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Refinancing Basics
When refinancing makes sense (and when it doesn't)
Refinancing isn't always the right move, even when rates shift. The real question is whether the benefits of a new loan outweigh what it costs to get one. Some people refinance to lower their rate and monthly payment. Others do it to change loan terms—maybe switching from a 30-year to a 15-year loan, or vice versa. And some tap into home equity to fund other goals. The catch: refinancing has costs, and it takes time to break even on them. That's why it only makes sense if you'll stay in your home long enough for the savings to kick in. I help clients run the actual math on their situation, so you know exactly what you're getting into before you commit to anything. Let's talk through whether refinancing could work for you right now.
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