Deciding if it makes sense to refinance starts with this question: What are your financial goals? Whether you want to lower your monthly payment, get a lower interest rate, shorten your term or do a cash-out refinance, our refinance calculator can help you determine if refinancing can help you meet your goals.
Our refinance calculator uses today’s current rates. Once you enter your numbers and pressing “Calculate,” you’ll see a list of recommended loans, terms and rates. If you like what you see, you can get started by contacting a Home Loan Expert or applying online with Hypotec.
To lower your monthly payment, look for a refinance option that helps you do one or more of the following:
You'll be able to own your house sooner than you would with your current mortgage, which may put you in a better financial situation down the road. In the meantime, you'll likely save quite a bit on interest, since loans with shorter repayment periods generally have lower interest rates.
If you have enough equity in your home, you may be able to refinance to take cash out. Taking cash out means refinancing your home with a larger loan amount. Your new loan pays off your existing loan, and you get to pocket the difference.
Many homeowners take cash out to pay off high-interest debt or fund home improvements. The cash you get from a cash-out refinance is tax free and yours to spend however you choose.