Refinancing basically means applying for a secured loan which is in compensation for an existing loan earned from the same assets. If you would like to secure a new loan which is available at a lower interest rate than the original loan taken at fixed interest rate mortgage, refinancing is a great option to go with.
Mortgage Refinancing is an option in front of you when you need to pay off your earlier loan. But for mortgage refinancing, you need to keep certain items under mortgage like house, etc. But this is a viable option only when interest money saved is equal to or greater than refinancing fees. Mortgage has a lot of benefits. Firstly it provides you with extra cash in your hand and at the same time reduces the monthly mortgage payment.