👉 A refinance project involves taking out a new loan to replace an existing mortgage, typically aiming to secure better interest rates, lower monthly payments, or adjust loan terms. The borrower compares current market rates and loan conditions to find a more favorable deal, then works with a lender to close the transaction, effectively replacing their old mortgage with a new one. This process can involve closing multiple loans simultaneously or refinancing one at a time, and may require documentation such as proof of income and credit history. The goal is to improve financial flexibility and reduce long-term housing costs.
