Refinancing

What is Refinancing?

Refinance is a process in which you pay off one or more existing debts with a new home loan. If you have good credit, refinancing is sometimes a good way to obtain a lower interest rate or to convert a variable rate loan to a fixed rate. It is particularly effective if you purchased your home when mortgage rates were higher.

To put it simply, mortgage refinancing is simply paying of your existing mortgage with a new mortgage loan.

Depending on the terms of mortgages that are available now compare with the terms of your current mortgage, refinancing can save you a significant amount of money.

If you are able to refinance your mortgage with a lower interest rate then the one you currently have, you may be able to save significant money. An important factor to keep in mind, however, is that if you are planning to move in the next two or three years, the savings due to lower interest rates may be offset by the costs that are often involved in refinancing.

Recently, many refinance programs have eliminated the "out of pocket" expenses associated with refinancing. "No cost refinancing" is obtained by the lender including some of the costs in the loan amount.

The decision on whether or not to refinance can basically be made by calculating the savings benefits of a new mortgage loan with lower interest rates and comparing that to the cost of refinancing.

Sound Complicated? Not really. An easy (and free) way to determine whether mortgage refinancing is right for you is to simply apply.

We have partnered with top lenders to allow you to fill out a fast and easy application that will be submitted to various loan sources to provide you with the lowest rate.

If you have 5 minutes, click here to get started.