Reduce Your Term

Refinancing can help you pay off your loan faster. With a lower interest rate, let’s say 2.75%,  you can pay more principal down compared to a higher interest rate of 4%.

Just like how you can extend your loan, you can also shorten it from 30 to 15 years. This will increase your monthly payments, but it will save you money in the long run from all of the interest you avoid paying.