Compare Mortgage Refinancing

Refinancing your mortgage save you thousands of dollars in interest and significantly lower your monthly payments. Compare mortgage refinancing options to be sure you’re making the right move for your home and your future.

  • 620 Min credit score
    4%-8% APR Range
    Up to 30 Years Fixed Loan Term

    About the lender

    Lenda believes getting a home loan should be honest, fast, and completely online. Our application process is straightforward and streamlined, and saves you money by cutting out the brokers and banks with their commissions and fees.

    Qualifications

    • Credit over 620
    • Maximum LTV = 97%
    • Maximum DTI = 45%
    • Minimum loan amount = $150,000
    • States: CA, OR, WA, TX, CO, AZ, MI, IL, PA, GA, FL, VA

    Facts and fees

    • No Origination fees
    • No Application fees
    • Fast and easy online application
    • Dedicated home loan advisor to answer all your questions
    • 24/7 access to your loan and its progress

    For more information about Lenda's privacy policy and terms of use please go to https://www.lenda.com/terms_of_use

  • 620 Min credit score
    4.89% to 5.32% APR Range
    Up to 30 Years Fixed Loan Term

    About the lender:

    NBKC bank makes purchasing or refinancing your home simple, with helpful resources and highly-trained loan professionals to guide you every step of the way. Read any of our thousands of reviews and see firsthand why our customers are satisfied.

    Qualifications:

    • Credit over 620,
    • Maximum loan amount = $1,500,000,
    • States: All 50

    Facts and fees:

    • No Origination Fee on VA loans
    • No Application Fee
    • Licensed in all 50 states
    • Free Loan Proposal
    • Easy Online Application

  • 620 Min credit score
    4.5%-8.5% APR Range
    Up to 30 Years Fixed Loan Term

    About the lender:
    Credible believes that the process of refinancing your mortgage should be as simple and transparent as possible. Our prequalification form, which allows users to view actual rates from multiple lenders in 3 minutes help streamline the process and allow the user to make a more informed decision. We're with you every step of the way, from rate comparison right up to closing.

    Qualifications

    • Credit Score over 620
    • LTV = 80%
    • Minimum Loan Amount: $25,000
    • States: CA, CO, DC, FL, GA, IL, IA, KS, ME, MD, MN, NJ, NC, ND, OR, PA, TN, VT, VA, WI

    Facts and fees:

    • Compare prequalified rates from up to 6 different lenders
    • Credible NEVER sells your data (no annoying calls or emails)
    • Complete the entire origination process from rate comparison up to closing, all on Credible.
    • Fixed + Adjustable rates
    • Cash Out options available

  • 620 Min credit score
    4.08%-4.87% APR Range
    Up to 30 Years Fixed Loan Term

  • 620 Min credit score
    4.08%-4.87% APR Range
    Up to 30 Years Fixed Loan Term

Refinancing Your Mortgage: What You Need to Know

Mortgages can be tricky. Mortgages are, at their core, a contract between you and a creditor. The creditor is usually a bank or financial institution that loans you money, with which you can purchase your home. Mortgages come with their own risks, but there are a lot of benefits. Home ownership is a financial tool in and of itself. Don’t allow yourself to be intimidated by a mortgage. While there were predatory lending problems in the past, there has been legislation passed to minimize these threats. A way that you can pay less on your mortgage is through refinancing. To refinance mortgages, you will need to go through a process. The process to refinance mortgages is not difficult. The refinancing may allow you to renegotiate interest rates and monthly repayment.

Here is the crucial information you should know about how to refinance mortgages:

What is Refinancing a Mortgage?

To refinance mortgages, there are some terms and definitions people need to know. First of all, refinancing itself involves taking financial stock once again of something. When you refinance the asset (such as when you refinance mortgages), you usually get a lower rate of interest. When refinancing, the debt obligation is replaced with a new obligation at a lower rate. So, a bank takes your mortgage and its interest rate and gives you a lower one. You might end up paying significantly less than you paid beforehand.

Benefits of Refinancing a Mortgage

As you can imagine, there are a lot of benefits to refinancing your mortgage. You pay less each month, for example. You can save money through the lowering of mortgage payments. You can also shorten the term of the loan. If you were paying something off for thirty years, that might be decreased once you have the new rate. Again, it depends on how the refinancing goes.

Debt consolidation is another benefit. If you owe multiple creditors and have multiple debts, you can group these (consolidate them) into one loan. This way, payments are easier to track and the whole single loan itself might have an easier interest rate. Debt consolidation is one of the most useful financial tools for people who have multiple debts. It makes things way easier. If you have a loan existing now that you want to improve or if you’ve found a lender with better terms, refinancing a loan is a good idea. Also, if your new loan terms help you pay off a debt completely, definitely refinance.

When to NOT Refinance Mortgages

Refinancing might save you money, but it is not cheap. The process to refinance mortgages can be expensive. If you check the figures and see that, after all is said and done, you don’t come out ahead, you will not want to refinance mortgages. You don’t want to lose money doing something that is supposed to save you money.

Also, note that refinancing can backfire. You might end up paying more than before if you refinance mortgages. This might mean that you pay out over a longer time period with lower rates. Choosing to refinance is a balancing act. You should definitely get professional input as to refinancing’s value to you. Also, if you have student loans, there might be benefits that you’ll lose if you refinance. If your loan has a fixed rate, changing that could harm you in the future if the market takes a turn for the worse. Adjustable rates can be volatile. There are some cases in which it’s better to stick with what you have.

There some things that do not change when you refinance mortgages. When you refinance mortgages, you don’t increase your debt burden unless you roll closing costs and the loan together. Also, collateral does not change. You can expect these factors to stay the same.

FYI: Predatory Lending is Real

As with any mortgage discussion, it is important to talk about predatory lending. Back almost a decade ago, predatory lending caused a major financial crisis. Banks lent mortgages to people who the banks reasonably knew could not afford them. People lost their homes, and the market went south. This is not to dissuade you from a mortgage. It should encourage you to carefully research the financial institution lending you the mortgage.

The ability to refinance mortgages is a gold mine for homeowners. You are not technically locked into your mortgage when it comes to the amount. There are multiple reasons a mortgage could become different as a result of refinancing. Repayment of a mortgage is, obviously, necessary. Failure to repay will damage your credit and potentially cause the bank to take your home. But this obligation can be negotiated with the right tools. Make sure to refinance your mortgage to keep it current. There is a chance that, without the choice to refinance mortgages, you might be paying more than you need to.

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