A refinance will allow you to pay off an existing loan with the proceeds from a new loan, usually of the same size, and using the same property as collateral. In order to decide whether this is worthwhile, the savings in interest must be weighed against the fees associated with refinancing. The important part of this calculation is predicting how much the up-front cost of the refinance would be worth when the savings are received.
Other reasons to refinance include reducing the term of a longer mortgage, or switching between a fixed-rate and an adjustable-rate mortgage.
Your Genisys Mortgage Loan Officer will help you weigh these options to allow you to make the best decision possible for your situation.