Refinance
Refinancing your home.
Refinancing only makes sense if the numbers say so. We compare what is available now against the loan you already have, and show you where the break-even falls.
Reasons people refinance
Lower the rate
If rates have moved since you closed, a lower rate can reduce what you pay each month and over the life of the loan.
Shorten the term
Moving from a 30-year to a 15-year term pays the loan off sooner, usually at a higher monthly payment.
Drop mortgage insurance
Once you have enough equity, refinancing can remove a mortgage insurance premium you no longer need to be paying.
Take cash out
Borrowing against the equity you have built, for a renovation or another purpose, as one new loan.
Worth knowing
- Refinancing has its own closing costs, which is why the break-even matters more than the rate alone.
- Stretching the balance back over a longer term can raise the total interest paid even when the payment falls.
- Whether refinancing saves money depends on your current loan, your equity and how long you plan to stay.