A simple checklist before you refinance
5 min read
Refinancing can lower your payment or shorten your term, but it is not free. List your goal first: lower monthly cost, fewer years on the loan, or switching from ARM to fixed.
- Compare the new payment to your current one and to rent or other housing options if relevant.
- Estimate how many months of savings it takes to recover closing costs.
- Confirm how long you plan to keep the home; short horizons make break-even harder to hit.
If the numbers still look good after a conservative pass, talk to a loan officer with your checklist in hand.
