Why Most Homeowners Are Leaving Money on the Table (And How You Can Stop)
You're paying too much on your mortgage. I know that's a bold claim to open with, but if you're a veteran or an FHA borrower sitting in a loan originated before 2024, there's a statistically high probability you're hemorrhaging money every single month. Not because you made a bad decision when you bought—your loan was likely the right move at the time. But the mortgage market in 2026 has fundamentally shifted, and the government-backed refinance programs available to you right now represent one of the most underutilized wealth-building tools in American homeownership.
I've spent years working with homeowners who discovered they could have been saving hundreds of dollars monthly for years, simply because no one told them these programs existed. The tragedy isn't just the lost money—it's the retirement contributions that didn't happen, the credit card debt that didn't get paid down, the family vacations that got postponed indefinitely. This is real money with real consequences for your financial future.
Here's what we're going to accomplish together: I'm going to walk you through exactly how FHA and VA refinance programs work in 2026, who qualifies, what the actual costs look like, and most importantly, how to determine if refinancing makes sense for your specific situation. No mortgage broker double-talk, no hidden agendas. Just the tactical information you need to make a decision that could alter your financial trajectory.
The FHA Streamline Refinance: Your Fast Track to Lower Payments
If you currently have an FHA loan, the FHA Streamline Refinance is the secret weapon hiding in plain sight. This isn't your standard refinance with mountains of paperwork and invasive financial scrutiny. The FHA Streamline is deliberately designed to be simple, fast, and accessible—and in 2026, it's more valuable than ever.
What Makes the Streamline Actually Streamlined
The conventional refinance process treats you like you're applying for a mortgage from scratch. Income verification, employment letters, tax returns, bank statements, credit checks, home appraisals—the entire gauntlet. The FHA Streamline throws most of that out the window. Why? Because you already proved you could pay your mortgage. You've been doing it. The FHA's logic is refreshingly pragmatic: if you're current on your payments and rates have dropped, they want to help you lock in those savings.
Here's what you actually need to qualify for an FHA Streamline in 2026:
- Current FHA mortgage: You must already have an FHA-insured loan. If you've got a conventional loan, you'll need to look at other refinance options.
- Payment history: You need to be current on your mortgage with no more than one 30-day late payment in the past 12 months. This isn't negotiable, but it's also not as strict as many borrowers fear.
- Waiting period: Your first payment on your current FHA loan must have been made at least 210 days ago, and at least six monthly payments must have been completed. This prevents rapid refinancing that doesn't benefit borrowers.
- Net tangible benefit: The refinance must result in a measurable financial benefit—typically either a reduction in your monthly principal and interest payment, or a move from an adjustable-rate mortgage to a fixed-rate mortgage for stability.
Notice what's missing from that list? Credit score requirements. Income verification. Employment documentation. Debt-to-income ratio calculations. Home appraisal. These are the obstacles that typically derail refinance applications, and the FHA Streamline bypasses nearly all of them.
The Two Flavors: Credit Qualifying vs. Non-Credit Qualifying
The FHA Streamline actually comes in two versions, and understanding the difference is crucial because it determines how smooth your process will be.
The non-credit qualifying streamline is the truly frictionless option. No credit check. No income verification. No appraisal. Your lender essentially only verifies that you have an existing FHA loan and that you've been making payments. This version is perfect if your financial situation hasn't changed dramatically but you want to capitalize on rate improvements. The catch? You can't take cash out, you can't add or remove borrowers from the loan, and you can't use this to roll in closing costs beyond specific allowable fees.
The credit qualifying streamline requires more documentation—credit report, income verification, debt-to-income analysis—but it offers more flexibility. You can add or remove borrowers (useful if you've gotten married or divorced), and you have more options for how to handle closing costs. Most borrowers in 2026 are opting for the non-credit qualifying version because it's faster and mortgage rates, while improved from their 2023-2024 peaks, still make speed valuable.
What About That Mortgage Insurance Premium?
Let's address the elephant in the room: FHA loans come with mortgage insurance premiums, and they're not cheap. In 2026, if you're taking out a new FHA loan, you're looking at an upfront mortgage insurance premium of 1.75% of the loan amount, plus annual premiums ranging from 0.45% to 1.05% depending on your loan amount, loan-to-value ratio, and loan term.
Here's the critical thing many borrowers don't realize: when you do an FHA Streamline Refinance, you don't pay the full upfront MIP again. You only pay a partial upfront MIP, and if you're refinancing early enough in your loan term, you may even get a refund of a portion of your original upfront premium. The formula is complex, but your lender will calculate this automatically. The key insight: the MIP situation on a streamline refinance is generally more favorable than on a new FHA purchase loan.
The annual MIP, however, continues with your new loan. For FHA loans originated after June 3, 2013, this premium typically stays with the loan for the entire term if your down payment was less than 10%. This is one of the major drawbacks of FHA financing, and it's why many borrowers eventually refinance into a conventional loan once they've built sufficient equity. But in 2026, if you're still in the FHA ecosystem and rates have dropped since you originated your loan, the streamline refinance is your best immediate play even with the ongoing MIP.
The Real Math: When Does It Actually Make Sense?
Here's where theory meets your kitchen table. Let's run through a realistic scenario.
Imagine you took out an FHA loan in 2023 for $350,000 at 6.75% interest. Your monthly principal and interest payment is approximately $2,270. In 2026, rates have settled into the 5.5-6% range for FHA loans. If you can refinance to 5.75%, your new monthly payment drops to roughly $2,040—a savings of $230 per month, or $2,760 annually.
Your FHA Streamline Refinance closing costs will typically run between $2,000 and $5,000 depending on your location and lender. Let's say yours come in at $3,500. You have two options: pay that out of pocket, or roll it into your new loan balance. If you roll it in, your new loan amount is $353,500, and your actual monthly payment would be about $2,060—still saving you $210 monthly.
Your breakeven point—the time it takes for your monthly savings to offset your closing costs—is 17 months if you rolled costs into the loan. After that, you're in pure profit territory, pocketing $210 every single month for as long as you keep that loan. Over five years, that's $12,600. Over ten years, it's $25,200. That's not accounting for what happens if you invest those savings, which compounds the benefit significantly.
The general rule: if you can reduce your interest rate by at least 0.5% and you plan to stay in your home for at least two years, an FHA Streamline Refinance is worth serious consideration. If the rate reduction is 1% or more, it's almost certainly a smart financial move unless you're planning to sell or pay off your mortgage in the very near term.
The VA Interest Rate Reduction Refinance Loan: The Veteran's Advantage
If you're a veteran, active-duty service member, or qualifying surviving spouse with an existing VA loan, you have access to what might be the single best refinance product in the American mortgage market: the VA Interest Rate Reduction Refinance Loan, known as an IRRRL (pronounced "earl") or VA Streamline Refinance.
I'm going to be direct: if you have a VA loan originated before 2024 and you haven't at least gotten a rate quote for an IRRRL in 2026, you're potentially making a significant financial mistake. The IRRRL is specifically designed to be fast, affordable, and accessible to veterans who want to reduce their monthly payments or move from an adjustable-rate to a fixed-rate mortgage.
Why the IRRRL Is the Gold Standard
The VA designed this program with one clear objective: remove every possible obstacle to helping veterans lower their housing costs. The result is a refinance process that's even more streamlined than the FHA version.
Here's what you need to qualify for a VA IRRRL in 2026:
- Existing VA loan: You must currently have a VA-guaranteed loan on the property you're refinancing. This isn't available for conventional or FHA loans.
- Current on payments: You need to have made at least six consecutive monthly payments on your current VA loan and be current with no late payments in the past six months.
- 210-day seasoning: At least 210 days must have passed since your first payment on the existing VA loan.
- Net tangible benefit: The refinance must reduce your monthly payment or move you from an ARM to a fixed-rate mortgage. The exact requirements vary slightly by lender and state.
- Certificate of Eligibility: You need to have VA loan eligibility, though if you used your eligibility for your current loan, that's sufficient—you don't need additional eligibility.
What's remarkable is what's not required. No credit underwriting package. No verification of income. No appraisal in most cases. No verification of employment. The VA is essentially saying: "You're a veteran with a VA loan that you've been paying on time. If rates have dropped, we want you to benefit from that. Period."
The Funding Fee Situation
VA loans come with a funding fee rather than mortgage insurance premiums. For an IRRRL in 2026, that funding fee is 0.5% of the loan amount for most borrowers. So on a $350,000 refinance, you're looking at $1,750 in funding fee. This can be rolled into your loan amount, meaning you don't need to bring cash to closing.
Critically, veterans with service-connected disabilities are exempt from the VA funding fee entirely. If you have a disability rating from the VA—even 10%—you don't pay this fee. This exemption alone can save thousands of dollars and makes the IRRRL even more attractive.
For perspective, that 0.5% funding fee on an IRRRL is significantly lower than the mortgage insurance costs on most conventional and FHA refinances. Combined with the typically lower interest rates available through VA loans, this creates a powerful cost advantage.
Can You Actually Get Cash Out?
The IRRRL is strictly for rate reduction—you cannot take cash out beyond what's needed to pay closing costs and prepaids. If you want to tap into your home equity, you'd need to look at a VA Cash-Out Refinance instead, which is a different product with different requirements (including an appraisal and full underwriting).
But here's a nuance many veterans don't know: you can roll closing costs and the funding fee into your loan balance with an IRRRL, which means you can often refinance with literally zero cash out of pocket. Your loan balance increases slightly, but if the rate reduction is substantial enough, your monthly payment still drops even with the higher balance.
The Maximum Loan Amount Question
The VA doesn't set a maximum loan amount for IRRRLs the way it does for VA purchase loans. This is huge for veterans in high-cost areas. If you have a $800,000 mortgage in California or New York, you can still use an IRRRL to refinance it, provided you meet the other requirements. This flexibility makes the IRRRL accessible regardless of where you live or how expensive your home was.
Running the Numbers for Veterans
Let's look at a practical example. You're a veteran who purchased a home in 2022 using a VA loan for $400,000 at 5.5% interest. Your monthly principal and interest payment is roughly $2,270. In 2026, you can refinance via an IRRRL to 4.75%.
Your new payment would be approximately $2,085—a monthly savings of $185. Your closing costs, including the 0.5% funding fee, might total $4,000. If you roll that into your new loan, your loan balance becomes $404,000, and your actual new payment is around $2,108—still saving you $162 monthly.
Your breakeven point is about 25 months. After that, you're banking $162 every single month. Over the remaining life of a 30-year mortgage, that's nearly $50,000 in total savings. If you have a service-connected disability and are exempt from the funding fee, your breakeven point drops to about 15 months, and your total long-term savings increase by another $2,000.
The math becomes even more compelling if you're refinancing from an adjustable-rate mortgage to a fixed-rate. Even if your current ARM payment is low, the IRRRL lets you lock in stability without the uncertainty of future rate adjustments. In the volatile rate environment we've experienced from 2022-2026, that predictability has real value.
The 2026 Rate Environment: Why Timing Matters Now
Context matters enormously when deciding whether to refinance, and the mortgage rate landscape in 2026 is uniquely positioned to benefit borrowers with FHA and VA loans originated in the 2022-2024 period.
Here's the brief history you need to understand: Mortgage rates bottomed out at historic lows during 2020-2021, with many borrowers locking in rates below 3%. Then inflation surged, the Federal Reserve aggressively raised rates, and by late 2023, average mortgage rates had climbed above 7%—levels not seen since the early 2000s. Anyone who bought or refinanced during that 2022-2024 window got stuck with rates in the 6-8% range.
In 2026, the situation has stabilized. Inflation has cooled, the Fed has paused or even begun modest rate cuts, and mortgage rates have settled into a more sustainable range—typically 5.5-6.5% for government-backed loans. This creates a refinance opportunity window for millions of borrowers who were stuck with those peak rates.
If you took out an FHA or VA loan in 2023 at 7%, and you can now refinance to 5.75%, that's a 1.25% rate reduction. On a $350,000 loan, that drops your monthly payment by approximately $280. That's a car payment. That's retirement contributions. That's meaningful money.
The trap many homeowners fall into is waiting for rates to drop further. "Maybe I should wait until rates hit 5%," they think. "Or 4.5%." This is usually a mistake. Here's why: every month you wait while holding a 7% mortgage instead of a 5.75% mortgage, you're paying hundreds of dollars in unnecessary interest. Even if rates do drop another 0.5% in six months, you've already lost six months of savings that you'll never recover.
The sophisticated approach is to refinance when the math works for your situation, then monitor rates and refinance again if they drop significantly further. With streamline refinance programs, the closing costs are low enough that multiple refinances can make sense if the rate environment continues to improve. Don't let perfect be the enemy of good.
The Hidden Costs and Gotchas Nobody Tells You About
Every financial product has fine print, and refinance loans are no exception. Let me walk you through the complications that often surprise borrowers so you can go in with eyes wide open.
The Escrow Account Reset
When you refinance, your escrow account for property taxes and homeowners insurance gets recalculated. Even with a streamline refinance, you'll need to fund a new escrow account with your new lender. Your old lender will eventually send you a refund of your existing escrow balance, but there's typically a lag of several weeks.
This means you might need to have a few thousand dollars available for closing even if you're rolling your closing costs into the loan. It's not a true out-of-pocket cost—you'll get that money back—but it's a temporary cash flow consideration that catches people off guard. Plan for it.
The "No Cost" Refinance Illusion
You'll see lenders advertising "no cost" or "zero cost" refinance options. Be skeptical. What they typically mean is that you're not paying closing costs out of pocket at the closing table—either those costs are rolled into your loan balance (so you're paying for them with interest over 30 years), or you're accepting a higher interest rate in exchange for the lender covering your closing costs.
The lender-paid closing costs option can make sense in specific scenarios, particularly if you plan to refinance again relatively soon. But understand the trade: you might accept a 5.875% rate instead of a 5.625% rate, and that extra 0.25% will cost you more in interest over time than the $3,000 in closing costs you avoided. Do the math for your specific situation. Sometimes paying closing costs upfront or rolling them into the loan at a lower rate is the smarter long-term play.
The Prepayment Penalty Check
FHA and VA loans typically don't have prepayment penalties, but if you're refinancing from a different type of loan into an FHA or VA loan, verify that your current loan doesn't penalize you for paying it off early. Some loans, particularly those originated during the subprime era or certain portfolio loans, include prepayment penalty clauses that could cost you thousands of dollars if you refinance within the first few years.
Check your original loan documents or call your current lender to verify. This is a rare issue with government-backed loans, but I've seen borrowers get ambushed by prepayment penalties they didn't know existed.
The Occupancy Requirement
Both FHA and VA streamline refinances require that the property was originally purchased or previously refinanced as your primary residence. If you've since moved and turned the property into a rental, you generally can't use a streamline refinance program—you'd need to go through a full refinance process as an investment property, which comes with higher rates and stricter requirements.
There's some nuance here. For FHA Streamlines, you must certify that you previously occupied the property as your primary residence. For VA IRRRLs, the property must have been previously occupied by you, though you don't have to currently live there. The requirements are slightly different, so discuss your specific situation with your lender if you've moved since taking out your original loan.
The Rate Lock Timing Game
When you apply for a refinance, you'll be offered a rate lock—a guarantee that your interest rate won't change for a specific period, typically 30-45 days. Here's the strategy: don't lock your rate the moment you apply unless rates are rising rapidly. Many lenders will let you float your rate and lock it later once you're closer to closing.
If rates drop between when you apply and when you close, you want to capture that lower rate. If they rise, you lock in before they climb further. This requires paying attention and having a responsive loan officer, but it can save you thousands of dollars over the life of your loan. In the 2026 environment where rates have stabilized but still fluctuate week to week, this timing strategy matters.
The Application Process: What Actually Happens Step by Step
Let me demystify the actual mechanics of applying for an FHA or VA streamline refinance so you know exactly what to expect.
Step One: The Rate Shop
Don't just go with your current lender. This is a critical mistake borrowers make constantly. Your existing lender has no particular loyalty to you, and they're banking on the fact that you won't shop around. Get quotes from at least three lenders—including your current one, a large national lender, and a local bank or credit union.
When comparing quotes, look at the interest rate and the closing costs. A lender offering 5.75% with $4,500 in closing costs might be a worse deal than a lender offering 5.875% with $2,000 in closing costs, depending on how long you plan to keep the loan. Use an online refinance calculator to compare the total cost over your expected holding period.
Step Two: The Application
Once you've selected a lender, you'll complete a loan application. Even for streamline refinances, you'll need to provide basic information: property address, current loan details, contact information, employment information (even if it's not verified for a non-credit-qualifying streamline). The application process is largely online in 2026, and you can typically complete it in 20-30 minutes.
You'll also need to provide your Certificate of Eligibility if you're doing a VA IRRRL, though many lenders can pull this electronically. For FHA Streamlines, you'll need your current mortgage statement and information about your homeowners insurance and property taxes.
Step Three: The Processing Phase
This is where your lender gathers the necessary documentation and verifies the information on your application. For a streamline refinance, this phase is considerably shorter than a traditional refinance—typically 2-3 weeks instead of 4-6 weeks.
The lender will order a title search to ensure there are no liens or legal issues with your property. They'll verify your current mortgage payment history. If you're doing a credit-qualifying streamline, they'll pull your credit report and verify your income and employment. If it's non-credit-qualifying, most of this is skipped.
Your job during this phase is to respond promptly to any requests from your lender. If they need a document or clarification, provide it the same day. Delays in documentation are the number one reason closings get pushed back.
Step Four: The Underwriting
For streamline refinances, underwriting is relatively light. The underwriter verifies that you meet the basic program requirements: you have an existing FHA or VA loan, you've made your payments on time, the new loan provides a net tangible benefit, and all documentation is in order.
You may receive a "conditional approval" that requires you to provide additional documentation or clarification on specific points. This is normal. Address the conditions quickly, and you'll move to final approval.
Step Five: The Closing
Congratulations—you're at the finish line. You'll receive a Closing Disclosure at least three business days before your closing date. This document shows your final loan terms, closing costs, and the amount you need to bring to closing (if any).
Review this document carefully. Compare it to the initial Loan Estimate you received when you applied. The numbers should be very close, though slight variations are normal as certain costs become finalized. If something looks significantly different, ask your lender for an explanation before closing day.
The closing itself is usually quick—30 to 60 minutes. You'll sign a stack of documents, including your new promissory note and deed of trust. If you're rolling closing costs into your loan, you might not need to bring any money. If you have closing costs to pay, you'll wire the funds or bring a cashier's check.
After closing, there's a three-day rescission period during which you can cancel the refinance without penalty (this applies to most refinances of primary residences). Assuming you don't cancel, your new loan funds, your old loan is paid off, and you'll start making payments on your new loan starting the following month.
Strategic Considerations: When Refinancing Might Not Make Sense
I've spent most of this article explaining why FHA and VA refinance programs are valuable, but let's talk about when you should not refinance, because that's equally important for making a smart decision.
You're Planning to Sell Soon
If you're going to sell your home in the next 12-18 months, refinancing probably doesn't make sense unless your monthly savings are enormous. You won't recover your closing costs through monthly savings before you sell, which means the refinance costs you money rather than saving it.
The exception: if you're absolutely certain you're going to convert the property to a rental and hold it long-term, then refinancing can still make sense because you'll benefit from the lower payment as a landlord.
You're Close to Paying Off Your Mortgage
If you only have five or seven years left on your mortgage, refinancing into a new 30-year loan—even at a lower rate—might increase your total interest paid. Yes, your monthly payment drops, but you're stretching your payoff timeline significantly.
The solution: refinance into a shorter term loan. You can do a VA or FHA streamline into a 15-year mortgage instead of a 30-year, though this might actually increase your monthly payment even with a lower rate. Run the numbers both ways. Sometimes continuing with your current loan and making extra principal payments is the smarter wealth-building strategy.
Your Home Value Has Declined Significantly
Most FHA and VA streamline refinances don't require an appraisal, but your new loan balance (including rolled-in closing costs) can't exceed the maximum loan-to-value ratio allowed for the program. If your home has lost substantial value since you purchased and you're trying to refinance a loan balance that exceeds the property's current value, you might not qualify for a streamline.
This scenario became common during the 2008-2010 housing crisis but is less common in the 2026 market where home values have generally remained stable or increased. Still, if you're in a market that's experienced significant declines, this could be a barrier.
You're Planning a Major Purchase Soon
Refinancing creates a new loan on your credit report, and if you're planning to apply for a car loan, business loan, or even another mortgage in the next few months, the refinance could temporarily impact your credit and debt-to-income ratio calculations. For non-credit-qualifying streamlines this is less of an issue since there's no credit check, but it's still something to consider.
If you're buying a second home or investment property in the near term, you might want to delay the refinance until after that purchase is complete, or vice versa.
The Bigger Picture: How This Fits Into Your Financial Strategy
Let's zoom out from the tactical details and talk about the strategic role refinancing plays in building wealth.
When you reduce your mortgage payment by $200 or $300 monthly through a refinance, you're not just improving your cash flow—you're creating a decision point. What you do with that freed-up money determines whether the refinance becomes a true wealth-building move or just a relief valve that leads to lifestyle inflation.
The homeowners who build significant wealth treat mortgage savings as found money that gets immediately redirected to high-value uses. Here are the moves I've seen work exceptionally well:
Accelerate debt elimination: Take that $250 monthly savings and attack high-interest debt—credit cards, personal loans, car loans. The interest you're paying on consumer debt is almost certainly higher than what you're saving on your mortgage refinance. Eliminating a $5,000 credit card balance at 22% interest saves you $1,100 annually. That's like getting a 22% return on investment.
Max out retirement contributions: If you're not maxing out your 401(k) or IRA contributions, use the mortgage savings to increase your retirement investments. In 2026, you can contribute up to $23,500 to a 401(k) if you're under 50. An extra $300 monthly gets you $3,600 closer to that cap. Invested over 20 years at a conservative 7% average annual return, that's over $150,000 in additional retirement savings from one refinance decision.
Build an emergency fund: If you don't have 6-12 months of expenses saved in an accessible account, use the mortgage savings to build that cushion. Financial security isn't just about optimization—it's about resilience. The homeowners who weather job losses, medical emergencies, and economic downturns are the ones with substantial cash reserves.
Invest in yourself: Use the savings for education, professional development, or starting a side business. The highest-returning investment is often in your own earning capacity. A certification program, advanced degree, or business investment that increases your annual income by $10,000 pays for itself immediately and continues paying dividends for decades.
What you don't want to do is let lifestyle inflation consume the savings invisibly. When your mortgage payment drops from $2,200 to $1,950, it's remarkably easy for your restaurant spending, entertainment budget, or shopping habits to drift upward by $250 monthly without you even noticing. Two years later, you're in the same financial position you were before the refinance, just with a lower mortgage rate and higher discretionary spending. That's a squandered opportunity.
Taking Action: Your Next Steps
Information without action is just entertainment. Here's exactly what you should do in the next 48 hours if you think refinancing might make sense for you.
First, locate your most recent mortgage statement. You need to know your current interest rate, remaining loan balance, and monthly payment. This is your baseline for comparison.
Second, verify what type of loan you currently have. Check your original loan documents or call your current lender. If you have an FHA or VA loan, you're potentially in position for a streamline refinance. If you have a conventional loan, you'll need to explore other refinance options.
Third, get rate quotes from at least three lenders. Use online rate comparison tools, but also call lenders directly. Explain that you're interested in a streamline refinance and ask for their current rates and estimated closing costs. Don't let any lender pull your credit during this initial shopping phase—you're just gathering information.
Fourth, run the numbers. Use a refinance calculator to compare your current payment and total interest paid over time versus what you'd pay with the new loan. Calculate your breakeven point. Be realistic about how long you plan to stay in the home.
Fifth, if the math works, select a lender and submit an application. Don't overthink this. You can always back out before closing if the final numbers don't make sense, but you can't benefit from a refinance you never apply for.
The biggest obstacle to refinancing isn't qualification or costs—it's inertia. Homeowners convince themselves they'll look into it next month, then six months pass, then two years, and they've paid tens of thousands in unnecessary interest because they never took the first step.
You have a decision to make. You can close this article, go back to your day, and continue paying whatever rate you locked in years ago. That's easy, and I understand the appeal of not dealing with financial paperwork when life is already complicated.
Or you can spend a few hours this week getting quotes, running numbers, and potentially setting in motion a decision that puts thousands of dollars back in your pocket annually for years to come. That money can transform your retirement timeline, your children's education opportunities, your financial security—real, tangible impacts on your life.
The FHA and VA streamline refinance programs exist precisely because the government recognized that homeowners were stuck in outdated, expensive loans and needed a simple path to better terms. These programs were designed for you. They were designed to be accessible, affordable, and fast.
The question isn't whether these programs work—they demonstrably do for millions of homeowners. The question is whether you'll actually use them while the opportunity is in front of you. The rate environment in 2026 won't last forever. Neither will your current mortgage balance and life situation.
Make the call. Get the quotes. Run the numbers. If it makes sense, move forward. If it doesn't, at least you know, and you can revisit the decision in six months if conditions change. But don't let another year of unnecessary mortgage payments slip by because you never got around to exploring your options.
Your future self will thank you for the action you take today.