MortgageRefinanceTools

Mortgage Refinance Guide

Keep it simple: know your goal, compare two offers, and check the break‑even month.

1) Define your goal

Most homeowners refinance to lower the payment, reduce total interest, or switch from variable to fixed. Decide which matters most; it guides the lender conversation and how you compare offers.

2) Understand total cost

Refinancing isn’t free. Common costs include appraisal, legal, title, discharge, and lender fees. Some lenders offer credits or “no‑cost” refis in exchange for a slightly higher rate. Always compare the all‑in cost, not just the APR.

3) Check your break‑even

Use the calculator to estimate monthly savings versus closing costs. If you’ll own the property longer than the break‑even months, a refi can be sensible.

4) Documents often needed

5) Compare two offers

Match term and lock period, then compare monthly payment, lifetime interest, and break‑even. If one lender waives fees, check that a higher rate doesn’t erase the benefit.