Refinance
Lower Your Payment or Tap Your Home's Value.
An honest look at whether refinancing makes sense for you, and when it doesn't.
Three paths
What do you want your home loan to do for you?
Lower your monthly payment
If rates have dropped or your credit has improved, a new loan could free up room in your monthly budget.
Switch to a 15-year loan
Pay your home off sooner and pay much less interest over the life of the loan, usually with a higher monthly payment.
Cash-out refinance
Use your equity for renovations, debt consolidation or big life costs. In Texas, cash-out loans follow Section 50(a)(6) rules, including an 80% loan-to-value limit.
Break-even
When does refinancing pay for itself?
Divide your closing costs by your monthly savings. If you'll stay in the home longer than that, refinancing may be worth it.
Break-even point
30 months
After about 2.5 years, your $200/month savings would cover $6,000 in costs.
For illustration only. This is an estimate, not a loan offer or commitment. Actual rates, payments and terms depend on credit, property, program and other factors.
Honest advice
When NOT to refinance.
A good advisor tells you when to wait. Refinancing may not make sense if:
- !You plan to sell or move within the next couple of years
- !Closing costs would take longer to recover than you'll stay
- !You'd restart a 30-year term late in your current loan
- !The new rate is only slightly lower than your current one
Let's talk
Get a zero-pressure rate review.
Share a few details about your current loan. We'll tell you plainly whether refinancing makes sense right now.
Phone: (210) 000-0000 (placeholder)
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San Antonio, Texas