Let’s face it, It takes a leap of faith to commit to a 30-year home mortgage. After all, who knows what the next 30 years will bring, financially speaking?

The good news is that if your circumstances improve, or the market shifts, you can save yourself thousands of dollars in the long run by revisiting your loan.

Consider these three options, as detailed by thebalance website:

Refinancing: When refinancing, you take out a new loan with new terms. You then use this loan to pay off your first loan. The main reason to do this is to secure a lower interest rate.

Pros: It can lower your monthly payment.

Cons: You will have to pay closing costs (such as appraisal fees, origination fees, etc.). It could also mean paying more interest over time. For example, if you secure another 30-year loan after you’ve already paid 15 years on the old loan, you will pay significantly more interest, all told.

Recasting: This is when you make a substantial payment toward your loan balance. The lender then re-calculates the monthly payment, based on the lower principle balance.

Pros: You pay less interest over the life of the loan and will have a lowered monthly payment. In addition, you don’t need to requalify for this loan.

Cons: Usually it costs a small fee; the interest rate remains the same (a drawback if rates have dropped since you took out the mortgage); and you don’t pay the loan off any faster.

Prepaying: In this option, you keep your existing loan, but pay down the mortgage with a lump sum or by paying extra with each monthly payment.

Pros: You save on interest over the course of the loan. You pay off the mortgage early, and there are no extra costs involved.

Cons: You lose interest write-offs when the loan is paid off.

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