When considering refinancing, it’s important to think beyond just securing a lower mortgage rate. You should also factor in how long you plan to stay in your home. Use our refinance break-even calculator to find out how many months it will take to recoup the costs of refinancing.
While many people consider refinancing when mortgage rates drop below their current rate, there are other compelling reasons to refinance:
- If you want to shorten your loan term and pay off the loan faster.
- If you’re currently paying private mortgage insurance (PMI) and have built enough equity to refinance without it.
- If you wish to tap into your home’s equity through a cash-out refinance.