Define your goal
Start by writing down why you want to refinance. Review your payment, upfront costs, new loan balance, and repayment term together.
Check how you pay the costs
A loan with fewer upfront charges could use a higher interest rate or add costs to the loan balance. Ask your loan officer to explain the tradeoff rather than assuming fewer upfront costs means a cheaper loan.
- Which costs will I pay at closing?
- Which costs will the new loan finance?
- Will the new loan increase my balance?
- How does the repayment term affect the total cost?
Compare your options
Ask for a side-by-side comparison using your current loan information and the proposed loan terms. Use the refinance analysis tool to organize questions, then review actual disclosures with your loan officer before deciding.
General education only. This article does not offer a rate or guarantee loan approval. Loan options depend on your circumstances and lender review.