In this article, we at the MarketWatch Guides team discuss how much you could save by refinancing, how the process works and when refinancing makes sense. Key Takeaways Refinancing your mortgage means taking out a new mortgage loan, ideally on terms more favorable to you such as a lower interest rate or a shorter repayment term. Some might opt for a cash-out refinancing, which entails taking out a new, bigger mortgage and getting the difference in cash that can be used however you want.
