Pros and Cons of Refinancing Your Mortgage
Refinancing can reduce your rate or monthly payment, but closing costs and resetting the loan clock mean the math needs to work in your favor.
Edit and save your own version of this pros/cons list!
Pros
- Lower monthly payments
- Reduce total interest paid
- Access home equity
- Switch to fixed rate
- Shorten loan term
Cons
- High closing costs
- Resets loan clock
- Break-even takes years
- Credit score impact
- Appraisal may disappoint
Shared lists are for general info and entertainment only, not professional advice. Always do your own research or consult a qualified expert.