Refinance

The classic reasons: lowering your rate, shortening your term, removing mortgage insurance once you have enough equity, or taking cash out for a renovation or consolidation. The test is simple — do the lifetime savings or the goal achieved outweigh the closing costs? I run that break-even math with you before anything else.

Only if you choose a new 30-year term. You can refinance into a shorter term, or in many cases match your remaining term, so you capture a better rate without extending your payoff date. It's your call, and I'll show you what each option does to the total cost.

Refinancing involves closing costs like any mortgage — appraisal, title, and origination charges. They can be paid upfront, rolled into the loan, or offset with lender credits in exchange for a slightly different rate. The right structure depends on how long you plan to keep the home.

Most refinances close in roughly a month, sometimes faster when the file is complete and the appraisal comes back quickly. Having your documents ready up front is the biggest thing you can do to keep it moving.