Homeowners looking to make changes
Homeowner considering refinancing with a calculator and pencil


If you choose to refinance your mortgage, you will replace your existing mortgage with a new one – with a new rate and term.

Refinancing may help you lower your monthly payments, remove a borrower from the loan, reduce your total financing amount or put the equity from your home to good use. Your home may be the largest asset you have. Before you decide to refinance, consider the following information.

Low Mortgage Rates

When mortgage rates are low, it can be a great time to refinance your home. You may be able to keep your current repayment term, lower your monthly payments or shorten your repayment term.

Home Values Are Rising

If your home has increased in value, refinancing can help you take advantage of the increased equity in your home or help you remove Private Mortgage Insurance.

Staying In Your Home

If you plan on owning your home for an extended period of time, and the interest rates are lower than your current rate, refinancing may be the right choice for you.

Determine A Break-Even Point

Your break-even point occurs when the savings from your new loan equals any costs associated with the new mortgage loan.

Should I Refinance?

Analyze the costs and savings of refinancing your mortgage.