Your mortgage made sense when you bought your home, but your financial situation may look different today. Refinancing replaces your existing mortgage with a new loan, giving you an opportunity to reconsider your rate, loan term, and monthly payment.

For some homeowners, the goal is to secure a lower interest rate or payment. Others may want to switch from an adjustable-rate mortgage to a fixed-rate loan, shorten their term to build equity faster, or explore other financing options.

If you've built up equity in your home, a cash-out refinance may also allow you to borrow more than you currently owe and receive part of that difference in cash. This can be used for purposes such as home improvements or other financial needs, but it's important to consider the costs and risks before moving forward.

Refinancing isn't automatically the right choice. Closing costs, your new interest rate, the remaining term of your current mortgage, and how long you plan to stay in the home all matter. We'll help you compare the numbers and decide whether refinancing makes sense for you.