Refinancing replaces your existing mortgage with a new one — typically to lower your interest rate, reduce your monthly payment, shorten or extend your loan term, or get out of an adjustable rate. It's one of the most common reasons homeowners revisit their mortgage after closing.
Generally a good fit if you...
- Can lower your rate meaningfully compared to your current loan
- Want to change your loan term, shorter or longer
- Are on an adjustable rate and want the certainty of a fixed one
General guidelines
- Break-even: worth comparing closing costs against your monthly savings to see how long it takes to pay for itself
- Equity and credit: your current equity and credit profile affect your new rate, same as with a purchase loan
- Appraisal: most refinances require a new appraisal of your home's current value
Wondering if refinancing actually makes sense for you right now?
Every situation is different, and these are general guidelines — the fastest way to know where you stand is a quick conversation. Send us a message or visit our team page to apply directly.