When Does Refinancing Your Mortgage Make Sense?

Refinancing replaces your current mortgage with a new one. It can make sense in some situations and cost more than it saves in others.

Common reasons to refinance

Lowering your rate, changing your loan term, removing mortgage insurance in some cases, or using home equity. Each has tradeoffs.

What to compare

Compare your current rate and balance, the new rate, closing costs and how long you plan to keep the home. Use our refinance calculator.

Closing costs matter

A lower rate can be offset by costs. Read about closing costs.

FAQ

How soon can I refinance?

Timing depends on the loan type and your lender. Ask Chris about your situation.

Will I need a new appraisal?

Often, but not always.

Helpful Resources

• CFPB: Owning a Home

Loan options: Conventional loans | FHA loans | VA loans | DSCR loans

Related: Mortgage Calculator | Programs | Mortgage Loans in Westminster, MD

Chris Nieberlein NMLS #313519 | Bay Capital Mortgage Corp. NMLS #39610 | Equal Housing Lender. General information, not a commitment to lend. Terms and eligibility vary and are subject to credit approval and underwriting.