Thinking about refinancing your home loan? You’re not alone. With rates still hovering near 7% and home equity near record highs, many homeowners are asking if now is the right time to make a move. Done right, refinancing can reduce your monthly payments, shorten your loan term or help you tap into your home’s value. But it’s not always a slam dunk.
Katie Bradford is a seasoned mortgage loan officer with two decades of experience helping families finance and refinance homes. Based in southwest Missouri and fluent in both English and Spanish, Bradford specializes in making complex loan decisions feel clear and approachable for every client.
“Refinancing can be a smart way to align your mortgage with your current goals,” she said. “But it’s important to look at the full picture—your rate, your equity, how long you plan to stay in the home. That’s where a trusted lender comes in.”
Why Refinance?
The main reason homeowners refinance is to lock in a lower interest rate. But that’s just one benefit. Refinancing can also allow you to:
- Move from an adjustable-rate to a fixed-rate mortgage
- Switch to a shorter term and pay off your home faster
- Eliminate private mortgage insurance
- Access equity for remodeling, college or consolidating debt
“I work with many clients who refinance into a 15-year term,” Bradford explained. “Yes, the monthly payments go up a bit, but they save thousands of dollars in interest and build equity faster.”
When It Makes Sense
Refinancing may be a good move if:
- Your current rate is at least 0.5% higher than today’s rates
- You’ve improved your credit score since your last loan
- You plan to stay in your home long enough to offset closing costs
- You want to free up cash flow or remove PMI
A mortgage lender like Bradford can help you run the numbers with a break-even analysis, so you know exactly when the savings start kicking in.
When It Doesn’t
Refinancing isn’t right for everyone. If you’re planning to move soon, or if your current rate is already competitive, it may not be worth the time or fees.
“You want the math to work in your favor,” Bradford said. “A mortgage lender will help you assess whether refinancing truly benefits your long-term goals or if it’s better to hold tight.”
Your Next Step
If you're wondering whether refinancing makes sense for your situation, don’t guess—ask. At OMB Bank, we offer free consultations with mortgage lending experts who can walk you through your options.
Reach out today to schedule a mortgage review and see if refinancing is the right move for you.
OMB and its affiliates do not provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decision.
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