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Home loans

Refinance Your Mortgage

Refinancing should give you a real, tangible benefit. We compare your options and show you the numbers, so you can decide whether a refinance makes sense for you.

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  • Change your rate

    If rates have dropped since you got your loan, refinancing may lower your interest rate.

  • Switch to a fixed rate

    Trade an adjustable-rate loan for the stability of a fixed rate, or pay off a balloon payment.

  • Change your term

    Pay your home off sooner with a shorter term, or lower your payment with a longer one.

  • Tap your equity

    Take cash out for home improvements or to consolidate higher-interest debt.

Refinancing with Metro Mortgage

Refinancing your home loan should give you a tangible benefit. If rates have dropped since you financed your home, refinancing may lower your interest rate and your monthly payment (by refinancing the existing loan, total finance charges may be higher over the life of the loan). Other common reasons to refinance include paying off a balloon payment, converting an adjustable-rate loan to a fixed rate, taking cash out for home improvements, or consolidating debt.

At Metro Mortgage LLC, we make refinancing easy. Our professionals guide you through the process and make sure you get a net tangible benefit from refinancing your home, such as a lower interest rate, cash out for home improvements, debt consolidation or a lower monthly payment.

Is refinancing worth it?

Start with your break-even point: divide your closing costs by your monthly savings to see how many months it takes for the refinance to pay for itself. If you plan to stay in your home longer than that, refinancing may make sense. Our refinance calculator runs the numbers for you.

Ways to refinance

FAQ

Refinance: common questions

When does refinancing make sense?

When the benefit outweighs the cost. Compare your monthly savings with your closing costs to find your break-even point, and consider how long you plan to stay in the home. Our refinance calculator does the math for you.

How soon can I refinance?

It depends on the loan type and your goal. Some programs have waiting periods. For example, an FHA Streamline refinance requires at least 210 days since your loan closed and six on-time payments. We’ll check your eligibility.

What does it cost to refinance?

Closing costs typically include lender, appraisal, title and recording fees. Some costs can be added to the new loan or covered by a lender credit in exchange for a higher interest rate. Your Loan Estimate lists every cost.

Will refinancing restart my loan?

Yes. A refinance replaces your current loan with a new one and a new term. You can often choose a shorter term so you don’t extend your payoff date.

Keep exploring

Refinancing may lower your monthly payment, but total finance charges may be higher over the life of the loan.

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