Loan options
Refinance
Worth doing when the math says so, and I will tell you plainly when it does not.
Refinancing replaces the loan you have with a new one. People do it to change the payment, shorten the term, drop mortgage insurance once equity allows, or pull cash out of the equity they have built. Whether it is worth doing comes down to what it costs and how long you plan to keep the home, and that is a five minute conversation.
Who it fits
This loan fits you if
- Your current loan no longer matches your situation
- You have equity you want to use for something specific
- You are carrying mortgage insurance you may no longer need
- You want a shorter term and can carry the payment
Two shapes
Rate and term, which changes what you pay, or cash out, which uses equity you hold
The honest test
The break even in months, against how long you plan to keep the house
The costs
Financed into the loan or paid at closing, and that choice moves the break even
Next step
Get Prequalified
Think Refinance might be the one
Let us confirm it against your actual numbers before you fall in love with a house.