Mortgage refinancing means replacing your existing mortgage with a new one, often to secure a lower interest rate, access home equity, or consolidate debt. In Windsor, homeowners may benefit from refinancing if property values have risen or if market rates are favorable. Advantages include reduced monthly payments, faster loan payoff, and cash for renovations or expenses. However, refinancing comes with costs such as legal fees, appraisals, and potential penalties, so it’s important to calculate long-term savings before proceeding.
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