Mortgages
Refinance your mortgage
Lower your monthly payment, shorten your term or take cash out.
Make your mortgage work better for you
Refinancing replaces your current mortgage with a new one. Homeowners refinance to lower their rate or monthly payment, shorten their term to pay off the home sooner, switch from an adjustable to a fixed rate, or take cash out for renovations or big expenses.
A loan officer will compare your current loan with your options and show your break-even point – how long it takes for the savings to cover closing costs.
Estimate your new payment
Should you refinance?
It may make sense if…
- You can lower your rate meaningfully
- You want to switch from an ARM to a fixed rate
- You want to pay off your home sooner
- You need funds for major home improvements
It may not if…
- You plan to move within a few years
- Closing costs outweigh your savings
- Your credit score has dropped since you bought
Refinance FAQs
Often when you can lower your rate enough to recover closing costs within a few years.
Yes, usually up to 80% of your home's value minus what you owe.