Written by Emma Woodward , Edited by Rebecca Betterton ; Published on June 28, 2024 | 4 min read
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Lending Partner, Loan Term (Months), Min. APR, Min. Credit Score ; RefiJet, 48 – 84, 5.29, 550 ; MyAutoLoan.com – Refinance, 12 – 72, 5.49, 575 ; Gravity Lending, 36 – 84, 4.99, 640 ; Auto Approve, 12 – 84, 5.29, 620 ; Caribou, 36 – 72, 5.99, 680
As home values skyrocketed in the last few years, homeowners have enjoyed a major perk: more equity. Equity is your current home value minus what you owe on your mortgage. For many homeowners, their equity has seen a significant jump. That’s good news for homeowners hoping to refinance. Since it’s very hard to refi without equity (read: impossible with most loan programs), people will need to leverage the part of their home that they own outright to get into a new home loan. That refinance means paying closing costs, but a refi can benefit ...
Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate mortgages to write unbiased product reviews. Lenders like to advertise quick and easy refinances, but they don't always end up that way when you factor in all the new paperwork you'll have to deal with and the money you'll have to spend. But in certain cases, refinancing can actually be relatively easy. ...
Your home’s current value · How much you still owe on your mortgage · How much you’d like to borrow · The loan term you’d like (usually 10 to 30 years)
Better · Old National Bank · U.S. Bank · PenFed Credit Union · Rocket Mortgage · Citizens Bank · PNC Bank
Minimum Credit Score · 580 for FHA and VA refinances, 620 for conventional refinances ; Days to Close · 30–45 days
Best Private Student Loans · Best Student Loan Refinancing Rates · Best Student Loans For Bad Credit · Best Low-Interest Student Loans · Best Student Credit Cards
Mortgage Application Fee—Lenders may charge about 1% of the loan amount to process mortgage applications, approved or not. Home Appraisal—Lenders usually require the appraisal of the house value in order to evaluate changes in value, and whether borrowers have enough equity for successful application. This typically costs a few hundred dollars. Loan Origination Fee or Mortgage Points—Normally 0-2% of the loan amount, used as compensation for putting loans in place. Documents Preparation Fe...