How are these advantages possible AFTER a mortgage has been signed? Help needed as I’m trying to wrap my head around financial mechanisms – why is this a thing and under what circumstances/ conditions does a refinancing make the most sense to use?
You have an existing mortgage
You ask a lender to refinance your mortgage at a better rate.
Lender pays off your mortgage and now you have a new mortgage with the new lender. It could also be your existing lender.
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