EN
ESName the goal first
A refinance might change the rate, term or loan structure, or access equity. A lower monthly payment can also result from extending the repayment period, which may increase total interest.
Calculate the break-even
Compare closing costs with expected savings and how long you plan to keep the loan. Review the new balance, term and total cost, not just the monthly difference.
Be deliberate with cash-out
Using home equity increases debt secured by your home. If consolidating other debts, consider the repayment period, costs and risk of moving unsecured debt onto your property.
Let’s start with these details.
- Current mortgage statement
- Estimated home value
- Your goal and ownership timeline
- Available cash and credit information
Educational overview only. Program requirements, availability and terms vary. No guarantee of qualification or approval. For additional consumer guidance, see the CFPB homebuying resources.