Replace your existing mortgage with a new one at a lower interest rate or shorter term. Can save tens of thousands if timed correctly, but a break-even analysis is essential before proceeding.
Homeowners who can lower their rate by at least 0.75–1% and plan to stay in the home for 3+ more years.
Compare your current rate to available market rates.
Get a closing cost estimate from at least two lenders (typically 2–5% of loan value).
Calculate break-even: closing costs ÷ monthly savings = months to break even. Must be less than remaining months in the home.
Shop at least 3 lenders. Small rate differences matter significantly over 30 years.
Consider a 15-year term instead of a new 30-year — you'll pay significantly less total interest.