What is a Home Loan Refinance?
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A home loan refinance (also called a mortgage refinance or just "refi" for short) is when you take out a new loan to replace an existing loan. The new loan pays off any debt owed on the old loan. Homeowners in Southern California refinance loans for many reasons. Some of the most common are: to lower the interest rate, to pay off the loan faster, to reduce your monthly payment, to take cash-out of the equity of your home to use for other expenses or debts, to renovate or remodel your home, or to switch from an Adjustable Rate Mortgage into a fixed rate loan.