Refinance
Lower your rate or change your loan terms.
*Rates shown are illustrative and subject to change.
Photo by Omar Lopez on Unsplash
Refinance: Lower Your Rate or Change Your Loan Terms
Replace your current mortgage with a new loan that better fits your financial goals.
Whether you want a lower monthly payment, a shorter loan term, or to switch from an adjustable rate to a fixed rate, refinancing gives you options. We'll help you compare and find the right fit.
- Potentially lower your interest rate and monthly payment
- Switch from adjustable to fixed rate for predictable payments
- Shorten your term to pay off your home faster
Refinance Requirements
Requirements depend on your current loan type and the new loan you're seeking:
- Sufficient home equity (most lenders require at least 5–20%)
- Acceptable credit score (typically 620+ for conventional, 580+ for FHA/VA)
- Stable income documentation
- Current mortgage payment history (on time for the past 6–12 months)
- Home appraisal (some streamline programs may waive this)
What Does Refinancing Cost?
Refinancing involves some upfront costs, but the savings often outweigh them:
- Closing costs — typically 2–5% of the new loan amount
- Appraisal fee — usually $300–$600
- Title insurance and recording fees
- Possible prepaid taxes and insurance
Benefits of Refinance
How to Apply
Answer a few questions
Tell us about your current mortgage and your refinancing goals.
Get matched
We connect you with a lender who offers competitive refinance rates.
Close your loan
Work with your lender to finalize the new terms and start saving.
Frequently Asked Questions
Refinancing typically makes sense when you can lower your rate by at least 0.5–1%, when you want to change your loan term, or when you need to switch from an adjustable to a fixed rate. The key is ensuring savings outweigh closing costs.
Most refinances close in 30–45 days. Streamline refinance programs (VA IRRRL, FHA Streamline) may close faster due to reduced documentation requirements.
Applying for a refinance involves a hard credit inquiry, which may temporarily lower your score by a few points. Multiple mortgage inquiries within a 14–45 day window are typically counted as a single inquiry.
It's more difficult, but some programs like VA streamline refinancing and specialized lender programs may offer options for underwater borrowers.
Ready to get started?
Apply in under 2 minutes and get connected with a refinance specialist.
Start Your Application