Refinance Rates
| 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. | ||
Mortgage loans
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Credit Scores
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!
Don't let your credit score hold you back, you have more options than you know!
Refinance Loans
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Find the right Refinance Loan for You
Depending on your individual and unique circumstances, all mortgages are not the same. And realistically, not everyone qualifies for every type of mortgage available, or every kind of lender. In fact, a large percentage of mortgage customers are not eligible for traditional mortgages from banks. But they do obtain mortgages, as there are many private lenders and other types of financial institutes that are more than willing to finance these types of loans. Therefore, part of the decision making process is to find the right home refinance loan for you.
Clearly, banks are looking to accommodate clients with excellent credit histories, high credit scores, and stable jobs. They are not interested in customers with problems or blemishes on their records. On the other hand, those that do qualify for bank loans may be able to obtain some of the lowest and best refinance rates in the market. And this is important to know before you start shopping for the right refinance loan.
Further, for customers that are on the other end of the spectrum, in a situation where they are being foreclosed upon, specialty lenders do exist that take on risky mortgages. The trick or key is to find a lender before the house is taken. These kinds of lenders, however, are most likely not your typical lenders, so someone who is eligible for a mortgage refinance elsewhere would not deal with these lenders, as there would most likely be little or no benefit to the home owner.
When choosing the right refinance loan for you, there are several questions that you should ask yourself.
How Much Information Do I Wish to Disclose?
Indeed, there are times when you want the convenience of a refinance loan, but you do not wish to disclose all your information. That is not to say that you want to hide anything, but a good example would be someone who does not have regular pay checks or someone who works freelance, and the income is not consistently the same throughout the year. By choosing a lender who requires less stringent application requirements (making it easier for you to qualify for the mortgage refinance, but a higher interest rate, you may decide that this type of mortgage refinance loan is perfect for you.
Where Do I Want to be Financially a Year from Now or Ten years from Now?
If you want to have a substantial amount of your home free and clear, then you need to decide right now in order to achieve that goal. Remember that in the early years of the loan, more of your payment goes into interest rather than the principal. Thus, if you want more equity in your home, you will have to do one of three things. Find the right refinance loan for you that offers very low interest, make higher payments than expected, or lower the total number of years of the mortgage. Lowering mortgage payments should not be your only goal!
Am I Happy with My Present Mortgage?
Sadly, many people enter into a mortgage contract and later realize that it does not meet their needs and as a result, they regret their decisions. Often this is the case with variable rate mortgages where the interest rate fluctuates. Many find that this is a difficult way to pay down their debt and wish they had locked in their payments. Refinancing the loan gives these home owners the opportunity to correct their original mistakes, and move forward with a new mortgage that is more conducive to their needs and lifestyle.
Do I Need Cash Back?
This is really an important question to ask oneself. If you must mortgage your home to help with other expenses such as medical bills, home improvements, college education, or a vacation, then when your existing mortgage contract expires and you seek refinancing, you need to find a lender who is agreeable to cash out mortgages.
Undoubtedly, we only discussed a few scenarios in home loan refinancing, but they will certainly give you some solid direction when trying to find the right refinance loan for you.
Key FeaturesMain Menu
- Why Refinance your Mortgage Today?
- Benefits of Refinancing a Home Loan
- Qualify for Mortgage Refinance
- Are you eligible for Mortgage Refinancing?
- Should you Refinance your Mortgage?
- When to Refinance a Mortgage
- When not to Refinance a Mortgage
- Biggest Mortgage Refinance Mistakes
- Home Affordable Refinance Program
- Refinancing to fund Home Improvements
- Mortgage Refinance and Title Insurance
- Steps of Mortgage Refinancing
- FHA Streamline Refinance Loans
Main Menu
- How to Lower your Mortgage Payment
- Refinancing Mortgage in Another Name
- Refinancing a FHA Mortgage Loan
- Jumbo Mortgage Refinancing
- Refinancing Mortgages with a Low Credit Score
- Energy Efficient Mortgage Loan Refinancing
- Mortgage Refinancing: The Break-Even Period
- "No-Cost" Mortgage Refinancing: What is it?
- What will refinancing cost you?
Credit Scores
Refinance Mortgage Rates
- Refinance Mortgage Rates: What should be your goal?
- Refinance Mortgage Rates and your Credit Score
- Best Refinance Mortgage Rates
- Mortgage Rates vs. Refinance Rates
