Lower your rate, shorten your term or take cash out of your equity. Put in your loan as it stands today — the calculator shows the new payment and how long the closing costs take to pay for themselves.
Illustrative principal and interest only; taxes, insurance and mortgage insurance not included. Closing costs estimated at 2% of the new loan. [New rate connects to live pricing.] Your Loan Estimate shows actual terms. Not a commitment to lend.
Same balance, better loan. Replace your mortgage with a lower rate, a shorter term, or both.
Borrow more than you owe and take the difference in cash at closing.
A refinance has closing costs. Divide them by what you save each month, and you get the number of months until the new loan pays for itself.
If you'll keep the home well past that point, the refinance is worth it. If you might sell first, it probably isn't — and a Savant loan officer will tell you so.
With the numbers above: $7,600 ÷ $276 a month = 28 months.
A cash-out refinance replaces your whole mortgage at today's rate. A HELOC leaves it alone and lends against your equity on top of it.
Share your loan, your home and your goal. Your loan officer comes back with a rate, a new payment and your break-even.
Savant Lending orders the appraisal if one is needed and handles the documents.
Sign, and your old loan is paid off. Cash out, if any, is wired after the rescission period. [Confirm timing.]
Tell us about your loan today. A Savant loan officer comes back with your rate, your new payment and your break-even.
