Refinance Your Mortgage

When you refinance a loan, you pay off your existing home loan and replace it with a new one, or combine a first and second mortgage into a single new loan. Refinancing is an excellent way to take advantage of lower rates, change the type of home loan you have, or access equity in your house.

Many homeowners ask themselves, “Should I refinance my mortgage?” Especially when market interest rates are at historic lows, homeowners should evaluate their current mortgage and see if it makes sense to qualify for a new home loan.

Refinancing can potentially save you money each month, making your budget easier to handle–but in some cases, it can also save you hundreds and perhaps thousands of dollars in interest payments by the time your entire mortgage is paid in full.

Whether your current mortgage is a decade ago or just a few years, your circumstances and your lifestyle may have changed. Your income may have changed or you may have different priorities. An annual budget evaluation should, at least, include a quick review of your mortgage to see if a refinance makes sense.

Even if your current home loan payments are affordable, there are many reasons to consider refinancing.

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Why Should You Refinance?

There are three primary reasons to refinance your mortgage.

Cash out refinancing

If you have a substantial amount of equity in your home, you can refinance into a new, higher-balance loan to cash out your equity. This is a popular choice among homeowners who want to pay off debt or get together cash for a big purchase, such as a vehicle. A cash-out refinance usually has a higher interest rate than a straight refinance

Reduce Your Rate

The most common reason to refinance is to take advantage of lower interest rates. There are closing costs with a refinancing loan, so it is usually best to refinance if the interest rate will be at least 1 percent lower. With a lower interest rate, your monthly payments will be lower.

Change Mortgage Type

You can also refinance your mortgage to get a new type of loan. For example, you may want to turn an adjustable-rate mortgage (ARM), interest-only loan, or balloon payment loan into a standard fixed-rate mortgage.

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Frequently Ask Questions

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Lower interest rates may be tempting, and as part of a sound financial plan you should consider whether it makes sense to refinance your current mortgage but don’t forget to factor in the costs of the new home loan in your calculations.

The costs of the new loan could negate potential savings, particularly if you intend to sell before your monthly savings can make up for the costs of refinancing a home–so it pays to estimate costs and shop carefully before proceeding.

Don’t be surprised if your new mortgage carries most of the same costs as your initial purchase mortgage–including an appraisal, processing fees, and other loan closing costs.

Some of these costs and fees may include:

  • Appraisal fee
  • Land survey fees
  • Attorney’s fees
  • Title search and insurance
  • Points to lower rate
  • Recording fees

Closing costs vary city to city but might be 2% to 5% percent of the home’s value. Often, homeowners can wrap their closing costs into the new mortgage, but doing so will increase the loan amount.

  • Lower your interest rate
  • Lower your monthly payment
  • Adjust your loan term
  • Convert a variable rate to a fixed rate
  • Take cash (equity) out of your home

There are many reasons why you may want to refinancing your VA loan or your FHA loan. Reasons for refinancing your VA loan into another VA loan are very similar to a regular mortgage refinance – you want to get a lower rate, lower your monthly payment, cash out some of your equity, or change your loan term.

For those looking to refinance their FHA loan, the main reason to do so is to drop private mortgage insurance, or PMI. Since FHA loans require just a 3.5 percent down payment, lenders charge private mortgage insurance to mitigate risk. Once you have 20 percent equity in your home (whether by paying down your loan, home prices increasing, or a combination of both), you can refinance your FHA loan into a conventional loan and no longer pay PMI. Of course, if you don’t have 20 percent equity in your home, you can always refinance your FHA loan into a new FHA loan (known as an FHA Streamline Refinance) to obtain a lower interest rate and monthly payment.

To refinance your mortgage, you’ll need to have the following documents on hand:

  • Your identity: Social security card, photo ID
  • Your income: Last three pay stubs, W-2s for two previous years
  • Your assets: Retirement accounts, investments
  • Your debts: Bank statements for two previous months, credit card and loan statements, child support or alimony payments, homeowners insurance, property tax bills
  • Your creditworthiness. The lender will pull your credit report, but you can view your score for free on LendingTree to make sure it’s where you expect it to be.

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