There's a lot of reasons to refinance your mortgage. If you're looking to lower your monthly payments, increase payments to pay off your home faster, change your rate, or just shop for a better deal, refinancing is for you.

FAQ answer

If you're in need of quick cash or are looking forward to financing a home improvement project, cashing out on your home equity is a great place to start. A "cash out refinance" is when you take cash directly from the equity you've made in your home. It will increase your monthly payments and loan amount, but you'll have the money you need for whatever you need.

Information about the home:

• Zipcode and home's address
• Type of home (condo, single-family home, townhome, etc.)
• Property cost
• Downpayment amount

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Your information:

• Credit score
• Annual income
• Employment status

Closing costs are often 2-5% of the loan you refinanced.