Time to Refinance?

Current Loan

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New Loan

Loan Amount
Monthly Payment

There are many reasons to refinance. If you have enough equity, you maybe able to take cash out to use for other purposes. If you can afford a higher monthly payment, you may want to refinance to a shorter loan term to save thousands in interest. However, the most common reason is to possibly obtain a lower interest rate and reduce your monthly payments. In this case, the decision to refinance should be based on lowering mortgage costs and breaking even in a reasonable amount of time.