Mortgage Refinance Checklist
Evaluate a potential refinance beyond the advertised interest rate.
- Record current balance, rate, payment and remaining term.
- Define the goal: lower payment, shorter term, different rate structure or other objective.
- Estimate new payment and total interest.
- List lender fees and other closing costs.
- Calculate a simple break-even period for upfront costs.
- Compare APR and loan terms across offers.
- Consider how long you expect to keep the loan or property.
- Review prepayment terms on the existing and new loans.
- Keep an emergency reserve rather than using all available cash.