Refinancing is the process of replacing existing mortgage loan with a new loan, from Bank A to Bank B. The goal is to achieve better financial terms or benefits, such as:

1. Lower Interest Rates
   Switching to a loan with lower interest rates to reduce monthly repayments and save on overall interest costs.

2. Better Loan Tenure
   Adjusting the repayment period to either reduce the monthly payment burden (longer tenure) or pay off the loan faster (shorter tenure).

3. Cash-Out Refinancing
   Borrowing more than the outstanding loan amount to access extra cash, often for renovations, investments, or other personal needs.

4. Debt Consolidation
   Combining multiple debts (e.g., credit cards, personal loans) into one housing loan for easier management and potentially lower interest rates.