Looking to refinance your mortgage?

Complete our questionnaire to compare up to 4 lenders and find the best rate for you!

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Mortgage Refinance Calculator
Refinancing Would Save You $322.37 each Month
Monthly Payment
$1,610.46vs$1,288.09
Total Interest Paid
$63,558.34vs$51,512.51
Total Monthly Payments
$96,627.89vs$77,285.69
Tax Savings
$19,703.08vs$15,968.88
Refinance Breakdown
  • Refinance Amount
    269,805.93
  • Total Monthly Payments Savings
    $19,342.21
  • Points Value
    $2,698.06
  • Tax Savings Losses
    $3,734
  • Balance Losses
    7,296.38
  • Total Losses
    $11,030.59
  • Total Closing Cost
    $3,898.06
  • Total Benefit(Savings - Losses - Closing)
    $4,413.56
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Where should I start to refinance my mortgage?

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.

01.
The Complete Guide for Refinance Mortgage

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.

The Complete Guide for Refinance Mortgage
02.

Compare Refinancing Mortgage Rates

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.

Compare Refinancing Mortgage Rates
03.

Complete our questionnaire

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

Complete our questionnaire
Today's Refinance Mortgage Rates

Here is a quick history on the refinance rates

Washington
August 12 2020
Washington Flag
Fixed 30 Year
up since yesterday
Rate: 3.095%
APR: 3.158%
Washington
August 12 2020
Washington Flag
Fixed 15 Year
up since yesterday
Rate: 2.853%
APR: 2.979%
Washington
August 12 2020
Washington Flag
Fixed 10 Year
up since yesterday
Rate: 2.864%
APR: 3.035%
Refinancing mortgage FAQ

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:

  • Your payment is too high
  • Your interest rate is higher than what's available on the market
  • Your adjustable interest rate is too volatile
  • You want to pay off your mortgage in 15 years instead of 30
  • You want to cash out your home equity

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.

The Most Popular Refinance Articles

We Hand Picked the most important Refinance articles for you!