Mortgage Refinancing: Is It Right For You?
Mortgage refinancing can help you lower your monthly payment, shorten your loan term, or tap into your home's equity. But is it the right move for your situation?
When Refinancing Makes Sense
- Interest rates have dropped since you got your original loan
- Your credit score has improved significantly
- You want to switch from an adjustable-rate to a fixed-rate mortgage
- You want to shorten your loan term
- You need cash for home improvements or other expenses
Current Mortgage Rates (2025)
Mortgage rates fluctuate daily. As of early 2025, rates are competitive, making it a good time to explore refinancing options.
Types of Refinancing
- Rate-and-Term Refinance: Lower your rate or change your loan term
- Cash-Out Refinance: Borrow against your home's equity
- Cash-In Refinance: Pay down your loan to get a better rate
Refinancing Costs
Refinancing typically costs 2-5% of your loan amount in closing costs. Make sure the savings justify the costs.
Get Pre-Approved Today
Connect with licensed mortgage lenders to compare refinance rates and see how much you could save. Get free, no-obligation quotes today.