Make the change
make sense.

What do you want to change?

A different monthly payment, a different loan term, or access to equity each calls for its own comparison. Start by naming the outcome you want, then look at what it would take to get there.

Bring both loans into the conversation.

• Your current balance, interest rate, remaining term and monthly payment.
• The proposed loan’s costs and how you would pay them.
• How long you expect to own the home or keep the new loan.
• Any cash you want to take out and how it changes your borrowing.

Ask about the tradeoffs.

Ask your loan officer to compare closing costs, the repayment timeline and estimated total interest as well as the payment. A lower monthly payment does not, by itself, tell you whether a refinance meets your goals.