When might refinancing make sense?

Refinancing replaces an existing mortgage with a new loan. Possible goals include changing the rate or term, moving between loan types or accessing equity. A lower monthly payment does not automatically mean lower lifetime costs, especially if you extend the repayment period.

Fundsitive LLC can help compare available lender options and estimated costs. Consider closing costs, the break-even period, how long you plan to keep the property and total interest over time. Cash-out refinancing increases mortgage debt and uses your home as collateral. The selected lender reviews income, credit, equity and property requirements; neither eligibility nor savings are guaranteed.