A new mortgage. Only if it makes sense.

Start with your goal: a different payment, a shorter term, access to equity, or another change. Compare the new loan’s costs and benefits with keeping your current mortgage, including how long you expect to keep the loan. Sometimes staying with what you have makes more sense.

For a straightforward payment-saving refinance, dividing the refinancing costs by monthly savings gives a rough estimate of how long it takes to recover those costs. It’s only a starting point. We’ll also compare loan balances, the remaining term, and interest over your expected holding period.

Not necessarily. Extending repayment can reduce the payment while increasing total interest. We’ll distinguish savings from a lower rate from changes caused by a longer term or different loan balance.

An available second mortgage or home-equity line may be worth comparing with a cash-out refinance. Each has different costs, terms, and payment risks. Eligibility and availability depend on the lender, property, and your circumstances.

A refinance can be one way to simplify your payments and create more room in your monthly budget. We’ll look at your current debts, the new payment, closing costs, and repayment timeline together so you can see whether it supports your goals. We’ll also explain how combining debts into a loan secured by your home affects the overall cost and repayment responsibilities. You’ll have a clear picture before deciding what feels right for you.

A recent mortgage statement, your goals, and an estimate of your home’s value are a useful starting point. Marc will explain what else is needed and how to provide documents through the appropriate secure channel. You can ask questions before applying.