Elizabeth, If you’ve selected a lower interest rate with the same loan term as your current loan, it’s easy to see the savings right away. But, if you've selected a loan term
that's shorter than your current loan, it's possible to have a new payment that's higher. However, as long as the interest rate is lower and the loan amount is
similar, you can still save big on interest. There are other potential benefits from refinancing such as accessing cash for home improvements or other major expenses
such as college tuition. Please reach out if you have questions or would like to go over the prospect of refinancing for any reason in greater detail.