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Mortgage Refinance Loans

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Refinance Rates

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Loan Rate APR
30 Year Fixed Rate 3.88% 3.38%
15 Year Fixed Rate 4.06% 3.61%
5/1 Adjustable Rate 2.75% 3.37%
* These rates are averages, and might not apply to you.

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We focus our site on home loan refinancing, but if you're looking for a new mortgage loan, we can help you too.

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There is a close link between your credit scores and the refinance mortgage rates you'll be able to secure. We have an extensive guide on fixing up your scores and so much more on our credit scores page!

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Refinance Loans

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Should you Refinance your Mortgage Should you Refinance your Mortgage?

Without doubt, the decision to refinance your mortgage is difficult, and will ultimately affect your future, both personally and financially. In tough economic times, and especially when people have lost their jobs or income, it is quite alluring to question whether or not you should refinance your mortgage. But, you must not take the decision making process lightly, as your home may be all you have. Particularly, in the case where you have children, you might not want to put your home at risk. It may be better to avoid refinance so that you can be assured of having somewhere for your family to live.

On the other hand, if your mortgage payments are small, and you are confident that your situation is a temporary one, it might be prudent to refinance in order to weather the storm. Especially if you have high interest debt, and when your budget is tight, reducing payments is wise. One term that has recently become very popular with analysts is "using one's home as an ATM". This means that many people are refinancing their mortgages with no clear reasoning, and spending the money as though it was available cash. Indeed, this type of refinancing can be dangerous. Each person's situation is different, however, and you must evaluate your unique circumstances on your ability to earn, your existing debt load, and your familial responsibilities.

Of course, if the market is showing signs that interest rates are falling, and other indicators are favorable to you, then it would be the right time to refinance your home loan. Assuming you know your income is relatively stable, or you have received some extra money by way of a bonus, an inheritance, or a debt owed you, being able to apply a lump sum payment to your mortgage would make it advantageous for you to refinance your mortgage. By reducing your term length, or reducing your payments, coupled with lower interest rates, you could save a considerable amount over the full term of the mortgage. And owning your home a lot sooner would be a great accomplishment.

Lastly, because there are so many more opportunities today with different types of mortgages and different types of lenders, it really is wise to ask yourself whether or not you should refinance your mortgage. Make a list of the pros and cons, then review all the criteria to qualify for a mortgage refinance, open a spreadsheet and calculate the numbers, and make a final informed decision that will provide future benefits and security.

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