Does a refinance actually make sense for you?
Sometimes it does, sometimes the honest answer is "leave it alone." Jen looks at your current loan, your goals and the real numbers, then tells you plainly which it is.
Six reasons to look at it
A refinance replaces your current mortgage with a new one. The goal is always the same: a loan that fits your life better than the one you have.
Lower the rate or payment
If rates have moved or your credit has improved, a new loan can lower the monthly payment and the total interest you pay.
Shorten the term
Moving from 30 years to 15 or 20 can pay the home off sooner and save a large amount of interest, often with a payment that is less of a jump than people expect.
Use your equity
A cash-out refinance or a home equity option can fund renovations, consolidate higher-interest debt or cover a large expense.
Remove mortgage insurance
If you now have 20% equity, refinancing can drop FHA mortgage insurance or private mortgage insurance that is still on your loan.
Change the loan type
Convert an adjustable rate to a fixed rate, or remove a co-borrower after a life change.
Or confirm you should hold
Sometimes the best advice is to keep the loan you have. Jen will tell you that too.
Refinance questions, answered
How do I know if refinancing is worth it?
Compare the total cost of the new loan (closing costs included) with what you save each month, and how long you plan to keep the home. If you recoup the costs well before you move, it is usually worth it. Jen runs this break-even for you.
How often can I refinance?
There is no limit, but you must qualify each time and there are costs each time. Most lenders require a short waiting period after your last closing.
Will refinancing reset my 30 years?
Only if you choose a new 30-year term. You can often match your remaining term, or shorten it, so you are not starting over.
What does a refinance cost?
Typically 2% to 5% of the loan amount in closing costs, which can sometimes be rolled into the loan or offset with lender credits. Jen shows you both options.
Does my credit need to be perfect?
No. Guidelines vary by program, and there are streamline options for some FHA and VA loans with lighter documentation.
Want me to look at your current loan?
A 20-minute call is enough to see whether a refinance saves you money, and by how much. No pressure, and no pitch if the answer is to keep what you have.
Residential Mortgage Loan Originator · NMLS #2543503
