Adjust the Monthly Payment
Review whether a proposed payment change supports your current household priorities.
- Home
- Refinance
Refinance Your Home
Build a Refinance Strategy Around Your Goal
Refinancing replaces your current mortgage with a new loan. The right decision depends on what you want to change, what the new loan costs and how long you expect to keep it.
- 29 years of mortgage experience
- Goal-focused comparisons
- Clear review of costs and tradeoffs
The Short Answer
When Does Refinancing Make Sense?
Refinancing may support a specific financial goal when the potential benefit justifies the costs and tradeoffs of replacing the existing mortgage.
A lower payment does not automatically mean a lower total cost. Extending the repayment period, increasing the loan balance or paying substantial closing costs can change the result.
Compare the complete new loan with the mortgage you already have.
Qualification, rates, payments, costs and available options depend on the information reviewed and current requirements.
Define Your Refinance Goal
What Do You Want the New Mortgage to Accomplish?
Different goals can lead to different loan structures and tradeoffs.
Change the Loan Term
Shortening or extending the term can affect both the payment and potential total interest.
Change the Loan Structure
Move from one rate or program structure to another when eligibility and objectives align.
Access Available Equity
Evaluate the purpose of the funds alongside the larger balance, payment and secured-debt risk.
Review Mortgage Insurance
Determine whether the proposed structure changes applicable mortgage-insurance costs.
Consolidate Mortgage Debt
Consider how combining eligible liens affects the new balance, term, payment and overall cost.
Explore Refinance Options
Different Goals Require Different Comparisons
Change Rate, Payment or Term
Rate-and-Term Refinance
Replace the existing mortgage without primarily using the new loan to receive equity as cash.
Explore Rate-and-Term →Access Available Equity
Cash-Out Refinance
Replace the mortgage with a larger loan and receive eligible proceeds, subject to equity and program requirements.
Explore Cash-Out Refinancing →Eligibility Based
Streamline Refinance Options
Some existing government-backed loans may offer eligible homeowners a more streamlined refinance process.
Explore Streamline Options →Compare the Complete Numbers
Look Beyond the New Monthly Payment
- Current versus proposed interest rate
- Current versus proposed monthly payment
- Remaining versus proposed loan term
- Closing costs and lender credits
- Estimated break-even timeline
- New balance and available equity
- Potential total interest over time
- Expected time keeping the new loan
The Refinance Process
From Goal Review to Closing
The exact process varies, but most refinances move through these connected stages.
Review Your Goal
Identify what you want to change and gather information about the current mortgage.
Compare Scenarios
Review potential structures, payments, costs, terms and assumptions.
Apply and Document
Provide the financial, mortgage and property information requested.
Complete the Review
The lender evaluates the application, property and applicable requirements.
Review and Close
Confirm the final terms, costs, payment and loan structure before signing.
Refinance Resources
Explore the Questions That Matter
Should I Refinance My Mortgage?
Evaluate the goal, costs, timeline and complete effect of replacing your current loan.
Review the Decision →Rate-and-Term Refinance
Understand how changing the rate, payment or term may affect your mortgage strategy.
Explore Rate and Term →Cash-Out Refinance
Learn how accessing equity changes the loan balance, payment and secured debt.
Explore Cash-Out →Refinance Closing Costs
Review common cost categories, lender credits and the role of break-even planning.
Understand the Costs →Streamline Refinance Options
Explore program-specific refinance paths for eligible existing mortgages.
Review Streamline Options →Refinance FAQ
Find concise answers about eligibility, equity, costs, appraisals and closing.
Browse Refinance Questions →Start With Your Goal
Ready to Compare Your Refinance Options?
Start with a conversation about your current mortgage, priorities, expected timeline and the changes you want a new loan to accomplish.