Buying a house is an expensive affair. With property costs rising year on year, home loans offer a handy option for quick access to cash to support home purchases. But, such loans also come with stringent creditworthiness requirements, and banks charge a huge interest on loan repayments.

A mortgage refinance is a process where a person pays off an existing mortgage with a new one. The new mortgage will have better terms, a lower interest rate, and other advantages.