Refinance
A lower rate is only part of the refinance decision.
Compare payment changes, closing costs, loan term and break-even time before deciding whether a refinance fits your goals.
Why homeowners refinance
Common goals include changing the interest rate or term, replacing an adjustable-rate loan, restructuring costs or accessing equity.
Calculate the break-even period
One simple framework is to divide relevant upfront costs by expected monthly savings. It is not a complete analysis, but it helps show how long recovery of transaction costs may take.
Watch the loan term
Replacing an older mortgage with a new 30-year loan may reduce payment while extending repayment. Compare total interest and expected time in the home.
Refinancing involves costs and may not be suitable for every homeowner. Compare actual lender disclosures.