Key takeaways
- Trading variable debt for a fixed mortgage protects your budget.
- Automate payoffs the day funds arrive.
- Use freed-up cash to rebuild reserves quickly.
Compare current payments to the new plan
List every revolving account with balances and APRs. Seeing the total interest paid each month highlights the savings a refinance delivers.
A single fixed payment gives you breathing room and lowers the risk of missed due dates.
Execute your payoff strategy immediately
Arrange balance payoffs before closing so wires leave the day funds arrive. That prevents interest from accruing for another month.
Keep accounts open to preserve credit history but set alerts to avoid rebuilding debt unintentionally.
Put your savings to work
Schedule automatic transfers into an emergency fund using the money you freed up. Momentum builds confidence.
Track your credit score and utilization to see how quickly the refinance improves your profile.
Action plan
Pull statements, total balances, and request a side-by-side comparison before you commit.
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