LOWER RATE?
DO THE MATH.

When Is a Mortgage Refinance Worth Considering?

The interest rate is just one part of the refinance decision.

WHAT TO KNOW

Compare your current payment and remaining term with the new loan’s payment, closing costs and total interest. A lower payment may come from extending the term rather than reducing overall borrowing cost. Think about how long you expect to keep the loan.

MY PRACTICAL TAKE

A useful starting point is calculating the time it could take for monthly savings to offset upfront costs. Then test whether that fits your plans and other financial goals.