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Refinance
Mortgage Check-In: How to Evaluate Your Refinance Options
Jeremy Boillot4 min read
A simple framework for deciding whether a refinance makes sense for you, without trying to predict the market.
Nobody can reliably predict next month's mortgage rates, and you don't need to. A refinance makes sense when the savings or the new loan's features beat the cost of getting it, within the time you expect to keep the home. Here's the check-in I walk homeowners through.
Three questions to ask
- 1What's the goal? Lower payment, shorter term, removing mortgage insurance, switching from an adjustable to a fixed rate, or taking cash out are all different decisions.
- 2How long will you keep the loan? Divide the total refinance cost by the monthly savings to find your break-even month. Try the refinance calculator.
- 3What does the full picture look like? Compare total interest over the time you expect to stay, not just the monthly payment.
Options worth knowing about
- Rate-and-term refinance to change your rate or term.
- Cash-out refinance to turn equity into cash for renovations or debt payoff.
- HELOC if you want access to equity but like your current first mortgage.
- VA refinance options for eligible veterans.
Want me to run your numbers? Request a quote and I'll send a plain-English comparison.
Want to talk through your own numbers?
Get a personalized quote or start your secure application. No obligation, no pressure.
This article is general information, not a commitment to lend. Programs, guidelines and terms vary by lender and can change; all loans are subject to credit approval and underwriting.
