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Short answer
There is no market-wide yes or no. A refinance may make sense when it improves a specific goal and you expect to keep the new loan long enough for the benefit to outweigh the costs and tradeoffs.
Compare these
- Current balance, rate, remaining term, payment, and any mortgage insurance.
- Proposed rate, APR, term, points or credits, fees, payment, and cash to close.
- How long you expect to keep the property and the new loan.
Watch for
- Acting on a headline rate that does not match your scenario.
- Treating a smaller payment as savings without checking the new term and balance.
- Paying points when your likely break-even horizon is short or uncertain.
A useful next step
Request a current written scenario and compare short-, medium-, and long-horizon costs before moving forward.
Check the source
This guide provides general educational information. It is not a personalized loan recommendation, approval, rate quote, or commitment to lend.
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