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When you refinance your mortgage, you replace your existing home loan with a new one for the same property. There are many reasons to refinance your home loan, from locking in a lower mortgage interest rate to tapping into your equity. Understanding the process can help you prepare and save money along the way.
Read more: Is now a good time to refinance your mortgage?
First things first: Ensure you're financially prepared to refinance.
Check your credit score and see if there are ways to improve it before refinancing. Your credit score plays a big role in your ability to get approved and will influence your interest rate.