Refinance and Debt Consolidation

Refinance

To Refinance is to break an existing mortgage, replacing it with a new one, usually to access equity and/or negotiate a lower interest rate

Debt Consolidation 

This enables a borrower to work with a financial institution to combine multiple high interest debts into a single lower-interest payment, usually with the intention of having one payment as a lower monthly payment.

Renewal

Also to be aware of is your upcoming renewal. This occurs when your current term comes to an end, and you should be considering your next term well in advance. Take a look at whether renewing serves you best, or are you in need of a refinance, perhaps a home equity line of credit.