What does mortgage refinance for a house means?

Racquel
what does Mortgage Refinance for a house means

Garnet
It means you go out and find another bank to give you a mortgage so you can pay off your existing mortgage. Reasons to do this are: 1) you can get a lower interest rate; 2) you can get a lower payment [either through lower interest or stretching the remaining payments out longer]; 3) you want to take equity out of the house; 4) You want to pay off the mortgage sooner (change a 30 year mortgage into a 15 year mortgage).

Brittni
its bouncing your loans to another bank