your existing loan with another loan.  The truth here is that refinancing is really not that simple but you do get the main idea of the process.  The most important thing to remember is that refinancing will only work for you if you get a loan that has a lower interest rate than the existing one otherwise it completely defeats the purpose.  Read more . . .