How this option works
Refinancing replaces an existing mortgage with a new one. Depending on your goals and qualifications, you may compare a new rate, term, payment structure, or other loan features.
Who may want to explore it?
Homeowners who want to review their current loan against a possible new loan and understand costs, timing, and tradeoffs.
Important details to consider
- Compare the total costs and the time it may take for potential savings to offset those costs.
- A lower monthly payment may result from extending the repayment term and can increase total interest over time.
- Approval and available terms depend on credit, income, equity, property, and lender review.