A refinance offer can make the monthly bill look better without making the whole loan cheaper. The rate, closing costs, new balance, and number of years left to pay all matter. Compare keeping your current mortgage with the proposed replacement from today forward, including when you expect to move or repay it.

If you are already struggling to make a payment, contact your mortgage servicer promptly and consider a HUD-approved housing counselor for free foreclosure-prevention guidance. Waiting for a favorable refinance is not an assistance plan. A new mortgage is subject to qualification, and missed payments can narrow your options.

What is your current mortgage rate?

Use the rate on your current loan documents to choose a starting point for comparing refinance costs, loan length, and your expected time in the home.

Under 4%4%–under 6%6%–under 8%8%+ / not sure

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