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Lower monthly payments. You may be able to get a lower rate so you can save money each month.
Pay off your loan faster. Change to a shorter term to pay off your home sooner.
Take cash out. Leverage your home’s equity and get cash to use however you want, whether that's making home improvements, consolidating debt, or paying for school.
Get started to see if it makes sense for you to refinance and to check out more personalized refinance rates in as little as 15 minutes with no impact to your credit score. You can also see the difference a new loan can make with our Refinance Calculator.
Let's be honest – no FAQ will be able to definitively answer that (trust us, we've tried.) But there are a couple of indicators that it's a good time.
When rates are low. When interest rates fall, you could have the opportunity to refinance your existing loan for another one that allows you to pay off your home faster without much change to your monthly payment or lower your payments overall.
When you have sufficient equity. With a cash-out refinance, you can borrow money against your home’s equity by taking out a new mortgage loan that returns some of your equity to you in the form of cash to handle home repairs or renovations, consolidate debt, or fund another financial goal. Lenders traditionally limit withdrawals to a set percentage of equity in cash. Typically, this is capped at 80% of your total loan-to-value (LTV) ratio.
We offer different types of terms to fit both new loan and refinancing needs. Get started to find out what's right for you and to understand all your options.
There are a few things you can do to improve your chances for a low interest rate.
Improve your credit score. The higher your credit score, the more creditworthy you seem to potential lenders, which could result in a lower interest rate.
Make a higher down payment. Putting down a larger down payment gives you more equity in the home, which, in turn, can lower your interest rate.
Purchase discount points. Points are upfront fees calculated as a percentage of your total loan amount and paid directly to the lender at closing in exchange for a reduced interest rate. You have the option to choose the number of points and how many you buy when discussing rate options with your home loan expert.
