Make your mortgage work harder.
Lower the payment, shorten the term, or turn equity into cash, if the math says it makes sense.
Common reasons to refinance
Lower your payment
If rates have dropped since you bought, a new loan may trim your monthly cost.
Shorten the term
Move from 30 years to 15 and save a large amount of interest.
Cash-out
Use home equity for renovations, debt consolidation or other big goals.
Switch loan types
Move from an adjustable rate to a fixed rate for stability.
Does it pay off?
A refinance has closing costs, so the key question is how long it takes to earn them back. Use the break-even calculator to see your number in seconds.