Refinancing
When does refinancing make sense?
Context
Homeowners often wonder whether refinancing is worth the closing costs.
The short answer
Refinancing can make sense when you can lower your rate enough to recoup closing costs within a reasonable time, shorten your term, drop mortgage insurance, or convert an ARM to a fixed rate. Cash-out refinancing can also tap equity.
Things to keep in mind
The break-even and how long you will keep the home matter most, and results vary by borrower.
Next step
DMF shops refinance options across multiple wholesale lenders — contact us to run your break-even numbers.
Have a question about your own situation?
DMF serves Minnesota homebuyers and homeowners by shopping your purchase or refinance file across multiple wholesale lenders — not a single bank's product menu.
Davis Monroe Financial, LLC is a mortgage broker, not a lender. We do not make credit decisions or fund loans. Rate locks are issued by the lender; we submit and manage lock requests on your behalf. All loans are subject to credit approval. Rates and terms are subject to change without notice.