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home refinance

Mortgage Refinance Made Easy

Our platform allows you to compare personalized refinance offers from multiple lenders within minutes.

How to refinance your mortgage?

Wondering how the mortgage refinance process works? It’s easy to get overwhelmed by all of the details involved, but follow these five steps and you’ll be well on your way:

Refinancing goals and assessment

Determine your refinancing objectives, such as securing a lower mortgage rate, opting for a shorter loan term with higher monthly payments, or accessing your home equity.

Home value evaluation and equity assessment

Utilize a home value estimator or seek assistance from a real estate agent to assess the current value of your home. This evaluation will help you understand your equity position, which can have an impact on the interest rate you qualify for.

Refinancing process completion

Apply to three to five refinance lenders within a 14-day timeframe, as recommended by FICO. After selecting a lender, lock in your mortgage rate to secure the quoted interest rate. Complete the refinancing process by submitting required documentation, addressing outstanding requirements, and scheduling the closing date with your chosen lender.

FAQ

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When should I refinance my mortgage?

Refinance when it guarantees long-term financial benefits. Understand the break-even point and how changes in payment will affect your monthly budget.

How to calculate whether you should refinance?

Considering recent interest rate fluctuations, you might be asking, “Should I refinance my mortgage?” Typically, if refinancing can lower your interest rate by 1% or more, it’s a good financial choice. Calculate your break-even point by dividing total closing costs by estimated monthly savings. As long as you stay in the home beyond the break-even point, refinancing will save you money in the long run.

Is now a good time to refinance?

Despite current interest rates not being ideal for obtaining a lower rate through refinancing, there are other financially advantageous reasons to consider it. These include eliminating mortgage insurance, lowering monthly payments, paying off the loan faster, avoiding adjustable-rate mortgage adjustments, tapping into home equity, and replacing a government-backed loan.