Already own a home? Refinancing can help you secure a lower rate, shorten your loan term, eliminate mortgage insurance, or tap into your home equity for the things that matter most.
Whether you want to reduce your monthly payment or unlock equity you have built in your home, there is a refinance option designed for your situation.
Replace your current mortgage with a new loan that has a lower interest rate, a different term length, or both. Your loan amount stays roughly the same; the goal is to save money over time by improving the terms of your mortgage.
Replace your current mortgage with a larger loan and receive the difference as cash. This allows you to access the equity you have built in your home and use it for virtually any purpose, all while potentially improving your rate or terms.
Refinancing makes sense when the savings outweigh the costs. Here are the key signals that it may be the right time.
If current market rates are at least 0.5% to 0.75% lower than your existing rate, refinancing could save you tens of thousands over the life of your loan. Even a small rate reduction on a large balance can make a significant difference.
If your credit score has increased since you first obtained your mortgage, you may now qualify for substantially better rates and terms. Improved credit can also open the door to programs you were not eligible for before.
Increased home value means more equity. This can help you eliminate PMI, qualify for better rates with a lower LTV ratio, or access more cash in a cash-out refinance.
If your adjustable-rate mortgage is approaching its reset date, locking in a fixed rate before the adjustment can protect you from potentially significant payment increases.
Shortening your term from 30 years to 15 or 20 years can save you a substantial amount in interest. Alternatively, extending your term can reduce monthly payments if cash flow is a priority.
If you have built significant equity and need funds for renovations, debt consolidation, education, or other major expenses, a cash-out refinance can be one of the most cost-effective ways to borrow.
Every refinance comes with closing costs. Understanding your break-even point helps you determine if refinancing is worth it for your timeline.
The break-even point is the number of months it takes for your monthly savings to recoup the closing costs of your refinance. To calculate it, divide your total closing costs by your monthly savings.
Break-Even = Closing Costs / Monthly Savings
If you plan to stay in your home beyond the break-even point, refinancing is generally a financially sound decision. The longer you stay past the break-even point, the more you save.
Use the refinance calculator to estimate your potential savings, new monthly payment, and break-even timeline.
Secure a lower interest rate and reduce the total cost of your mortgage over its lifetime.
Pay off your home sooner with a 15 or 20-year term and save substantially on interest.
Eliminate private mortgage insurance once you reach 20% equity, saving hundreds per month.
Turn your home equity into cash for renovations, investments, or major life expenses.
Roll high-interest debts into your mortgage for one lower monthly payment.
Requirements can vary by loan type and lender. Here is what is typically needed to qualify.
Every homeowner's situation is different. Let me review your current mortgage, run the numbers, and show you exactly how much you could save or access through a refinance.