What's your refinancing goal?
Lower interest rate
If interest rates have fallen below what you're currently paying on your mortgage, it makes sense to explore refinancing.
- How long do you plan to stay in your home?
- How much will you have to pay in closing costs and fees?
- Can you afford to refinance to a shorter term?
Lower monthly payment
Your mortgage payment is probably your largest expense each month—but be cautious before adding years to your loan term.
- Will you need to extend the term of your mortgage?
- Will you need to pay for a new appraisal?
- How much can you expect to pay in closing costs?
Get cash out
Take advantage of the value of your home to make improvements, consolidate your debts, or cover other expenses—and maybe lower your rate.
- Do you have other debts that currently charge a higher rate of interest than your mortgage?
- Can you afford to increase your monthly payment?