Good reasons to consider it
- A lower payment that saves real money over time
- Removing mortgage insurance
- Moving from an adjustable rate to a fixed rate
- Shortening your loan term
- Cash-out for a planned, worthwhile expense
Questions to ask first
- What are the total closing costs?
- How many months until I break even?
- How long do I plan to stay in the home?
- Am I restarting the clock on my loan term?
Sometimes the answer is “not yet”
If the math doesn't work today, I'll tell you, and we can set a plan to revisit when it does.
The bottom line
A refinance should improve your financial picture, not just your rate on paper.
This is general information, not financial advice or a commitment to lend. All loans are subject to credit approval, and programs vary by lender and eligibility.