A mortgage refinancing is when you take out a new loan to replace your existing mortgage. This can be an important step if you're looking to save money on your monthly payments, or if you're worried about your current mortgage's terms. Here are some things to keep in mind before refinancing a mortgage:

1. What is the interest rate?

One of the most important factors to consider when refinancing is the interest rate. You'll need to find a lender that offers a lower interest rate than your current lender and make sure that this rate is available for the entire term of your new loan. It's also important to remember that rates can change over time, so it's always worth checking current rates before signing up for refinancing.

2. Are there any prepayment penalties?

If you decide to refinance, be sure to check whether there are any prepayment penalties associated with the new loan. Some lenders may require a penalty fee if you prepaid your old mortgage prior to refinancing – this could end up costing you money in the long run.

3. What documentation do I need?

When refinancing, it's important to bring along all of the documentation that was used when you originally applied for your mortgage – including copies of your income statements and credit reports. If there have been any changes in your financial circumstances since then, be sure to update those documents as well.