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Adjust Your Monthly Payment
Some homeowners refinance to explore whether a different interest rate, repayment period, or loan structure could change their required monthly mortgage payment.
Mortgage Refinancing
Explore Your Mortgage Refinance Options
See which refinance path may fit your current mortgage and financial goals.
Refinancing replaces your existing mortgage with a new loan. If you are considering a lower monthly payment, a different loan term, cash-out financing, or another refinance strategy, start by answering a few questions about your current mortgage and what you want to accomplish.
- Explore options for changing your monthly mortgage payment
- Compare different refinance goals and loan structures
- Review potential cash-out and home-equity refinance paths
Start Exploring Refinance Options
Tell us about your existing mortgage and refinance goals to explore options from participating lenders.
Exploring refinance options does not constitute a loan application approval, commitment to lend, or guarantee of specific rates or terms. Available products, rates, fees, loan amounts, and eligibility vary by participating lender and individual circumstances.
Why Homeowners Explore Refinancing
A refinance can change the structure of an existing mortgage. The right approach depends on your current loan, available equity, costs, rates, and financial goals.
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Change Your Loan Term
Moving to a different mortgage term may change both the monthly payment and the total amount of interest paid over time. A shorter term can accelerate repayment, while a longer term may reduce the required payment.
3
Access Available Home Equity
Eligible homeowners may be able to use a cash-out refinance to replace an existing mortgage with a larger loan and receive part of the difference in cash, subject to lender requirements and available equity.
How the Refinance Process Works
The exact process varies by lender, but refinancing generally involves reviewing your current mortgage, comparing potential new loan options, and completing lender qualification and underwriting.
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Tell Us About Your Refinance Goal
Start by selecting what you want to accomplish, such as lowering a payment, taking cash out, changing your loan structure, or addressing another financial goal.
2
Provide Your Mortgage Information
You may be asked about your property, existing mortgage balance, estimated home value, credit profile, and other information relevant to potential refinance options.
3
Review Potential Next Steps
If matching options are available, review the participating lender information and decide whether you want to continue with a lender for additional details and qualification.
Mortgage Refinance FAQs
Common questions about refinancing an existing mortgage and exploring potential lender options.
What is mortgage refinancing?
Mortgage refinancing means replacing your existing mortgage with a new loan. The new mortgage may have a different interest rate, loan term, monthly payment, balance, or other terms.
Can refinancing lower my monthly mortgage payment?
It may. A lower interest rate, longer repayment term, different loan structure, or combination of changes can reduce the required monthly payment. However, extending the repayment period can increase total borrowing costs even when the monthly payment is lower.
What is a cash-out refinance?
A cash-out refinance replaces an existing mortgage with a larger mortgage and may allow an eligible homeowner to receive part of the difference in cash. Available amounts depend on home value, equity, lender requirements, and other qualification factors.
Does refinancing have closing costs?
Refinancing commonly involves lender fees and other transaction costs. The amount and structure of those costs vary by lender and loan. Compare the APR, fees, payment, loan term, and total borrowing cost rather than evaluating the interest rate alone.
Does exploring refinance options guarantee approval?
No. Exploring refinance options does not guarantee approval or specific loan terms. Final eligibility, rates, loan amounts, fees, and approval are determined by the lender after reviewing the required information.
When might homeowners consider refinancing?
Homeowners may explore refinancing when interest rates or financial goals have changed, when they want a different loan term or payment structure, or when they want to evaluate accessing available home equity. Whether refinancing makes sense depends on the new loan's costs and benefits compared with the existing mortgage.