Complete our questionnaire to compare up to 4 lenders and find the best rate for you!
Start by reviewing your current mortgage loan rate, term and balance. What is your current mortgage rate? Are you on an adjustable rate or a fixed rate product? How many years left on your current mortgage term? What is your current mortgage approx. balance? Are you planning on paying off more than one home loan (or debts) with a refinance? How long is your projected stay in the home? What is your current home value in today’s market (check with your Realtor)? What is your FICO credit score, documented current monthly or annual income and documented liquid assets?
Once you have these answers you are ready to explore refinancing options to compare lenders, mortgage rates and closing costs.
Here is a quick history on the refinance rates
Our Refinance Mortgage Guide is a complete series of articles covering in depth the whole process of refinancing a mortgage being a adjustable rate or a fixed rate product. Everything you need to know you can find here.
Several factors affect your ability to get low mortgage refinance rates. Your credit score, for one. Your down payment, the property you're buying, the length of the loan, how much you borrow, and even when and where you're borrowing. Use our Comparison Table to find the best refinance rates.
Maybe your lazy to go and filter all the information on our Comparison Table, or you just want to see what rates our lenders network have. Complete this questionnaire in a few steps and get custom quotes from up to 4 lenders
A mortgage refinance is a new loan that pays off and replaces an old mortgage loan. Since mortgage loans are not typically amended, a refinance mortgage is the easiest means of restructuring mortgage debt. There are several reasons why you might do this: to lower the interest rate or payments, to shorten or lengthen the loan maturity, or to increase or reduce the loan amount.
If you have home equity, you may have the option of refinancing for more than what you owe on your old mortgage. This is a cash-out refinance, in which the amount leftover after the pay-off is transferred to you, and can be used as you wish. Your payment will reflect a higher loan balance, but you could possibly offset some (or all) of the increase with a lower interest rate or extended maturity date.
The application process for a mortgage refinance is very similar to what you experienced when you purchased your home. You consult with a mortgage lender, have the home appraised, complete a home loan application, and supply the required documentation to verify your income and assets. You'll have to pay closing costs, but they should be lower than they were when you purchased the home. When the refinance mortgage funds, the new lender automatically pays off the old mortgage lender, including any prepayment penalties, and transfers any remaining funds to you. The old lender releases its claim on the home, and the refinance lender files a new one.
You can reduce your payment with a mortgage refinance by lowering the interest rate and/or by extending the maturity date.
Many homeowners start thinking about refinancing when there's some part of the existing mortgage loan that's no longer appealing. Examples include:
A refinance calculator can help you run the numbers, but the decision usually depends on how market mortgage refinance rates compare to what you're currently paying. If you can find a refinance mortgage that will save you money and help you achieve your financial goals, then the time is right.
We Hand Picked the most important Refinance articles for you!
With mortgage interest rates as low as they are right now, homeowners can save a lot of money by refinancing their home loan. But it's not as simple as finding a good interest rate and jumping on...
Read More
In a cash-out refinancing, you take out a new mortgage for an amount that's larger than your current principal balance. You can then use the extra money as you wish. Just make sure that you com...
Read More
With home loan interest rates seeming to hit lows often, it can be maddening for homeowners who want to refinance their mortgage at the lowest interest rate they can find. What’s low today could be lo...
Read More
So you're looking to refinance your mortgage but you've got bad credit. What can you do?
First of all, don't panic. Although banks have tightened up their lending standards...
The no-free-lunch rule applies to mortgages, even those that call themselves no cost mortgage refinances.
Win the lottery and you have a choice receive your prize money all at once or in...
