What is it?
A refinance means replacing your current home loan with a brand new one. People refinance for different reasons — to get a lower payment, to pay their home off faster, or to take cash out of the equity they have built up over time.
Good fit when...
- Lowering your monthly payment
- Getting a better interest rate than you currently have
- Switching from a variable rate to a fixed rate for more stability
- Pulling cash out of your home equity for renovations, debt payoff, or other goals
- Shortening your loan term to pay your home off faster
Probably not the right fit if...
- People who just got their current loan — closing costs may cost more than you save
- Homeowners planning to sell or move in the near future
- Borrowers with very little equity in their home
- People whose financial situation has gotten worse since their original loan
Not sure if this is the right loan for you?
Take the loan finder quiz or book a free call. I will look at your full picture and tell you exactly what makes sense.