Apr 10, 2024 · Mortgage refinancing works by trading your mortgage for a newer one, ideally with a lower balance and interest rate. Learn why and how to refinance a mortgage.

Apr 25, 2024 · Refinancing is when you pay off an existing loan with a new loan. Mortgage refinancing may allow you to borrow funds at a more favorable interest rate, repay the funds over a different length of time, and withdraw from or add to your home equity, depending on the type of mortgage refinance product. How does refinancing work?

Mar 12, 2024 · A mortgage refinance involves more than just replacing your mortgage and paying it off with a new loan to get a lower interest rate. You can typically follow the same steps you took to get your current mortgage, along with a few extra ones to ensure a smooth, no-surprises refinance experience.

Feb 27, 2025 · Refinancing replaces your current mortgage with a new one, adjusting the rate, term or both. With refinancing, you can change the loan type and your lender.

Jan 31, 2025 · When you refinance, you get a new mortgage to replace your old one. You usually pay closing costs and fees. Set a goal first. For example: Lower your interest rate, tap home equity or pay...

Our refinance tool can help you calculate your potential monthly savings. Crunch the numbers to see if you could benefit from today’s rates. Consider your home refinance goals. What's your reason for mortgage refinancing?

Mar 24, 2025 · Mortgage refinancing is the process of replacing your current home loan with a new mortgage — usually with different and more favorable terms, interest rates, or payment structures. One of the most common reasons to refinance is to secure a lower interest rate, which can reduce your monthly payments or shorten the term of your loan, saving ...

Aug 12, 2022 · There are several reasons why you might choose to refinance your mortgage, such as if you can qualify for a lower interest rate or pay off your mortgage faster. But before you proceed, it’s...

Mar 25, 2025 · Your credit score gives lenders a sense of how likely you are to make regular, on-time mortgage payments. So, it's a critical part of the approval process for mortgage refinancing. Typically ...

Paying down your mortgage builds equity you can use to take cash out – great for renovating your home or paying down high-interest debt. Getting a new mortgage with a lower monthly payment can help with goals like saving more for college or retirement. Become mortgage-free faster and reduce the interest you’d pay.