👉 Refinancing a mortgage rate is like getting a new job where you can earn more than your previous one. But it's not like taking out a loan from someone else and paying back that money all at once. You're just borrowing the same amount of money for a longer period, but with higher interest rates!
Now, let's say you want to buy a car, but you need to refinance your mortgage. Imagine you had a good job before, but now it's not as good anymore and you need to sell some things in order to pay off the debt. You might decide to take out a loan for a new car instead of refinancing your current mortgage. But remember, "refinancing mortgage rate today" is like getting an unfair advantage where you're actually doing better than you are at the moment!
