The loan you signed was right for the person you were when you signed it. Rates move, incomes grow, equity builds, and the best available loan today is often not the one you are still paying on.
There are zero origination fees to find out.
Free up room in the monthly budget.
If rates have come down since you closed, or your credit has improved, or you are paying mortgage insurance you no longer need, the payment you have may not be the payment you can get. A refinance replaces the old loan with a better one.
Trade high interest debt for one payment.
Credit cards and personal loans carry rates a mortgage does not. If you are sitting on equity, rolling that debt into the house can cut what you pay every month by a meaningful amount. It is not free money, it is cheaper money, and the difference matters.
Own it sooner and pay far less interest.
Refinancing from a thirty year into a fifteen or twenty year term raises the payment and collapses the total interest. If your income has grown since you bought, this is often the single best financial move available to you.
Put your equity to work.
Your house has appreciated and that equity is sitting still. A cash out refinance converts part of it into money you can use for a renovation, a down payment on another property, tuition, or clearing debt.
An estimate only. Taxes are figured at 1.25 percent and insurance at 0.35 percent of the price per year, and both vary quite a bit by state and by property. Mortgage insurance, association dues and any assistance program are not included. Your written pre-approval will carry the real numbers.
Compare what you would save every month against what the refinance costs you, and see how long it takes to break even. If you plan to stay past that point it is usually worth doing. We will run that number for you before you commit to anything.
Only if you choose a thirty year term. You can refinance into whatever term fits, including a shorter one that gets you paid off sooner than your current loan would.
It depends on the program and on whether you are taking cash out. Rate and term refinances need less than cash out refinances do. Ask before you assume you do not have enough.
There are zero origination fees, and reviewing your current loan against what is available carries no obligation. A credit report fee applies when we pull your credit, and it is disclosed before it is charged.
One review, no obligation, and every cost disclosed in writing.
