Even when you're not in the middle of buying or selling, I’m still here for you—and that includes helping you make smart decisions as a homeowner. One topic that comes up more often than you’d think? Refinancing your mortgage.
Whether you're looking to lower your monthly payment, shorten your loan term, or tap into your home’s equity, refinancing can be a powerful tool—but only if it’s done right. I want to make sure you avoid some common pitfalls that could cost you in the long run. Here are four big refinancing mistakes to steer clear of:
1. Only Getting a Quote From Your Current Bank
It’s tempting to stick with the bank that currently holds your mortgage—but don’t stop there! Rates, fees, and terms can vary quite a bit from lender to lender. I always recommend getting quotes from at least a few different sources so you can compare your options side-by-side.
Need help connecting with trusted lenders? I’ve got a few solid contacts I’d be happy to introduce you to—no strings attached.
2. Not Considering How Long You’ll Stay in the Home
Before jumping into a refinance, ask yourself this: How many more years do I plan to live here? If you’re thinking about moving or selling in the next few years, refinancing may not be worth it once you factor in the upfront costs.
A quick calculation can help: take the total cost of the refinance and divide it by your estimated monthly savings. That’s your breakeven point. If you’re not planning to stay beyond that, it might be better to hold off.
3. Focusing Only on the Interest Rate
A low interest rate is great—but it’s not the whole picture. A shorter loan term (like 15 years) might get you a lower rate, but it’ll likely come with a higher monthly payment. A longer term (like 30 years) might reduce your monthly payment, but you’ll pay more interest over time.
I’m happy to help you run the numbers and figure out what works best for your lifestyle and financial goals.
4. Underestimating Closing Costs
Refinancing isn’t just a few clicks and a signature. It’s more like buying your home all over again—complete with closing costs that typically run between 2–5% of the new loan amount. That includes appraisal fees, origination charges, and more.
Make sure you factor these into your decision so there are no surprises along the way.
I'm Always in Your Corner
Just because you’re not buying or selling right now doesn’t mean I’m not here to help. Whether it’s connecting you with lenders, helping you crunch the numbers, or just offering an honest second opinion, I’m always just a text or call away.
Let’s make sure you’re getting the most out of your home—no matter where you are in your real estate journey.
