Refinance Your Existing Mortgage

Is it time to rethink your mortgage?

With a refinance, you may be able to reduce your rate, lower your monthly payments, consolidate high-interest debt, or access home equity for renovations or investments.

Every homeowner’s situation is unique—which is why I take the time to review your goals and tailor a refinance strategy that works for you.

Let’s explore how much you could save.

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What to Consider When Refinancing Your Mortgage.

7. Your Remaining Amortization & Term

8. The Type of Refinance You Need - Different options offer different benefits:

  • Increase & blend (blend your rate + borrow more)

  • Switch/transfer (move to another lender, often with no penalty)

  • HELOC refinance (add a line of credit for maximum flexibility)

  • Full refinance (fully replace the existing mortgage)

9. Closing Costs & Additional Expenses - These may include:

  • Legal fees

  • Appraisal

  • Title insurance

  • Possible lender fees

  • Be sure the savings outweigh the costs.

10. Break-Even Analysis

How long will it take to recoup your costs through savings? If you’re planning to move in the near future, refinancing may not be worth it.

11. Fixed vs. Variable Strategy

Match your mortgage type to your risk tolerance, income stability, and long-term plans.

12. Long-Term Financial Impact

  • Will this refinance save you money over the full life of the mortgage?

  • Could it help you reduce debt faster or improve cash flow?

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1. Your Current Interest Rate vs. New Rate

Even a small reduction (0.5%–1%) can create meaningful savings over time.

2. Your Financial Goals - Refinancing works best when tied to a purpose, such as:

  • Lowering monthly payments

  • Consolidating high-interest debt

  • Accessing equity for renovations, investments, or major expenses

  • Shortening your amortization to pay off your home faster

  • Moving from variable to fixed (or vice versa) for stability or flexibility

3. Penalties and Fees - Weigh the penalty cost against your long-term savings.

  • Most refinances involve breaking your current term, which may trigger a prepayment penalty.

  • Penalties vary by lender and mortgage type (IRDs vs. 3-month interest).

4. Your Home’s Current Value - If your property value has increased, you may access more equity.

  • Lenders typically allow refinancing up to 80% of your home’s appraised value.

5. Your Debt Load & Credit Score - Better credit often means better rates and smoother approval.

6. Your Income & Employment Stability

Consider timing if you’re changing jobs, self-employed, or earning variable income. Income verification is required.