Refinancing a Home Loan means to get a new loan that has a lower interest rate, lower monthly payments, better terms, etc. In general, with the new loan, you end up paying less every month (or even over the entire period of the loan).
Typically, your mortgage consultant will give you some numbers, like the new interest rate, your new monthly payment, your closing cost to refinance, etc. Once you have these numbers, use this calculator as a guide to help you to make a better decision.
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