What it can do
- Lower your rate if rates have come down or your credit has improved
- Shorten your term, like going from 30 years to 15, to pay off sooner
- Move from an adjustable rate to a fixed rate for a steady payment
- Remove mortgage insurance on some loans, if your equity has grown
Is it worth it?
Compare what you'll save each month with the cost of refinancing. The time it takes for your savings to cover those costs is called the break-even point. If you plan to stay past it, refinancing may make sense. We'll work it out with you.
Frequently asked questions
Can I refinance an FHA or VA loan?
Yes. Streamlined options may require less paperwork.
Will my loan term start over?
It can, but you choose the new term. Shorter terms are available.