Refinancing a mortgage means paying off existing debt and replacing it with a new one. You may or may not save money by refinancing. Your bank or lender pays off your old mortgage for a new one when you refinance your mortgage. Refinancing can cost between 3% and 6% of the loan amount. A primary mortgage involves valuation, title search, and application fees, so homeowners should consult an expert if this is a wise investment decision. To know more visit: https://62cd19bdc973e.site123.me/blog/what-happens-when-you-refinance-your-mortgage