Simply put, refinancing your mortgage is essentially replacing your existing mortgage with a new mortgage.

It’s commonly done to get a lower interest rate, which lowers your monthly costs. You can also refinance to get a different mortgage term — 15 years, instead of 30 years, which cuts your mortgage costs. Or you can refinance to get out from under a mortgage you find onerous, like moving from an adjustable rate mortgage (ARM) to a fixed-rate mortgage.

RefinanceRates.com can help, with useful articles, calculators, and a refinance mortgage glossary that give you the information to assist you in your decision.