Refinancing is simply the process of replacing your existing mortgage with a new loan that has better terms. There are plenty of reasons that people refinance their mortgages, these could include getting a lower interest rate, shortening their loan term or switching from an adjustable rate to a fixed rate.
Whatever your reason for refinancing, your new loan will pay off the old loan, and allow you to start over with a new rate and better terms. Shopping around can save you money when buying a home, and the same is true when refinancing your existing loan.
By comparing lenders and having them compete for your business, you can get the best rate possible on your mortgage refinance. The better your rate, the lower your payments will be and the more money you’ll save in interest.
Start comparing lenders by clicking the link above or estimating how much you can save with our mortgage refinance calculator below.
Mortgage Refinance Calculator
How to use our mortgage refinance calculator
Our refinance calculator lets you estimate the total cost involved in your mortgage refinance and allows you to compare your current interest rate against what the best mortgage lenders have to offer.
When using our mortgage refinance calculator, it’s a good idea to compare monthly payments and loan terms in addition to interest rates. As these will have a big impact on your monthly budget.
To ensure a fair comparison, make sure you’re using the lender’s quoted annual percentage rate (APR) and not just the interest rate that they list, as this will ensure you’re factoring in typical closing costs and refinance fees. This will allow you to obtain as accurate a reading as possible.