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The break-even point is when your monthly savings from refinancing equal the total closing costs you paid to complete the new loan. For example, if refinancing saves you a certain amount each month, you can divide your closing costs by that savings to estimate how long it will take to recoup the expense. This helps you understand whether refinancing is financially beneficial over the time you plan to stay in the home.

Your Loan Originator can calculate your estimated break-even point so you can make a confident decision.

Refinancing with lower credit is possible, depending on your loan type and overall financial profile. Some programs have more flexible guidelines, while others may require stronger credit for approval or better terms. You may still qualify if you have stable income, manageable debt, and sufficient equity in your home.

If your credit needs improvement, your Loan Originator can help you understand your options and what steps might strengthen your application.

Private mortgage insurance (PMI) can often be removed by refinancing into a new loan once you reach enough equity—typically 20 percent or more. When you refinance, the lender reviews your home’s value and current loan balance to determine whether PMI is still required. If you meet the equity requirement, your new loan can be structured without PMI.

A refinance may also offer the opportunity to lower your interest rate or adjust your loan term at the same time.

A refinance replaces your existing mortgage with a new one, often to lower your rate, remove PMI, or change your loan term. It may also allow you to access equity through a cash-out refinance if you qualify.

A home equity loan, on the other hand, is a separate loan that lets you borrow against your home’s equity while keeping your current mortgage in place. It provides a lump sum with its own interest rate and repayment schedule.