Refinance your home loan

Refinancing your current mortgage may be a lot easier than you think. And we can help you every step of the way. Each feature of our refinance page was built to empower you - the homeowner - in your quest for a better home loan.

Whether you're looking to lower your monthly payment or just explore your options, we have plenty of useful tools that can help you refinance with confidence.

So let's get started!
 

Top 5 reasons to refinance

No cost, no money down or closing cost

If you can find a no-cost mortgage that's better than your current loan, you should ALWAYS refinance. Otherwise, consider the benefits of refinancing to make sure it's worth it for you.

Lower your monthly payment

Lowering your monthly payments can loosen the belt on your household budget and allow you to focus on some other changes you might want to look into – like switching to a fixed-rate mortgage. Your lender will be able to help you address all the variables.

Lower your interest rate
If you’re not significantly paying down the principal, you could be throwing money away. By lowering your interest rate, you could conceivably pay off your mortgage faster while you’re chipping away at that principal, too.
Trade home equity for cash
If you’re 20 years into a 30 year loan, it might seem like a great idea to do a cash-out refinance. After all, the rates are usually lower. But you also need to consider that a loan of that maturity is likely paying a lot towards the principal. Make sure you do what’s best for you in the long term.
Convert an ARM to a fixed-rate mortgage
Rather than waiting for the inevitable rate hike when your ARM matures, why not get locked into a rate you’re comfortable with right now? It pays to look into this so you’re not overpaying and overextending your budget.

Glossary Terms

Refinancing
Refinancing is the process of the same mortgager paying off one loan with the proceeds from another loan. <a href='/glossary/what-is-refinancing' title='See the full definition of Refinancing'>read more</a>
Rate and Term Refinancing
Rate and term refinancing is a refinancing option in which the principal of the mortgage remains the same, while the interest rate and term are... <a href='/glossary/what-is-rate-and-term-refinancing' title='See the full definition of Rate and Term Refinancing'>read more</a>
Cash-Out Refinancing
A refinance in which the new loan amount exceeds the total needed to pay off the existing mortgage. The difference goes to the borrower and can be... <a href='/glossary/what-is-cash-out-refinancing' title='See the full definition of Cash-Out Refinancing '>read more</a>
HARP Refinance
The Home Affordable Refinance Program (HARP) was created by the federal government in April of 2009 to allow eligible homeowners with little home... <a href='/glossary/what-is-harp-refinance' title='See the full definition of HARP Refinance'>read more</a>

Refinance rates now in Ashburn, VA[Change this]

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Home Price (Purchase)
When you get a mortgage to purchase a home, the lender uses the lower of the agreed-upon purchase price or the property's appraised value to determine your maximum loan amount. The loan amount divided by the property home price equals your loan-to-value ratio, or LTV. That ratio is one of the major factors that lenders use to set your mortgage rate. If your LTV exceeds 80 percent, you'll probably be required to pay mortgage insurance, which increases your monthly payment. If the property appraises for less than the agreed-on purchase price, you are not usually required to complete the purchase.
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Home Value (Refinance)
This is your estimate of the current value of your property. When you refinance, your home is almost always evaluated by a licensed appraiser. The refinance loan amount divided by the property's appraised value equals your loan-to-value ratio (LTV), and that number is one of the major factors that determine your mortgage rate. To get an accurate refinance rate quote, your home value estimate must be reasonably accurate.
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Down Payment
The down payment is the amount you pay upfront when you finance property. Your purchase price minus your down payment equals your mortgage amount. The higher your down payment, the more likely you are to be approved for a home loan. If your down payment is less than 20 percent of the purchase price, you'll probably be required to pay for mortgage insurance, which increases your monthly payment.
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Credit Score
Your credit score is a number designed to measure your credit-worthiness. It's based on a formula that combines many factors, including your payment history, amount of credit used and number of accounts. This number is used by lenders to calculate the probability that you'll default on your mortgage. Most lenders won't approve mortgages to applicants with credit scores lower than 620. Your credit score is one of the most important factors that determines your mortgage rate - applicants with higher scores are offered better mortgage rates.

30 Year Fixed Rates as low as

Interest Rate
3.750%
APR
3.817%
Monthly Payment
$927
Sebonic Financial
Interest Rate
3.750%
APR
3.817%
Monthly Payment
$927
(844) 906-0508 Contact
Sebonic Financial
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $0
Principal and Interest Payments $927
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $927
Lender Fees $1,634
Lender Credit $0
Total Closing Fees* $1,634
*Other 3rd party fees may apply
Sebonic Financial
Email Lender

About the Lender

Sebonic Financial is a division of Cardinal Financial Company, a full service mortgage banking firm in operation since 1987.  The company is an approved seller/servicer for Fannie Mae, Freddie Mac and Ginnie Mae. Cardinal is also an approved lending institution for the Department of Housing and Urban Development/Federal Housing Administration and the Department of Veteran Affairs/Veterans Administration with FHAs Direct Endorsement and VA Automatic Lender Authority.  Cardinal is an authorized lender for the USDA/Rural Housing Program, the Pennsylvania Housing Finance Agency and the New Jersey Mortgage Housing Finance Agency.

 

Cardinal is licensed by the Departments of Banking in many states, mainly in the eastern and southeastern United States.  Its retail and wholesale divisions originate first mortgage loans for qualified borrowers.

Sebonic Financial
Email Lender Write a Review

Lender Reviews

New House for a Army Veteran

Yes, I recommend this lender

To Everyone, I want to start off by saying this was my first time buying a house. Due to some disabilities from being in the Army, I never thought I would be able to buy a house. After seeing how low interest rates were with Sebonic/ Cardinal Financial I figured what do I have to lose in trying. With that said, I was informed my 660 score would be enough to qualify me and even if it had dropped to 620, there would be no problem. I was pre qualified for 200k and even a little more if needed. Courtney Burns answered all questions in a very professional response. Now what makes this very exciting for me is the fact that I'm 100% Disabled with VA and not being able to work. This was also due to almost no debt. My agent called and had other questions about how it could really be possible to give such great rates and have no processing fees. Even after call to verify I was continually told that Sebonic by my agent that this was too good to be true and that this was her first time working with an internet finance company and had only worked with local lenders in Asheville NC. (What is kind of funny is the one lender my real estate broker recommended to me pretty much hung up on me when I asked if they would like to match what was given by Sebonic was proposing.) The one thing I would like to mention is that Sebonic does require you to be pro active if you really want to be informed through out the total process. I know there were times Sebonic/ Cardinal wished I would stop calling for updates however; they did comply when asked and there were times I can recall for both Cortney Burns and Wes Putman responded on emails after hours. That made me feel important. Kind of made me feel a little sorry for Wes Putman my final Loan Processor when I saw he was responding around 11pm on a Saturday for one of my questions. There were times I was stressed during the process but who wouldn't for such a big purchase. My agent says she is not going to use them again due to her being left out of the loop and didn't know what was going on. The funny thing is that when we started working with Sebonic, we had both read how there was a big issue with communication on many reviews. We talked about it and the both of us decided that saving between 2k and 3k for processing fees others would charge made it hard not to go with it. We accepted it was worth the pain in making sure we were on target. The part I think my agent forgot is that if she wanted information or had a question she needed to email or call Sebonic. Sebonic didn't really CC her with all the steps going on. They only sent it to me since I was the only one with the information needed. In the end, I was giving updates to my agent on when the close was going to happen. The agent was always playing catchup ........I think it was partly their fault too in that. Lastly, I ended up with a 200k loan at 3.25% rate for 30 year fixed. I know it's going to be one of the best rates I could have ever got. You should know that with that rate, I did not have to pay one penny out of pocket to close on this house. The Seller paid 3% of close or up to 6k. ( VA home buyer please be aware that sellers can pay upto 4% on a VA loan). Well guess what??? It covered all of my inspections...Everything and I mean Everything! Knowing the real cost that could have been out of pocket for me even with a VA loan would have been around 5k. This was a home run for me and to think It's Memorial Day Weekend. What a great weekend to be sitting on my deck cooking out and drinking a beer. Cheers to everyone involved in allowing me to experience owning my first home. Sincerely, Thomas Army Veteran

By: Thomas (Asheville NC)

Delays, Delays, Delays

It took over 2 months to close after providing all of the paperwork within 1 day of request. Of course there was only a 30 day lock, so they milked another 4 weeks of extension fees out of me. I complained about their tactics and got all but one week of fees reduced. At this time I just wanted to end my misery, so I took their offer just to get rid of them. Very poor business ethics and practices.

By: Delays (Upper Peninsula Michigan)

Great job!

Yes, I recommend this lender

I had a great experience with Sebonic,I was very nervous about using this lender, but after shopping around with local lenders and online lenders, I can tell you that I got the best interest rate and best closing cost and great costumer service from Sebonic. I will definitely recommend Sebonic to all my friends and family. Sebonic did an amazing job!!!

By: Pembroke (Pembroke Pines, FL)
See All Reviews

15 Year Fixed Rates as low as

Interest Rate
3.000%
APR
3.122%
Monthly Payment
$1,382
Sebonic Financial
Interest Rate
3.000%
APR
3.122%
Monthly Payment
$1,382
(844) 906-0508 Contact
Sebonic Financial
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $0
Principal and Interest Payments $1,382
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $1,382
Lender Fees $1,694
Lender Credit $0
Total Closing Fees* $1,694
*Other 3rd party fees may apply
Sebonic Financial
Email Lender

About the Lender

Sebonic Financial is a division of Cardinal Financial Company, a full service mortgage banking firm in operation since 1987.  The company is an approved seller/servicer for Fannie Mae, Freddie Mac and Ginnie Mae. Cardinal is also an approved lending institution for the Department of Housing and Urban Development/Federal Housing Administration and the Department of Veteran Affairs/Veterans Administration with FHAs Direct Endorsement and VA Automatic Lender Authority.  Cardinal is an authorized lender for the USDA/Rural Housing Program, the Pennsylvania Housing Finance Agency and the New Jersey Mortgage Housing Finance Agency.

 

Cardinal is licensed by the Departments of Banking in many states, mainly in the eastern and southeastern United States.  Its retail and wholesale divisions originate first mortgage loans for qualified borrowers.

Sebonic Financial
Email Lender Write a Review

Lender Reviews

New House for a Army Veteran

Yes, I recommend this lender

To Everyone, I want to start off by saying this was my first time buying a house. Due to some disabilities from being in the Army, I never thought I would be able to buy a house. After seeing how low interest rates were with Sebonic/ Cardinal Financial I figured what do I have to lose in trying. With that said, I was informed my 660 score would be enough to qualify me and even if it had dropped to 620, there would be no problem. I was pre qualified for 200k and even a little more if needed. Courtney Burns answered all questions in a very professional response. Now what makes this very exciting for me is the fact that I'm 100% Disabled with VA and not being able to work. This was also due to almost no debt. My agent called and had other questions about how it could really be possible to give such great rates and have no processing fees. Even after call to verify I was continually told that Sebonic by my agent that this was too good to be true and that this was her first time working with an internet finance company and had only worked with local lenders in Asheville NC. (What is kind of funny is the one lender my real estate broker recommended to me pretty much hung up on me when I asked if they would like to match what was given by Sebonic was proposing.) The one thing I would like to mention is that Sebonic does require you to be pro active if you really want to be informed through out the total process. I know there were times Sebonic/ Cardinal wished I would stop calling for updates however; they did comply when asked and there were times I can recall for both Cortney Burns and Wes Putman responded on emails after hours. That made me feel important. Kind of made me feel a little sorry for Wes Putman my final Loan Processor when I saw he was responding around 11pm on a Saturday for one of my questions. There were times I was stressed during the process but who wouldn't for such a big purchase. My agent says she is not going to use them again due to her being left out of the loop and didn't know what was going on. The funny thing is that when we started working with Sebonic, we had both read how there was a big issue with communication on many reviews. We talked about it and the both of us decided that saving between 2k and 3k for processing fees others would charge made it hard not to go with it. We accepted it was worth the pain in making sure we were on target. The part I think my agent forgot is that if she wanted information or had a question she needed to email or call Sebonic. Sebonic didn't really CC her with all the steps going on. They only sent it to me since I was the only one with the information needed. In the end, I was giving updates to my agent on when the close was going to happen. The agent was always playing catchup ........I think it was partly their fault too in that. Lastly, I ended up with a 200k loan at 3.25% rate for 30 year fixed. I know it's going to be one of the best rates I could have ever got. You should know that with that rate, I did not have to pay one penny out of pocket to close on this house. The Seller paid 3% of close or up to 6k. ( VA home buyer please be aware that sellers can pay upto 4% on a VA loan). Well guess what??? It covered all of my inspections...Everything and I mean Everything! Knowing the real cost that could have been out of pocket for me even with a VA loan would have been around 5k. This was a home run for me and to think It's Memorial Day Weekend. What a great weekend to be sitting on my deck cooking out and drinking a beer. Cheers to everyone involved in allowing me to experience owning my first home. Sincerely, Thomas Army Veteran

By: Thomas (Asheville NC)

Delays, Delays, Delays

It took over 2 months to close after providing all of the paperwork within 1 day of request. Of course there was only a 30 day lock, so they milked another 4 weeks of extension fees out of me. I complained about their tactics and got all but one week of fees reduced. At this time I just wanted to end my misery, so I took their offer just to get rid of them. Very poor business ethics and practices.

By: Delays (Upper Peninsula Michigan)

Great job!

Yes, I recommend this lender

I had a great experience with Sebonic,I was very nervous about using this lender, but after shopping around with local lenders and online lenders, I can tell you that I got the best interest rate and best closing cost and great costumer service from Sebonic. I will definitely recommend Sebonic to all my friends and family. Sebonic did an amazing job!!!

By: Pembroke (Pembroke Pines, FL)
See All Reviews

5 Year ARM Rates as low as

Interest Rate
2.625%
APR
2.981%
Monthly Payment
$804
Sebonic Financial
Interest Rate
2.625%
APR
2.981%
Monthly Payment
$804
(844) 906-0508 Contact
Sebonic Financial
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $0
Principal and Interest Payments $804
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $804
Lender Fees $2,504
Lender Credit $0
Total Closing Fees* $2,504
*Other 3rd party fees may apply
Sebonic Financial
Email Lender

About the Lender

Sebonic Financial is a division of Cardinal Financial Company, a full service mortgage banking firm in operation since 1987.  The company is an approved seller/servicer for Fannie Mae, Freddie Mac and Ginnie Mae. Cardinal is also an approved lending institution for the Department of Housing and Urban Development/Federal Housing Administration and the Department of Veteran Affairs/Veterans Administration with FHAs Direct Endorsement and VA Automatic Lender Authority.  Cardinal is an authorized lender for the USDA/Rural Housing Program, the Pennsylvania Housing Finance Agency and the New Jersey Mortgage Housing Finance Agency.

 

Cardinal is licensed by the Departments of Banking in many states, mainly in the eastern and southeastern United States.  Its retail and wholesale divisions originate first mortgage loans for qualified borrowers.

Sebonic Financial
Email Lender Write a Review

Lender Reviews

New House for a Army Veteran

Yes, I recommend this lender

To Everyone, I want to start off by saying this was my first time buying a house. Due to some disabilities from being in the Army, I never thought I would be able to buy a house. After seeing how low interest rates were with Sebonic/ Cardinal Financial I figured what do I have to lose in trying. With that said, I was informed my 660 score would be enough to qualify me and even if it had dropped to 620, there would be no problem. I was pre qualified for 200k and even a little more if needed. Courtney Burns answered all questions in a very professional response. Now what makes this very exciting for me is the fact that I'm 100% Disabled with VA and not being able to work. This was also due to almost no debt. My agent called and had other questions about how it could really be possible to give such great rates and have no processing fees. Even after call to verify I was continually told that Sebonic by my agent that this was too good to be true and that this was her first time working with an internet finance company and had only worked with local lenders in Asheville NC. (What is kind of funny is the one lender my real estate broker recommended to me pretty much hung up on me when I asked if they would like to match what was given by Sebonic was proposing.) The one thing I would like to mention is that Sebonic does require you to be pro active if you really want to be informed through out the total process. I know there were times Sebonic/ Cardinal wished I would stop calling for updates however; they did comply when asked and there were times I can recall for both Cortney Burns and Wes Putman responded on emails after hours. That made me feel important. Kind of made me feel a little sorry for Wes Putman my final Loan Processor when I saw he was responding around 11pm on a Saturday for one of my questions. There were times I was stressed during the process but who wouldn't for such a big purchase. My agent says she is not going to use them again due to her being left out of the loop and didn't know what was going on. The funny thing is that when we started working with Sebonic, we had both read how there was a big issue with communication on many reviews. We talked about it and the both of us decided that saving between 2k and 3k for processing fees others would charge made it hard not to go with it. We accepted it was worth the pain in making sure we were on target. The part I think my agent forgot is that if she wanted information or had a question she needed to email or call Sebonic. Sebonic didn't really CC her with all the steps going on. They only sent it to me since I was the only one with the information needed. In the end, I was giving updates to my agent on when the close was going to happen. The agent was always playing catchup ........I think it was partly their fault too in that. Lastly, I ended up with a 200k loan at 3.25% rate for 30 year fixed. I know it's going to be one of the best rates I could have ever got. You should know that with that rate, I did not have to pay one penny out of pocket to close on this house. The Seller paid 3% of close or up to 6k. ( VA home buyer please be aware that sellers can pay upto 4% on a VA loan). Well guess what??? It covered all of my inspections...Everything and I mean Everything! Knowing the real cost that could have been out of pocket for me even with a VA loan would have been around 5k. This was a home run for me and to think It's Memorial Day Weekend. What a great weekend to be sitting on my deck cooking out and drinking a beer. Cheers to everyone involved in allowing me to experience owning my first home. Sincerely, Thomas Army Veteran

By: Thomas (Asheville NC)

Delays, Delays, Delays

It took over 2 months to close after providing all of the paperwork within 1 day of request. Of course there was only a 30 day lock, so they milked another 4 weeks of extension fees out of me. I complained about their tactics and got all but one week of fees reduced. At this time I just wanted to end my misery, so I took their offer just to get rid of them. Very poor business ethics and practices.

By: Delays (Upper Peninsula Michigan)

Great job!

Yes, I recommend this lender

I had a great experience with Sebonic,I was very nervous about using this lender, but after shopping around with local lenders and online lenders, I can tell you that I got the best interest rate and best closing cost and great costumer service from Sebonic. I will definitely recommend Sebonic to all my friends and family. Sebonic did an amazing job!!!

By: Pembroke (Pembroke Pines, FL)
See All Reviews
Mortgage rate quotes displayed on LendingTree LoanExplorer℠, including loan pricing data, rates and fees, are provided by third party data providers including, but not limited to, Mortech®, a registered trademark of Zillow®, LoanXEngine, a product of Mortgage Builder Software, Inc., and LoanTek, Inc.

Should I refinance
my mortgage?

If you can answer "Yes" to any of these questions, then a refinance may be right for you:

  • Are interest rates rising?
  • Has your credit rating improved?
  • Has your income increased?
  • Has your home equity increased?
  • Do you need to consolidate debt?
  • Do you need money for a major expense?

See how much you could be saving with Mortgage Checkup. It’s absolutely free!

Start My Mortgage Checkup >

How do I refinance my mortgage?

It’s so easy. All it takes is answering a few simple questions and you’re on your way to the perfect refinance loan. The tools below make it a snap to shop, compare and negotiate so you get the best deal.

  1. Mortgage Checkup Get a personalized overview of how refinancing can help you save.
  2. Loan Explorer Take a look at customized rates, plans and lender reviews.
  3. Refinance Breakeven Calculator Get a detailed analysis of how an individual refinance loan will help you save.
  4. Mortgage Negotiator Enter your GFE (Good Faith Estimate) results to compare lender offers.

It's really that simple to get the answers you need about refinancing. And remember – there's no obligation – and no cost - to find out.

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Frequently Asked Questions

What is cash-out mortgage refinancing?

Borrowers who refi their mortgage often want to convert some of their equity in their home into cash. If you take out cash when you refinance, your new loan will be bigger than the loan you want to replace. The difference between the current pay-off amount and the new balance is paid to you in cash.

How do you compare a cash-out refi to a home equity loan?

It depends on several factors – how the loan will be used, if the homeowner can improve the terms of their existing mortgage and calculating blended rates and refinance rates. Ultimately, home equity lines can often be set up for free, and home equity loans cost much less to set up than rate-and-term or cash-out refinances. Unless the homeowner can get refi offers that are significantly better than the existing home loan, taking a second mortgage (either home equity loan or line of credit) is a smarter choice.

When does using cash-out refinancing in order to fund major home improvements make sense?

It's easy for life's events to get ahead of your home repair plans and budget. A cash out refinance can help you update your home and may cost less than financing provided by contractors and home improvement suppliers and vendors. When making home improvements by choice rather than in an emergency it's important to consider which types of improvements can add the most value to your home.

Should you use cash-out refinancing?

If you have high interest debt that you want to pay off and you are able to rein in your spending, the answer may be yes. You may be able to use cash-out refinancing to get a much lower interest mortgage with a larger principal, where the difference is enough to pay off that credit card debt. Used wisely, that can be a smart move.

What are the 5 basic steps to refinancing?

1. Determine if you should refinance
2. Find a lender
3. Choose a program
4. Apply here
5. Lock in your rate

How do I get the best rate on my jumbo mortgage refi?

You’ll want to shop around. Find a good broker who not only knows where the programs are, but who also can tell you which lenders offer the best rates and are most likely to approve your application. Local real estate agents who list a lot of high-end homes who also know finances are also a good resource. Keep in mind, though, that a real estate agent’s main priority is that the mortgage gets approved and closed quickly. You can also look into a hybrid ARM improving your credit score in order to lower your loan’s interest rate.

What are the top reasons to consider refinancing an ARM?

1. Your ARM is about to reset at a higher interest rate 2. You believe interest rates are going up long-term 
 3. You want the stability of a fixed rate 
 4. You want to refinance to another ARM 5. You’re staying put for a while 
 6. You’ve got higher-interest rate debt to consolidate 
 7. You want to cash out some of your home equity.

Can cash-out refinancing save you money?

Before refinancing for cash-out, make sure it's a good idea. Mortgage fees for cash-out refi's are higher than those of ordinary rate-and-term. If you can’t significantly lower your rate, then that may not be the best way to get your cash.

How does cash-out refinancing work?

Cash-out refinancing is based on your home equity, which is the part of the home that you actually own. For example, if you have a home worth $250,000, and you owe $200,000 on the mortgage, you have $50,000 worth of equity in the home. If you refi the loan, that $50,000 is available for you to use (depending on your lender’s rules).

When is cash-out refinancing a good choice to pay off debt?

The key to using a cash-out refi is to be sure that you curtail your spending. If you use this strategy, but go back to your old spending habits, then you will have made a mistake. Not only will you have increased your mortgage, but you will have high interest credit card debt again.

What are the basics of cash-out refinancing?

It is the process of taking out a new mortgage with a larger principal than your current mortgage. The difference in principal is paid to you as cash, which you can use for almost any purpose, including debt consolidation.

Should I refinance to an FHA mortgage?

You don’t need to have an FHA mortgage to refinance with FHA. And the fact that you can refi up to 97.5 percent of your home’s current value is a compelling reason to consider this option. For those with credit scores under 740 or loan-to-values above 80 percent, an FHA refi may be cheaper than Fannie Mae and Freddie Mac’s risk-based surcharges. But FHA also has its costs.

How do I “qualify” for a refinance loan?

Three steps. Home Equity, and Credit Score.
Step 1: Home Equity: Property value should exceed the refinance amount
Step 2: Income: Total of refi payment plus other debts should be < 43% of gross income
Step 3: Credit: Credit score should exceed lender minimums (usually 620-660). Homeowners who don't meet these three guidelines should look for streamline programs, which are more flexible.