Refinance A: Home

Calculate the break-even point by dividing the total closing costs by your monthly savings. For example, if closing costs are $3,000 and you save $100 a month, you must stay in the home for 30 months to recover the costs.

: Starting a new 30-year term extends your total debt period. refinance a home

This option allows you to borrow more than you owe on your current mortgage. You receive the difference in cash to use for home improvements or debt consolidation. Cash-In Refinance Calculate the break-even point by dividing the total

You pay a lump sum toward your loan balance during the refinance. This lowers your loan-to-value ratio and can help you secure a better rate or eliminate mortgage insurance. Pros and Cons This option allows you to borrow more than

: Frees up cash in your monthly budget.

: Allows you to pay off high-interest debts using home equity.

Calculate the break-even point by dividing the total closing costs by your monthly savings. For example, if closing costs are $3,000 and you save $100 a month, you must stay in the home for 30 months to recover the costs.

: Starting a new 30-year term extends your total debt period.

This option allows you to borrow more than you owe on your current mortgage. You receive the difference in cash to use for home improvements or debt consolidation. Cash-In Refinance

You pay a lump sum toward your loan balance during the refinance. This lowers your loan-to-value ratio and can help you secure a better rate or eliminate mortgage insurance. Pros and Cons

: Frees up cash in your monthly budget.

: Allows you to pay off high-interest debts using home equity.

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