A Home - Refinance

: Determine the current market value of your property.

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. refinance a home

: Frees up cash in your monthly budget.

: Starting a new 30-year term extends your total debt period. : Determine the current market value of your property

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 if closing costs are $3