A mortgage refinance involves replacing your existing home loan with a new mortgage for the same property. The funds from your new mortgage are used to pay off your existing loan, and you start making mortgage payments on the new one instead. There are many reasons to refinance your mortgage loan. You may want to reduce your interest rate, lower your monthly mortgage payment, avoid paying mortgage insurance premiums, or borrow from the equity you’ve built up in your real estate. Here’s when ...
You'll pay nothing up front, but you'll probably pay more over the life of the loan with a no-closing-cost refinance. Here's when that might be right for you.
Learn when the right time to refinance your mortgage is based on current market conditions, your financial situation, and average refinancing costs.
Use this cash-out refinance calculator to estimate how much you can borrow as well as what your monthly payments and overall cost will look like.
That’s because once you refinance, you’re starting over with a new loan and term that can cost you significantly more in interest charges. What to do before a mortgage refinance If...
You incur upfront expenses when you take on a new home loan. Here’s how much it costs to refinance a mortgage.
Mortgage refinance closing costs can amount to 2%-6% of your principal balance. Here are the small costs that can quickly add up.
It makes sense to refinance your mortgage if you'll save money, whether via a lower interest rate or shorter term. Or, if it brings you cash.
Our mortgage refinance calculator can help borrowers estimate their new monthly mortgage payments, the total costs of refinancing and how long it will take to recoup those costs.
With a no-closing-cost refinance, you don’t have to pay closing costs upfront. But it could be more expensive long term.