Refinance
Refinance decisions, without the pressure
Refinancing is not automatically a saving. Costs, remaining term, and how long you keep the loan all matter.
Change the interest rate
A lower rate can reduce the principal and interest portion of a payment.
Change the term
A shorter term can reduce total interest; a longer term can lower the payment.
Change the loan type
Some people move from an adjustable rate to a fixed rate for predictability.
Remove certain mortgage insurance
Depending on program and equity, insurance treatment can change.
Access equity
A cash-out refinance increases the amount owed against the home.
Consolidate mortgages
A first and second mortgage may be combined into one loan.
Estimate your break-even point
Divide estimated closing costs by estimated monthly savings to see roughly how long it takes to recover the cost. If you may move or refinance again before then, the math changes.
Estimates are educational. Actual rates, costs, eligibility, and payments vary and must be verified by a licensed mortgage professional. Extending your term can increase total interest paid even when the monthly payment decreases.