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Refinance your mortgage
Refinancing your mortgage at a glance
Refinancing your mortgage is simply replacing your current mortgage with a new one. The new loan pays off the old loan, and you’ll start making payments on the new loan. People refinance their mortgages for all sorts of reasons – including lowering their monthly payment, getting a better interest rate, taking cash out of their home, shortening their loan term, or a combination of the above.
LendingTree can help you refinance
Just as you would shop around for your home, it’s equally as important to shop around for your home loan – whether you’re a first-time buyer or are looking to refinance your existing loan. At LendingTree, we make it easy by doing the shopping for you. By comparing lenders and having them compete for your business, you’re certain to get the best rate possible on your mortgage refinance. The better your rate, the lower your payment will be and the more money you will save over the life of your loan.
Benefits of refinancing:
- Lower your interest rate
- Lower your monthly payment
- Adjust your loan term
- Convert a variable rate to a fixed rate
- Take cash (equity) out of your home
Mortgage refinance checklist
To refinance your mortgage, you’ll need to have the following documents on hand:
- Your identity: Social security card, photo ID
- Your income: Last three pay stubs, W-2s for two previous years
- Your assets: Retirement accounts, investments
- Your debts: Bank statements for two previous months, credit card and loan statements, child support or alimony payments, homeowners insurance, property tax bills
- Your creditworthiness. The lender will pull your credit report, but you can view your score for free on LendingTree to make sure it’s where you expect it to be.