How do you refinance your mortgage?

Before taking the plunge into a mortgage refinance, you should first understand the process. Getty Images Refinancing your mortgage essentially means replacing it. You get a new loan, ideally one with more favorable terms, use it to pay off the old one, and voila — you've refinanced. Homeowners often refinance to lower their , reduce their monthly payment or take cash out of their home (this one's called a ). Some also refinance to... + full article