Refinance your home loan

Refinancing your current mortgage may be a lot easier than you think. And we can you help 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

Cash-Out Refinancing
Refinancing transaction in which the money the borrower receives from the new loan exceeds the total amount he uses to repay the existing first... <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. The purpose of the program was to make it... <a href='/glossary/what-is-harp-refinance' title='See the full definition of HARP Refinance'>read more</a>
Conventional Loan
A conventional loan is a mortgage that is not guaranteed or insured by any government agency, including the Federal Housing Administration (FHA), the... <a href='/glossary/what-is-conventional-loan' title='See the full definition of Conventional Loan'>read more</a>
Down Payment
A down payment is the difference between the loan amount and the purchase price, usually paid immediately upon purchase with cash or a trade-in. <a href='/glossary/what-is-down-payment' title='See the full definition of Down Payment'>read more</a>
Closing Costs
Closing costs include a loan origination fee, points, appraisal fee, title search and insurance, survey, taxes, deed recording fee, credit report... <a href='/glossary/what-is-closing-costs' title='See the full definition of Closing Costs'>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.
?
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.
?
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.
?
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
3.500%
APR
3.687%
Monthly Payment
$899
First Internet Bank
Interest Rate
3.500%
APR
3.687%
Monthly Payment
$899
(855) 637-3176 Contact
First Internet Bank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $0
Principal and Interest Payments $899
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $899
Lender Fees $4,571
Lender Credit $0
Total Closing Fees* $4,571
*Other 3rd party fees may apply
First Internet Bank
Email Lender

About the Lender

At First Internet Bank, we focus on helping our customers achieve their dreams of homeownership. We know that it is more than a house to you; it is where you raise your families, make lasting memories and build financial security. And we know that your family and home is unique and special, so we treat each and every application individually.
1. Your home loan experience – better, faster, easier – Our team has helped thousands of people like you afford the home of their dreams. You can rely on our deep knowledge and experience because our loan officers are seasoned professionals. They’re not sales people; they are “skilled mortgage advisors.” We take the time to explain each step to you – forms, paper work, the home appraisal and the final closing. First IB is there for you and will guide, support and advise you every step of the way.
2. Great rates and low fees – We know that once you find that perfect home in that perfect neighborhood, you’ll need a mortgage partner to help you design the perfect payment plan. First IB consistently delivers competitive mortgage rates to home owners across the nation. And unlike some lenders, we won’t just show you “some” of the fees, we show you everything. Put us to the test!
First Internet Bank
Email Lender Write a Review

Lender Reviews

First Internet Bank of Indiana is great!

Yes, I recommend this lender

Our loan officer John Skipper and loan processor Katie Buckley were very attentive and focused on our needs and goals. The process was very quick and easy. My husband was hesitant to submit secure documents online, but secure email made him change his tune. We would highly recommend First Internet Bank.

By: AmyK (Central IL)

Wonderful

Yes, I recommend this lender

Had an amazing experience with First Internet Bank! Will highly recommend to friends and family.

By: Samisal (Lincolnwood, Il)

Exceptional Mortgage Lender

Yes, I recommend this lender

First Internet Bank is not just the best online mortgage lender in the US, it may be the best mortgage lender of any kind. After getting shafted by a terrible lender, then getting bait-and-switch pricing from another, I did some research and picked FIB. In all, the process took about 28 days for a refinance. Chris Beggs was my loan officer, and was outstanding, as were the closing personnel. The appraisal came in within .5% of my purchase price a few months earlier, and there were very few nonsensical forms or information requests. Most importantly, the loan I signed docs for had the same terms as I had been given at application, and the total costs were within $20 of the original estimate. I recommend FIB unreservedly.

By: Brent (Temecula, CA)
See All Reviews
Sebonic Financial
Interest Rate
3.625%
APR
3.684%
Monthly Payment
$913
(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 $913
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $913
Lender Fees $1,444
Lender Credit $0
Total Closing Fees* $1,444
*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

Excellent loan service

Yes, I recommend this lender

Sebonic Financial has done a great job for my new home loan recently. From the loan application/origination, processing, and closing, the lender, especially loan officer, Amanda Bruce, and loan processor, Michelle Cooper, worked so hard on my loan. The rate was lower that other lenders, and the closing cost was very low. The Amanda worked in the evening and the night to have my loan application, my loan pre-approval, and get my loan rate locked with so communications with me over phone and email. Michelle worked so hard with getting required documents for my loan processing. She was so patient and waited for my documents, and she answered so many questions of mine over phone and email. Also, the customer service was great and they helped me about my questions and directed my calls to right persons. And their portal was a great tool for document reviews, uploading, faxing, and other communications.

By: Jinnnn (Maple Grove, MN)

Quick to pull

Yes, I recommend this lender

I was looking for a VA specific refinance. There is a stipulation with VA loans I was unaware of that disqualified me for the program I was looking for. I presented all of my information and Woody and he told me to fill out a loan application. They ran my credit before looking to see if I qualified for the program I was applying for and he waited two days to respond to me after I asked him directly if my credit was run. When he did respond to one of my emails he was unapologetic and rude. UPDATE: This issue was escalated to Sebonic's parent company and they were very accommodating in finding a work around the issue that had us hung up.

By: UpsetVet (Eugene, OR)

Low rates, low closing costs

Yes, I recommend this lender

I chose to do our refinance with Sebonic because of the positive reviews on lendingtree, low interest rates and a lender credit that would reduce our closing costs. We began the process in mid-January and everything went smoothly in the beginning. I completed their online application, submitted our financial documentation (pay stubs, bank statements...) and we paid for and completed our appraisal. After Sebonic received our documentation and the appraisal, the process bogged down. I was told the underwriters were behind schedule about 3 or 5 days. I had to follow up several times with various people in different departments to find out the status of our refinance. It was difficult to know who to talk to about our loan status. Everyone I spoke to was friendly and professional. Our 30 day rate lock expired and was extended by 7 days for free. I contacted Sebonic and found out that the underwriter had completed a conditional approval. I spoke to our final processor who said that she was just waiting for some IRS tax transcripts. A few days later our extended rate lock was about to expire and to extend it for 7 more days we would have to pay $466. I had to reach out to the mortgage broker to confirm that we didn't have to pay this fee. This fee should have been waived automatically. Then we got an updated good faith estimate but lender credit ($480) was less than what was initially promised ($950). I again had to contact the mortgage broker to make sure we were getting the promised lender credit. We were finally able to close and we signed the closing papers 39 days after we started this process. We are happy with the interest rate, closing costs and lender credit. When I spoke to Sebonic everyone was professional and polite. I just wish that someone at Sebonic was staying on top of things and coordinating our loan rather than me following up several times to find out what was going on. I also wish they were more upfront about the delays.

By: srs570788 (Southern California)
See All Reviews

15 Year Fixed Rates as low as

Interest Rate
2.750%
APR
3.039%
Monthly Payment
$1,358
First Internet Bank
Interest Rate
2.750%
APR
3.039%
Monthly Payment
$1,358
(855) 637-3176 Contact
First Internet Bank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $0
Principal and Interest Payments $1,358
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $1,358
Lender Fees $3,999
Lender Credit $0
Total Closing Fees* $3,999
*Other 3rd party fees may apply
First Internet Bank
Email Lender

About the Lender

At First Internet Bank, we focus on helping our customers achieve their dreams of homeownership. We know that it is more than a house to you; it is where you raise your families, make lasting memories and build financial security. And we know that your family and home is unique and special, so we treat each and every application individually.
1. Your home loan experience – better, faster, easier – Our team has helped thousands of people like you afford the home of their dreams. You can rely on our deep knowledge and experience because our loan officers are seasoned professionals. They’re not sales people; they are “skilled mortgage advisors.” We take the time to explain each step to you – forms, paper work, the home appraisal and the final closing. First IB is there for you and will guide, support and advise you every step of the way.
2. Great rates and low fees – We know that once you find that perfect home in that perfect neighborhood, you’ll need a mortgage partner to help you design the perfect payment plan. First IB consistently delivers competitive mortgage rates to home owners across the nation. And unlike some lenders, we won’t just show you “some” of the fees, we show you everything. Put us to the test!
First Internet Bank
Email Lender Write a Review

Lender Reviews

First Internet Bank of Indiana is great!

Yes, I recommend this lender

Our loan officer John Skipper and loan processor Katie Buckley were very attentive and focused on our needs and goals. The process was very quick and easy. My husband was hesitant to submit secure documents online, but secure email made him change his tune. We would highly recommend First Internet Bank.

By: AmyK (Central IL)

Wonderful

Yes, I recommend this lender

Had an amazing experience with First Internet Bank! Will highly recommend to friends and family.

By: Samisal (Lincolnwood, Il)

Exceptional Mortgage Lender

Yes, I recommend this lender

First Internet Bank is not just the best online mortgage lender in the US, it may be the best mortgage lender of any kind. After getting shafted by a terrible lender, then getting bait-and-switch pricing from another, I did some research and picked FIB. In all, the process took about 28 days for a refinance. Chris Beggs was my loan officer, and was outstanding, as were the closing personnel. The appraisal came in within .5% of my purchase price a few months earlier, and there were very few nonsensical forms or information requests. Most importantly, the loan I signed docs for had the same terms as I had been given at application, and the total costs were within $20 of the original estimate. I recommend FIB unreservedly.

By: Brent (Temecula, CA)
See All Reviews
Sebonic Financial
Interest Rate
2.875%
APR
3.031%
Monthly Payment
$1,370
(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 $1,370
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $1,370
Lender Fees $2,166
Lender Credit $0
Total Closing Fees* $2,166
*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

Excellent loan service

Yes, I recommend this lender

Sebonic Financial has done a great job for my new home loan recently. From the loan application/origination, processing, and closing, the lender, especially loan officer, Amanda Bruce, and loan processor, Michelle Cooper, worked so hard on my loan. The rate was lower that other lenders, and the closing cost was very low. The Amanda worked in the evening and the night to have my loan application, my loan pre-approval, and get my loan rate locked with so communications with me over phone and email. Michelle worked so hard with getting required documents for my loan processing. She was so patient and waited for my documents, and she answered so many questions of mine over phone and email. Also, the customer service was great and they helped me about my questions and directed my calls to right persons. And their portal was a great tool for document reviews, uploading, faxing, and other communications.

By: Jinnnn (Maple Grove, MN)

Quick to pull

Yes, I recommend this lender

I was looking for a VA specific refinance. There is a stipulation with VA loans I was unaware of that disqualified me for the program I was looking for. I presented all of my information and Woody and he told me to fill out a loan application. They ran my credit before looking to see if I qualified for the program I was applying for and he waited two days to respond to me after I asked him directly if my credit was run. When he did respond to one of my emails he was unapologetic and rude. UPDATE: This issue was escalated to Sebonic's parent company and they were very accommodating in finding a work around the issue that had us hung up.

By: UpsetVet (Eugene, OR)

Low rates, low closing costs

Yes, I recommend this lender

I chose to do our refinance with Sebonic because of the positive reviews on lendingtree, low interest rates and a lender credit that would reduce our closing costs. We began the process in mid-January and everything went smoothly in the beginning. I completed their online application, submitted our financial documentation (pay stubs, bank statements...) and we paid for and completed our appraisal. After Sebonic received our documentation and the appraisal, the process bogged down. I was told the underwriters were behind schedule about 3 or 5 days. I had to follow up several times with various people in different departments to find out the status of our refinance. It was difficult to know who to talk to about our loan status. Everyone I spoke to was friendly and professional. Our 30 day rate lock expired and was extended by 7 days for free. I contacted Sebonic and found out that the underwriter had completed a conditional approval. I spoke to our final processor who said that she was just waiting for some IRS tax transcripts. A few days later our extended rate lock was about to expire and to extend it for 7 more days we would have to pay $466. I had to reach out to the mortgage broker to confirm that we didn't have to pay this fee. This fee should have been waived automatically. Then we got an updated good faith estimate but lender credit ($480) was less than what was initially promised ($950). I again had to contact the mortgage broker to make sure we were getting the promised lender credit. We were finally able to close and we signed the closing papers 39 days after we started this process. We are happy with the interest rate, closing costs and lender credit. When I spoke to Sebonic everyone was professional and polite. I just wish that someone at Sebonic was staying on top of things and coordinating our loan rather than me following up several times to find out what was going on. I also wish they were more upfront about the delays.

By: srs570788 (Southern California)
See All Reviews

5 Year ARM Rates as low as

Interest Rate
2.250%
APR
2.923%
Monthly Payment
$765
First Internet Bank
Interest Rate
2.250%
APR
2.923%
Monthly Payment
$765
(855) 637-3176 Contact
First Internet Bank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $0
Principal and Interest Payments $765
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $765
Lender Fees $4,511
Lender Credit $0
Total Closing Fees* $4,511
*Other 3rd party fees may apply
First Internet Bank
Email Lender

About the Lender

At First Internet Bank, we focus on helping our customers achieve their dreams of homeownership. We know that it is more than a house to you; it is where you raise your families, make lasting memories and build financial security. And we know that your family and home is unique and special, so we treat each and every application individually.
1. Your home loan experience – better, faster, easier – Our team has helped thousands of people like you afford the home of their dreams. You can rely on our deep knowledge and experience because our loan officers are seasoned professionals. They’re not sales people; they are “skilled mortgage advisors.” We take the time to explain each step to you – forms, paper work, the home appraisal and the final closing. First IB is there for you and will guide, support and advise you every step of the way.
2. Great rates and low fees – We know that once you find that perfect home in that perfect neighborhood, you’ll need a mortgage partner to help you design the perfect payment plan. First IB consistently delivers competitive mortgage rates to home owners across the nation. And unlike some lenders, we won’t just show you “some” of the fees, we show you everything. Put us to the test!
First Internet Bank
Email Lender Write a Review

Lender Reviews

First Internet Bank of Indiana is great!

Yes, I recommend this lender

Our loan officer John Skipper and loan processor Katie Buckley were very attentive and focused on our needs and goals. The process was very quick and easy. My husband was hesitant to submit secure documents online, but secure email made him change his tune. We would highly recommend First Internet Bank.

By: AmyK (Central IL)

Wonderful

Yes, I recommend this lender

Had an amazing experience with First Internet Bank! Will highly recommend to friends and family.

By: Samisal (Lincolnwood, Il)

Exceptional Mortgage Lender

Yes, I recommend this lender

First Internet Bank is not just the best online mortgage lender in the US, it may be the best mortgage lender of any kind. After getting shafted by a terrible lender, then getting bait-and-switch pricing from another, I did some research and picked FIB. In all, the process took about 28 days for a refinance. Chris Beggs was my loan officer, and was outstanding, as were the closing personnel. The appraisal came in within .5% of my purchase price a few months earlier, and there were very few nonsensical forms or information requests. Most importantly, the loan I signed docs for had the same terms as I had been given at application, and the total costs were within $20 of the original estimate. I recommend FIB unreservedly.

By: Brent (Temecula, CA)
See All Reviews
Sebonic Financial
Interest Rate
2.500%
APR
2.920%
Monthly Payment
$791
(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 $791
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $791
Lender Fees $2,582
Lender Credit $0
Total Closing Fees* $2,582
*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

Excellent loan service

Yes, I recommend this lender

Sebonic Financial has done a great job for my new home loan recently. From the loan application/origination, processing, and closing, the lender, especially loan officer, Amanda Bruce, and loan processor, Michelle Cooper, worked so hard on my loan. The rate was lower that other lenders, and the closing cost was very low. The Amanda worked in the evening and the night to have my loan application, my loan pre-approval, and get my loan rate locked with so communications with me over phone and email. Michelle worked so hard with getting required documents for my loan processing. She was so patient and waited for my documents, and she answered so many questions of mine over phone and email. Also, the customer service was great and they helped me about my questions and directed my calls to right persons. And their portal was a great tool for document reviews, uploading, faxing, and other communications.

By: Jinnnn (Maple Grove, MN)

Quick to pull

Yes, I recommend this lender

I was looking for a VA specific refinance. There is a stipulation with VA loans I was unaware of that disqualified me for the program I was looking for. I presented all of my information and Woody and he told me to fill out a loan application. They ran my credit before looking to see if I qualified for the program I was applying for and he waited two days to respond to me after I asked him directly if my credit was run. When he did respond to one of my emails he was unapologetic and rude. UPDATE: This issue was escalated to Sebonic's parent company and they were very accommodating in finding a work around the issue that had us hung up.

By: UpsetVet (Eugene, OR)

Low rates, low closing costs

Yes, I recommend this lender

I chose to do our refinance with Sebonic because of the positive reviews on lendingtree, low interest rates and a lender credit that would reduce our closing costs. We began the process in mid-January and everything went smoothly in the beginning. I completed their online application, submitted our financial documentation (pay stubs, bank statements...) and we paid for and completed our appraisal. After Sebonic received our documentation and the appraisal, the process bogged down. I was told the underwriters were behind schedule about 3 or 5 days. I had to follow up several times with various people in different departments to find out the status of our refinance. It was difficult to know who to talk to about our loan status. Everyone I spoke to was friendly and professional. Our 30 day rate lock expired and was extended by 7 days for free. I contacted Sebonic and found out that the underwriter had completed a conditional approval. I spoke to our final processor who said that she was just waiting for some IRS tax transcripts. A few days later our extended rate lock was about to expire and to extend it for 7 more days we would have to pay $466. I had to reach out to the mortgage broker to confirm that we didn't have to pay this fee. This fee should have been waived automatically. Then we got an updated good faith estimate but lender credit ($480) was less than what was initially promised ($950). I again had to contact the mortgage broker to make sure we were getting the promised lender credit. We were finally able to close and we signed the closing papers 39 days after we started this process. We are happy with the interest rate, closing costs and lender credit. When I spoke to Sebonic everyone was professional and polite. I just wish that someone at Sebonic was staying on top of things and coordinating our loan rather than me following up several times to find out what was going on. I also wish they were more upfront about the delays.

By: srs570788 (Southern California)
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.

Choose the type of refinance loan that's right for you

FHA
A Federally insured mortgage loan provided by an FHA-approved lender Is this for me?
Why apply for a FHA loan?
You are a first time home buyer
You are interested in making home improvements
Learn More
Conventional
A loan that is not insured by a government agency, but follows Fannie Mae guidelines Is this for me?
Why apply for a conventional loan?
You are more likely to get a lower interest rate
Fewer restrictions and more flexibility
Learn More
VA Loans
A mortgage loan available to veterans and current military personnel Is this for me?
Why apply for a VA loan?
Usually has no (or low) down payment
Mortgage insurance is not required
Learn More
HARP
Federal loan for homeowners whose mortgage balance exceeds their home's value Is this for me?
Why apply for a HARP refinance?
Your mortgage balance exceeds 80% of your home’s value
You have low or negative home equity
Learn More
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customers have
used LendingTree.
Get free personalized mortgage rates in minutes

What is HARP?

HARP is the Home Affordable Refinance Program, a government plan that allows homeowners with Fannie Mae or Freddie Mac mortgages to refinance to lower mortgage rates – even if their mortgage balances exceed their home values. You can find HARP mortgages from competing lenders right here at LendingTree.

View Free HARP Refi Offers >

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.

How does the VA IRRRL Program assist veteran homeowners?

If you’re a qualified homeowner with a VA mortgage, you can refinance without worrying about your home's value or your credit rating. The U.S. Department of Veterans Affairs (VA) offers their Interest Rate Reduction Refinance (IRRR) loan to eligible borrowers who want to replace their existing VA home loans with new VA mortgages.

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

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.

When do rising rates may make refinancing ARMs riskier?

Before you decide to refinance your loan, review your current ARM with your loan officer. Find out how much your interest rate and payment could increase and when each adjustment will occur. How comfortable--or uncomfortable--would you be if the worst-case scenario for your ARM came true? If that scenario makes you queasy, refinancing could be a smart way to protect yourself from that risk.

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.

How can refinancing an ARM protect you from rising interest rates?

You can’t control interest rates. But you can protect yourself when rates are on the rise by refinancing your adjustable rate mortgage (ARM). Consider a Fixed-rate mortgage, a hybrid ARM or an ARM with a more stable index or more favorable caps.

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.

How does refinancing a reverse mortgage work?

A reverse mortgage refi allows you to improve on your loan’s rates or terms with a lower interest rate. You can also replace an ARM rate with a fixed rate. This can be useful for other reasons as well, including adding a spouse or partner to the loan, borrowing additional funds or allowing heirs to pay off your reverse mortgage.

When does it pay to refinance a mortgage?

Any time you can get a no-cost refi with a lower interest rate, go for it – you have no break-even period, so the savings go straight to your bottom line. You can invest it, pay down your debts or accelerate your mortgage payoff.

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.

Should you refinance your ARM before it resets?

Of course, no one can predict for certain where interest rates will be headed next month, let alone four years from now. Rates may rise like in the example above, or they may decline, in which case you may see your ARM rate stay the same or even decline. Remember, too, that refinancing carries upfront costs that eat into your overall savings. In general, the longer you are planning to stay in your home, the more sense it makes to do it now. 

To help you determine what your new monthly payments are likely to be when your ARM resets, use the LendingTree adjustable rate mortgage payment calculator.

My question wasn't answered here. How can I contact LendingTree directly?
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Is it time to refinance your ARM?

As a rule of thumb, it’s worth considering a refinance if your new interest rate will be around 1.5 to 2 percent lower than your current rate. (Otherwise, fees may eat up any potential savings.) Compare your current rate with the posted rates offered by other lenders, but be sure to ask about the index and margin -- if they are different from those of your existing ARM, you may be comparing apples and oranges.

What is HARP and how can it help you?

HARP is the Home Affordable Refinance Program and it can allow people get some extra mileage out of lower interest rates by refinancing into a shorter mortgage.