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When Should You Refinance Your Mortgage?

While refinancing can be a good option in some cases, it isn’t right for everyone. Here are some possible reasons to refinance your mortgage:

  • You can lower your monthly mortgage payment by reducing your interest rate or increasing your loan term.
  • You can reduce your long-run interest costs through a lower mortgage rate, shorter loan term or both.
  • To consolidate other debt, recuing monthly payments or interest rates.
  • To start home improvements.
  • You can get rid of mortgage insurance.

As you weigh your options, be sure to consider the closing costs that will come with refinancing. For example, these could include the origination fee, appraisal fee, title insurance fee and credit report fee. At KeySavings Bank, all of these fees may not come into play. Please call to talk to a Mortgage Loan Originator for your specific situation.

You’ll also need to know the loan’s closing costs to calculate the break-even point where your savings from a lower interest rate exceed your closing costs. You can calculate this point by dividing your closing costs by the monthly savings from your new payment.


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KeySavings Bank is a mutual bank....meaning that all of our clients are members. Members enjoy the benefits of reduced fees, lower interest rates on loans and more investment opportunities.