A rate and term refinance is a loan improvement. You exchange your old mortgage for a new one that (hopefully) leaves you in a better financial position. You may be able to accomplish one or more goals with a rate and term refinance, such as: Lowering your monthly payment. Reducing the amount of interest you…

Hal M. Bundrick, CFP is a writer at NerdWallet. Email: hal@nerdwallet.com. Twitter: @halmbundrick.

The article Rate and Term Refinance: Trade In Your Mortgage for a Better Model originally appeared on NerdWallet.

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