Refinancing your mortgage can lower monthly payments, reduce interest costs, or shorten your loan term when done correctly. Start by checking your credit score and home equity; most lenders require at least 20% equity and a 620+ credit score for the best rates.
Begin by checking credit score and home equity; most lenders require 20% equity and 620+ credit.
Refinancing can lower payments, reduce interest, or shorten your loan term with proper steps.
Begin by checking credit score and home equity; most lenders require 20% equity and 620+ credit.
Compare current rates to your mortgage; if lower by 0.5%–1%, refinancing may be worthwhile.
Shop around with various lenders to secure the lowest rate and fees for refinancing.
Calculate the break-even point to determine when savings surpass closing costs, usually 2–5 years.
Choose the right loan type: Rate-and-term refinance lowers rate, cash-out refinance taps equity.
Compare current rates to your mortgage; if lower by 0.5%–1%, refinancing may be worthwhile.
