Changing the terms of your loan can benefit you and maximize your monthly income. A lower monthly mortgage payment can help free-up money so you can save, invest or use for other expenses. When rates are favorable, refinancing to a lower rate or longer-term mortgage can keep more money in your pocket every month. Refinancing isn’t right for everyone though. Consider how long you plan to stay in your home—since closing costs on a new loan may outweigh the benefits if you move too soon. Keep in mind that refinancing could increase total finance charges over the life of the loan. Our refinance calculator will help you to decide whether you should refinance your current mortgage at a lower interest rate.