🕰️ Is Now a Good Time to Refinance?
⚡ What Is a Streamline Refinance?
Because it’s not just about the rate — it’s about the full financial picture.
Many homeowners assume refinancing only makes sense when interest rates drop.
But what if we told you you could still lower your monthly payment — even in a higher-rate environment?
It sounds backwards, but here’s the truth: rate is just one piece of the puzzle.
Let’s break down how refinancing can still reduce your monthly costs — even if today’s rate isn’t lower than the one you already have.
🧮 Lower Payments Come From More Than Just Rates
Your monthly mortgage payment includes:
- Principal and interest
- Property taxes
- Homeowners insurance
- (Sometimes) mortgage insurance
A smart refinance looks at the entire picture, not just your rate.
Here’s how a refinance might still lower your payment:
✅ 1. Resetting Your Loan Term
If you bought your home 5+ years ago, your mortgage term has shrunk — and your payment is based on a faster payoff timeline.
When you refinance, you reset the clock — often from 25 or 23 years back to 30.
Even if the rate is slightly higher, stretching the timeline lowers the payment.
💡 Example: Going from 25 years at 3.5% to 30 years at 5.25% can still reduce your monthly payment.
✅ 2. Removing Mortgage Insurance
If you’re paying PMI or MIP, refinancing into a conventional loan can eliminate that extra monthly cost — which may be hundreds per month.
Even if your rate increases slightly, the savings from dropping insurance often offsets it.
We’ll show you how this looks in a side-by-side comparison based on your current equity.
✅ 3. Reducing Other Debt Through a Cash-Out Refi
Let’s say you’re paying:
- $300/month in credit cards
- $500/month on a personal loan
- $250/month for a car payment
If a cash-out refinance lets you consolidate that into your mortgage (at a much lower interest rate), your total monthly output drops, even if your mortgage payment rises slightly.
📘 This frees up cash, simplifies bills, and gives you breathing room — not just a better mortgage.
📉 Real-Life Example
Current Loan: $285,000 @ 3.75%, 25 years left
Current Payment: $1,765/month
Still paying $250/month in mortgage insurance
Refinance: $285,000 @ 5.25%, 30 years
No mortgage insurance
New Payment: $1,690/month
Savings: $75/month + insurance savings = ~$200 total
🤯 Despite a higher rate, the new loan saves money each month.
🏢 Why PRMI?
As a direct lender, PRMI helps you:
- Compare the full picture (not just rate-to-rate)
- Drop unnecessary monthly costs
- Explore smart strategies based on your life, not just numbers
We handle most loans in-house — so the process is faster, more consistent, and easier to trust.
👇 Want to See If a Refi Could Lower Your Payment?
Let’s walk through your mortgage, your debt, and your goals — and show you what refinancing could really do.