Key Definitions

• Loan Balance: Total remaining amount owed on your mortgage
• Interest Rate: Annual percentage rate charged on the loan
• Loan Term: Duration of the loan in years
• Refinancing Fees: Closing costs associated with the new loan
• Break-even Period: Time needed for monthly savings to offset upfront costs

5 Smart Refinancing Tips

1. Compare multiple lenders to get the best rates
2. Consider shorter terms for long-term savings
3. Check your credit score before applying
4. Factor in all closing costs when calculating benefits
5. Avoid refinancing too frequently to prevent credit dings