Is it time to refinance?

When you signed the papers for your first mortgage, there's a good chance that you imagined yourself paying off the same loan for the entire term. In some cases, that is the best strategy for your long-term financial health.

Other times, however, it may make sense to take out an entirely new loan with a new rate. This method, called a mortgage refinance, means your new loan would be used to pay off your first loan entirely. When you refinance, you benefit from the updated terms and leave your old loan behind.

There are many reasons to consider a refinance, and the chance to get into a loan with a lower rate is one of the most popular. You may also be able to shorten your loan term to save on interest or make changes that free up more cash in your monthly budget.

If you're ready to talk about your options and see if a refinance makes sense for your family, get in touch with a Loan Officer today.


Before Refinancing
After Refinancing

About these results

    • Closing costs: These are required on most refinance loans and are generally about 3%–5% of the loan amount. Closing costs were not calculated into these results.
    • Mortgage Insurance: Sometimes referred to as private mortgage insurance (PMI) or a mortgage insurance premium (MIP), this type of insurance is typically required when your down payment is less than 20% of the value of your home. A refinance is a common way to drop MI from loans and is not accounted for in this calculator. 
    • Mortgage type: No loan type is presumed in these calculators. The type of mortgage you choose can have a dramatic impact on the amount of house you can afford, especially if you have limited savings.
      • These calculations do not reflect all costs of homeownership and are for example purposes only. Actual amounts and interest rate options may vary. This is not a commitment to make a loan. Not all who apply will qualify. Loans are subject to borrower and property qualifications. Contact a Castle & Cooke Mortgage Loan Officer for an accurate, personalized quote.

Can you refinance

without an appraisal?

Cash out vs. rate and term

know the difference

Have a low rate?

you may still benefit