Refinance your mortgage.

Is it time for a new loan?

Refinancing replaces your existing mortgage with a new one. Homeowners consider it for many reasons: a different rate or term, a change in monthly payment, or access to home equity. The right decision depends on the full cost of the new loan and how long you plan to keep it.

Reasons to explore refinancing

• Change your payment or term. Compare a shorter or longer repayment period and see how it affects both monthly cost and total interest.
• Review your rate structure. Consider whether a fixed or adjustable rate better fits your plans and tolerance for payment changes.
• Use home equity. A cash-out refinance may let eligible homeowners borrow more than the current mortgage balance and receive the difference in cash.

Look beyond the monthly payment

A refinance can involve closing costs, a new loan term, and a different total amount of interest over time. A lower payment may come from extending the repayment period. If you take cash out, your loan balance and the equity you retain will change.

Ask a Barrett mortgage professional to compare the new loan estimate with your current mortgage, including costs, the time it could take to recoup them, and the effect on your longer-term plans.