Who it is for
- Your current rate or term is out of step with what you could get now.
- You want to remove mortgage insurance.
- You want a shorter payoff, even if the payment goes up.
How it usually works
- We look at your current balance, rate, payment, and remaining term.
- We estimate closing costs and the break-even: months until the savings cover those costs.
- If a longer term lowers the payment but raises total interest, we will say that clearly.
Read this before you get attached
- Restarting a 30-year clock can cost more over the life of the loan even when the payment falls.
- Cash-out is a different decision. It increases what you owe.
Questions worth asking
- How many months until I break even on the closing costs?
- What is the total interest if I keep my current loan versus the new one?
- Will my mortgage insurance actually go away?