What will it cost?
Understand transaction expenses and how they affect the potential benefit.
Refinance
Should you refinance?
A refinance should solve a meaningful problem or support a clear goal. A different rate or payment does not automatically make refinancing beneficial.
Look beyond the new payment
- Current rate and loan type
- Remaining balance and term
- Estimated new payment
- Closing costs and expenses
- How costs are paid
- Changes to repayment timeline
- Break-even timing
- Available alternatives
The complete structure matters
Reducing a monthly payment may involve extending the repayment period or increasing the total amount paid over time.
Three questions worth answering
How long will it take?
Estimate how long it may take to recover costs and whether you expect to keep the mortgage that long.
What are the alternatives?
Compare refinancing with maintaining the current loan or evaluating another approach.
When keeping your mortgage may make sense
- Costs outweigh the expected benefit
- You may not keep the loan long enough
- A new term works against your goal
- Another approach may be more appropriate
- The improvement is too small to justify the change
- Your current mortgage remains aligned with your needs
Break-even and benefit calculations are estimates, not guarantees of future savings.
Start with a Mortgage & Equity Review
Understand your current loan, estimated equity, and the questions that deserve evaluation—without assuming you should refinance.