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 Does Refinancing Your Mortgage Make Sense? 

Refinancing isn’t always about getting a lower mortgage rate. It may help you lower your monthly payment, change your loan term, access home equity, or move into a loan that fits your plans better.

The first step is comparing your current mortgage with what’s available now.

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By submitting this form, I/we agree to your Privacy Policy, Email and Mobile Policy, Terms of Use and authorize Churchill Mortgage Corporation and/or their Preferred Provider for our area and/or The Churchill Agency to receive the above information to assist in obtaining a home loan.

I/we also authorize Churchill Mortgage Corporation, The Churchill Agency and/or their Preferred Provider for our area to contact us regarding but not limited to mortgage and insurance services and products via telephone, mobile phone (including through automated dialing), and/or email, even if telephone numbers or email I/we provide are on any Do Not Call/Contact Registry, such as corporate, state, or the National Do Not Call Registry. The submission of this form does not constitute in any way a formal loan application or a commitment for a loan. By communicating with us by phone, you consent to calls being recorded and monitored. By participating, you consent to receive SMS text messages sent by an automatic telephone dialing system. Message and data rates may apply. Message frequency may vary. Text the word HELP to 615-488-4941 for more information. You can opt out by responding STOP at any time. For more information, read our Privacy Policy, Mobile Policyand Terms & Conditions. Consent to these terms is not a condition of purchase.

Your answer will NOT negatively affect your mortgage application. Your answer does not mean the Lender or Other Loan Participants agree to communicate or provide documents to you in your preferred language. However, it may let them assist you or direct you to persons who can assist you. Language assistance and resources may be available through housing counseling agencies approved by the U.S. Department of Housing and Urban Development. To find a housing counseling agency, contact one of the following Federal government agencies. U.S. Department of Housing and Urban Development (HUD) at (800)569-4287 or www.hud.gov/counseling

Es probable que su transacción de préstamo hipotecario suceda en inglés. Por medio de esta pregunta, solicitamos información para determinar si existen comunicaciones disponibles a su servicio, en su idioma preferido. Sírvase tener en cuenta: posiblemente NO hay comunicaciones disponibles en su idioma preferido.

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I want to:
Use My Home Equity

If you already have a low mortgage rate, staying in your home and using your equity for upgrades may be a smart option.

Pay Off My Home Faster

A shorter loan term could help you pay less interest and own your home sooner.

Change My Loan Program

Switching from an FHA or adjustable-rate mortgage to a conventional fixed-rate loan could help you save over time.

Lower Your Monthly Payment

Refinancing may lower your monthly payment, but it can change how much you pay over time. Churchill can help you compare the numbers and understand the total cost.

FAQs About Refinancing

Looking for answers to your questions about refinancing? We have you covered. Learn more about loan terms, loan applications, documentation needed, and much more.

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How do I know if refinancing is worth it?

Refinancing your current mortgage may be worth it if the new loan helps you reach a clear financial goal and the potential savings outweigh the costs.

Things to consider and talk to your Home Loan Specialist about:

  • How much your monthly payment could change
  • The closing costs and your break-even point
  • How long you plan to stay in the home
  • Whether the new loan changes your repayment timeline or total interest
  • Whether you want to access home equity, remove mortgage insurance, or switch loan types

Our Refinance Break-Even Calculator can estimate how long it may take for your monthly savings to cover the cost of refinancing. A Churchill Home Loan Specialist can also compare your current mortgage with available refinance options including conventional, FHA and VA programs to help you decide whether refinancing supports your short- and long-term goals.

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What is the break-even point on a refinance?

The break-even point on a refinance is the amount of time it takes for your monthly savings to equal the cost of refinancing. You can estimate it by dividing your total refinance costs by your monthly savings.

For example, if refinancing costs $4,000 and lowers your monthly payment by $200, your estimated break-even point would be 20 months. If you expect to keep the new loan beyond that point, refinancing may provide a financial benefit. However, you should also consider changes to your loan term, total interest, and long-term goals.

Use our Refinance Break-Even Calculator to estimate your timeline. A Churchill Home Loan Specialist can then provide a personalized comparison of your current mortgage and available refinance options.

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Can I refinance and take cash out?

Yes. A cash-out refinance allows you to replace your current mortgage with a new mortgage and receive a portion of your available home equity in cash. The amount you may be able to access depends on factors such as your home’s value, current mortgage balance, credit profile, and loan program requirements.

Homeowners may use cash-out refinance funds for home improvements, debt consolidation, or other financial goals. However, it increases the amount you owe and may change your interest rate, monthly payment, loan term, and total borrowing costs.

A Churchill Home Loan Specialist can help you compare a cash-out refinance with other options, such as a home equity loan or HELOC, and determine which approach may fit your goals. Learn more in Churchill’s guide to cash-out refinancing, home equity loans and HELOCs.

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Does refinancing restart my mortgage?

Yes. Refinancing pays off your existing mortgage and replaces it with a new loan, so a new repayment schedule begins. However, that does not mean you must start over with another 30-year mortgage. Depending on the available loan programs, you may be able to select a shorter term or a term closer to the time remaining on your current loan.

Before refinancing, compare the new monthly payment, loan term, closing costs, and total interest, not just the new rate. Extending your repayment period could lower your payment but may increase the total interest paid over time.

Churchill Mortgage offers refinance calculators and educational resources to help you compare scenarios. A Churchill Home Loan Specialist can also review your current mortgage and help you find a refinance option that supports your monthly budget and long-term payoff goals.

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Can I refinance to lower my monthly mortgage payments?

Yes. Refinancing may lower your monthly mortgage payment by reducing your interest rate, extending your repayment term, removing eligible mortgage insurance, or changing your loan type. Your actual savings will depend on your current mortgage, available rates, home equity, closing costs, and the new loan terms.

Take the Ready to Refinance quiz to see if you could benefit from a refinance. A Churchill Home Loan Specialist can compare your current loan with available conventional, FHA and VA refinance programs to help you evaluate both the short- and long-term costs.