MortgageRefinancing - Refinancing in Foreclosure

refers to applying for a secured loan intended to replace an existing loan secured by the same assets.

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Mortgage refinancing may be undertaken to reduce interest costs (by refinancing a mortgage at a lower rate), to pay off other debts, to reduce one's mortgage periodic payment obligations (sometimes by taking a longer-term loan), to reduce risk (such as by refinancing from a variable-rate mortgage to a fixed-rate mortgage), and/or to liquidate some or all of the equity that has accumulated in real property during the tenure of ownership. Interest-Only Mortgages are also becoming popular again.

Should you refinance your home mortgage?

That's a question many homeowners are asking, given the lower mortgage rates that are currently available. But, how do you decide if mortgage refinancing makes sense in your particular case? The answer depends on many factors, including your tax bracket, the length of time you plan to stay in your home, and the additional costs and charges you must pay for the refinancing. Refinance Facts | Financing for Small Business
 

Certain types of mortgages contain penalty clauses that are triggered by an early payment of the loan, either in its entirety or a specified portion. Also, some refinanced mortgages, while having lower initial payments, may result in larger total interest costs over the life of the loan, or expose the borrower to greater risks than the existing loan. Calculating the up-front, ongoing, and potentially variable costs of a Washington mortgage refinancing is an important part of the decision on whether or not to refinance a mortgage.