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Refinance Your Loan For A Better Rate

You’re not stuck with the same mortgage rate forever. In fact, you can take advantage of lower rates by refinancing and potentially save hundreds of dollars on your monthly mortgage payment.

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of all loans produced in 2020 were refinances


average monthly savings with a refinance


number of records set in 2020 with historically-low rates

What is Mortgage Refinancing?

A mortgage refinance is when you replace your current home loan with a new loan. Refinancing will let you change the terms of your mortgage to lock in a lower interest rate, switch your loan terms, or even take out cash from your home’s equity to put toward bills or home renovations.

To refinance your loan, you’ll go through a similar process as you did to secure your original loan. You’ll be required to complete a new home loan application, and your lender will ask for supporting documentation as well as a credit check to qualify for the new loan. Keep in mind, you’ll need to pay closing costs again, so it’s important to make sure refinancing is the right choice for your situation.

The bottom line: when you refinance your mortgage, you'll get a new loan with fresh repayment terms.

Why Should I Refinance My Mortgage?

Refinancing has a ton of benefits! You can lower your interest rate and enjoy a lower monthly mortgage payment. A refinance may also make sense if you have an adjustable-rate mortgage and want to lock in a low rate by switching to a fixed-rate mortgage. Some people also refinance to change their loan program – for example, switching from an FHA loan to a conventional home loan. For some loans, like FHA, refinancing is the only way to drop mortgage insurance.

You can also change your loan terms when you refinance, such as going from a 30-year loan to a 15-year. This would allow you to pay off your mortgage sooner and save money on interest across the life of the loan. If you need more cash in hand, a cash-out refinance will allow you to take out a portion of the equity in your home.

When Should You Refinance Your Mortgage?

It’s a smart idea to refinance when rates are lower and your credit score is strong to ensure you receive the best terms for your new loan. There are no limits on how often you can refinance, but you should look at the total financial picture to determine if a refinance makes sense. When you’re deciding whether you should refinance, calculate the potential monthly savings against how much it will cost. Make sure to factor in how long you plan to live in the home. Ideally, you should live in the home long enough to recoup your mortgage refinancing costs.

The Complete Guide to Refinancing Your Mortgage

Refinancing your mortgage can be a smart move to reduce your mortgage rate, leverage your home equity, and save more money. Usually, when mortgage rates go down, refinance applications go up. But, refinancing takes time and money, so it's important to understand the process before applying.

What is Mortgage Refinancing?

A mortgage refinance is when you replace your existing home loan with a new mortgage loan. Since you're replacing your current mortgage, you'll need to complete a new home application, re-qualify for the loan, and complete the mortgage process all over again. Your loan officer will check your credit and ask for financial documentation. You'll also be required to pay closing costs again. Refinancing doesn’t only create a new mortgage loan, it also allows you to receive new loan terms.

Why Should I Refinance My Mortgage?

There are many reasons to refinance! When mortgage interest rates decrease, refinancing is often the only way to take advantage of a new lower rate. Home buyers with an adjustable-rate mortgage may want to convert to a fixed-rate mortgage, or a borrower may want to switch home loan programs. For instance, some people refinance from an FHA loan to a conventional loan. Some borrowers may also want to switch to a shorter term mortgage to save more money on interest.

Benefits of Refinancing Your Mortgage

In addition to a lower interest rate, a lower monthly payment, and getting new mortgage terms, refinancing provides an opportunity to cash out some of your home’s equity. This is called a cash-out refinance, and it involves taking out a loan for more than you owe on your mortgage and pocketing the difference. What you do with these funds is up to you! You could update your kitchen, put a child through college, or add to your emergency fund.

When Should You Refinance Your Mortgage?

There's no hard or fast rule about when you should refinance your mortgage. Usually, it makes sense to refinance when your new mortgage rate is less than your current one. When deciding whether or not to refinance, calculate the potential monthly savings compared to the costs. Also, consider how long you’ll live in the home and determine your break-even point. This is the point in time when your savings outweigh the costs to refinance. Ideally, you should live in the home long enough to recoup your refinancing costs. It's also smart to refinance when you have a good credit score to ensure you receive the most favorable terms.

The Cost to Refinance

Refinancing a mortgage does involve some costs. You'll pay closing costs—just like getting the original mortgage loan. Closing costs vary depending on your location and loan type but they can average as much as 2% to 5% (or higher) of the mortgage balance. Closing costs are paid at closing and may include the mortgage origination fee, title search fee, attorney fees, points, prepaid interest, and other mortgage-related costs.

Refinance Your Mortgage with Found It

Our experienced team of home loan experts is here for you. Reach out to us, and you'll be on your way to refinancing in no time.