Refinancing is the act of paying off one loan by obtaining another, using your home's equity. Refinancing is generally done to secure better loan terms, such as a lower interest rate and lower monthly payments. If you are thinking of refinancing, you should analyze your current situation to find out if refinancing is the best choice for you.

Refinancing your home can seem like the perfect solution to having more money in your pocket by way of reducing your monthly payments, and/or having money to pay off pending debts, or buy that new item or vacation that you just can