Refinance
Refinance with a plan, not a pitch.
Refinancing replaces your current mortgage with a new one. Done for the right reasons, it can save money or free up cash - done reflexively, it can cost you.
A rate-and-term refinance can lower your interest rate or shorten your term, while a cash-out refinance lets you convert equity into funds for goals like renovations or consolidating higher-interest debt.
The real question isn't just 'can I get a lower rate?' - it's whether the total cost and time horizon actually work in your favor. We'll run the honest math before you commit.
Quick facts
- Types
- Rate-and-term & cash-out
- Common goals
- Lower payment, shorter term, equity
- Key metric
- Break-even timeline
Key advantages
- Lower your interest rate or monthly payment
- Shorten your term to build equity faster
- Cash-out options to fund renovations or consolidate debt
- Remove mortgage insurance by moving to conventional financing
What to keep in mind
- Refinancing has closing costs - know your break-even point
- Extending your term can increase total interest paid
- A cash-out refinance uses your home as collateral
Frequently asked questions
Should you refinance? Let's find out.
I'll run the real break-even math so you only refinance if it truly benefits you.
This information is for educational purposes only and is not a commitment to lend or a guarantee of approval. Program guidelines, rates, and eligibility vary by lender, location, and individual circumstances and are subject to change. Please consult a licensed mortgage professional for guidance specific to your situation.