This is commonly done when you want to switch from a 30 year loan to a 15 year loan.

When you refinance, mortgage rate is less than what you paid for your original mortgage.

You can even obtain a refinance rate home loan to shorten the duration of the repayment schedule.

This is to avoid past mistakes that have sent hundreds of homeowners on the brink of foreclosure.
If your mortgage will last a long time, if, after the first 6 years, you will save $ 1,100 per year which is very worthwhile.

Mortgage refinancing involves getting a loan to repay an outstanding loan.