Refinancing March 10, 2024 7 min read

Smart Refinancing Strategies to Lower Your Monthly Payments

Learn when and how to refinance your mortgage to save money and build equity faster.

Refinancing strategies

Types of Refinancing Options

Rate and Term Refinance

Lower your interest rate or change your loan term to reduce monthly payments or pay off your mortgage faster.

  • Reduce monthly payments
  • Lock in a lower rate
  • Switch from ARM to fixed-rate
  • Change loan term length

Cash-Out Refinance

Access your home's equity while potentially lowering your rate.

  • Fund home improvements
  • Consolidate high-interest debt
  • Pay for major expenses
  • Invest in other properties

FHA Streamline Refinance

Simplified refinancing process for existing FHA loan holders.

  • Minimal documentation required
  • No appraisal needed
  • Lower closing costs
  • Faster processing time

Key Considerations Before Refinancing

Break-Even Point

Calculate how long it will take to recover refinancing costs through monthly savings.

Closing Costs

Factor in expenses like appraisal fees, title insurance, and loan origination fees.

Future Plans

Consider how long you plan to stay in your home to ensure refinancing makes financial sense.

Market Timing

Monitor interest rate trends and market conditions to optimize your refinancing timing.

Calculate Your Potential Savings

Use our refinance calculator to see how much you could save with current rates.

Try Our Calculator

Ready to Explore Refinancing?

Our mortgage experts can help you understand your options and find the best refinancing solution.