Define the Goal
A refinance can be used to change a rate or term, replace an adjustable-rate loan, or access eligible equity. Start by identifying the outcome you want and comparing it with the full costs.
Compare Total Costs
Review closing costs, points, the new balance, and interest over the expected time you will hold the mortgage. A lower monthly payment achieved by extending the term may increase the overall interest paid.
Discuss the Trade-offs
Ask for a comparison tailored to your current loan and goals. Illustrative online calculators are helpful starting points, but they do not replace a personalized Loan Estimate.