Start from what you want to change, then find the refinance that fits
What do you want your refinance to do?
Straight answer
A refinance replaces your mortgage with a new one, so it only makes sense when the new loan does something specific for you. Name the goal first: a lower payment, a faster payoff, taking someone off the loan, a predictable rate, or cash from equity. Each goal points to different loan features and different costs, and some goals can be reached without refinancing.
Last reviewed against the primary sources listed below.
QuizGoal quizThree questions, one starting point.GoalLower the paymentAnd what it can cost.GoalShorten the termPay it off sooner.GoalRemove a borrowerRefinance, assume or release.Life changeAfter a divorceWho stays on the loan.GoalAdjustable to fixedTrading for predictability.CautionWhen not to refinanceCheaper routes to the same goal.
A free second opinion
A HUD-approved housing counselor can talk through options at little or no cost.