Here’s a structured set of questions—financial, strategic, and personal—that help determine whether refinancing makes sense:

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Interest Rate + Monthly Payment

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1. How much lower is the rate I could get today vs. my current rate?

2. Would the payment reduction materially impact my budget or financial goals?

3. Is the lower rate fixed or adjustable? Do I fully understand the risks if it’s not fixed?

4. Do I plan to pay this loan for the full term or shorter period?

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Break-Even Math

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1. What will the total refinance costs be (origination, appraisal, title, etc.)? By the way, anyone offering you a "free" refinance is lying! 

2. How many months of monthly payment savings will it take to recover those costs?

3. Am I confident I’ll stay in this property longer than the break-even timeline?

4. If I might move sooner, am I refinancing for cash-flow, cash-out, or some other reason?

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Loan Term + Long-Run Impact

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1. Will I be resetting the clock on another 30 years of payments? Am I okay with that?

2. Would switching to a shorter term (20, 15, 10 year) improve my net interest cost? For example, we can offer 29 year, 28, 26 and so on mortgages depending on where you currently are. That can have a big impact.

3. If the payment increases on a shorter term, can I comfortably sustain it?

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Cash-Out Consideration

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1. Why do I want cash out—investment, debt payoff, renovation, lifestyle?

2. Is the return or benefit greater than the increased mortgage cost?

3. Am I comfortable converting unsecured debt (credit cards) into debt secured by my home?

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ARM vs Fixed

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1. Do I currently have an ARM and am I heading toward an adjustment I don’t like?

2. If considering an ARM today, what happens worst-case when the rate adjusts?

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Credit + Qualification

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1. Has my credit improved since I got my original loan?

2. Would my debt-income profile support a better rate or cause pricing hits?

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Life + Risk Factors

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1. Am I confident in my job stability and income trajectory over the next few years?

2. Do I anticipate large expenses, family changes, investment opportunities, or retirement timing that refinancing would either help or complicate?

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Last—and Often Overlooked

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1. Does this refinance solve a problem or simply “sound like a good deal”?

2. If I could not refinance, would my current loan still work for me?

 

As you can see, there is a lot to consider. Let's have a conversation so we can advise you to make sure there is a real reason to refinance. ​​​​​​​​