Refinance Your Mortgage

Refinancing 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.

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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

Cash-Out Refinancing VS Traditional Refinancing

When you refinance your mortgage, you have two options: You can refinance your existing loan to a new loan with a new rate and term (known as a traditional mortgage refinance), or you can take out above and beyond what you owe on your current mortgage to put some extra cash in your pocket (also known as a cash-out refinance). Of course, if you do opt to take out cash from your home, your loan balance will be greater and your monthly payment will likely increase.

Reasons for Cash-Out Refinance Include:

  • Paying off credit card debt (or other high interest debts)

  • Purchasing a car

  • Making home improvements/repairs

  • Paying for college expenses

  • Creating an emergency fund

Reasons for Traditional Refinance Include:

  • Lowering your interest rate

  • Lowering your monthly payment

  • Adjusting your loan term

  • Converting from a variable rate to a fixed rate

How Much Does a Mortgage Refinance Cost?

Whenever you take out a new loan, you're going to pay fees and closing costs associated with that loan. A mortgage refinance is no different. Typically, you'll need to pay an application fee, a loan origination fee, an appraisal fee, and more. View all of the costs and fees of a mortgage refinance so you are aware of possible fees a lender may charge you. You can use our refinance calculator to determine your break-even point, or the point in which the savings on your mortgage will cover the cost of the refinance.

VA or FHA Refinancing?

There are many reasons why you may want to refinance your VA loan or your FHA loan. Reasons for refinancing your VA loan into another VA loan are very similar to a regular mortgage refinance – you want to get a lower rate, lower your monthly payment, cash out some of your equity, or change your loan term.

For those looking to refinance their FHA loan, the main reason to do so is to drop private mortgage insurance, or PMI. Since FHA loans require just a 3.5 percent down payment, lenders charge private mortgage insurance to mitigate risk. Once you have 20 percent equity in your home (whether by paying down your loan, home prices increasing, or a combination of both), you can refinance your FHA loan into a conventional loan and no longer pay PMI. Of course, if you don't have 20 percent equity in your home, you can always refinance your FHA loan into a new FHA loan (known as an FHA Streamline Refinance) to obtain a lower interest rate and monthly payment.

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.

To see a complete checklist of the documents you'll need, view our mortgage refinance checklist.

View Full Checklist

Home Loan Refinance Rates

Refinance rates now in Woodbridge, NJ[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

Interest Rate
3.500%
APR
3.683%
Monthly Payment
$450
Sebonic Financial
30 Year Fixed
Interest Rate
3.500%
APR
3.683%
Monthly Payment
$450
(844) 325-1147 Contact
Sebonic Financial
Email Lender

Offer Details

Home Value $200,000
Requested Loan Amount $100,000
Lock Period 60 Days
Down Payment $0
Principal and Interest Payments $450
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $450
Lender Fees $2,242
Lender Credit $0
Total Closing Fees* $2,242
*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

Terrible Experience

Got a great quote from Bryan Ormsby on a Full doc, cashout refi with 67% LTV, 750+ FICO, plenty of reserves and 19/28 ratios on primary SFR. Based on previous experiences, this should have been an EASY loan. After getting written confirmation that, baring any market changes, the a initial rate and fee/rebate quote would not change on the official application, I was shocked then to see the lender rebates and the loan fees changed by thousands of dollars on both ends. The bottom line was that the loan fees (origination and appraisal) were $700 more expensive than what was quoted in original emails. Market rates were down and our credit scores are both 750+, so that wasn't the issue. When I asked about it, I got some mumbo jumbo about prepaids which aren't a loan fee. There was no itemization on the app form, so there was no way to verify the source of the difference. That meant that the origination total could have been allocated any way they wanted at closing. After a conversation with a manager who apologized several times for the lack of transparency, I did get an 2nd application with a THIRD set of fees and rebates 5 days later. Although both of those numbers were different from the original quote and the first application, the net cost to me was within $150 of the original quote (still in their favor though). I was ready to esign and proceed, however, neither of the access codes provided by Sebonic worked and I could not access the loan documents to esign or print for faxing. Meanwhile, after a week of no communication, I got another email from Bryan on Friday requesting that I schedule and pay for an appraisal before Monday to keep the rate lock effective. Sunday evening as I tried to do that, I noticed that 1) the appraisal fee had been raised by $55 over the initial quote and 2) I was directed to choose 3 dates/times for the appraisal within a given window but we were only going to be home for 2 of those dates. So Sunday evening I sent an email to Bryan asking for the appraisal fee to be corrected and for guidance on what to do about the online scheduling form. I didn't get any reply from Bryan by Monday at noon our time (3 pm his time) so I forwarded the message to his manager asking for help. No answer there either. I own two homes and have refinanced multiple times and this experience ties for the worst refi/purchase experience that I've had. I believe a lot of the issues would have been avoided or easily fixed if emails were answered in a timely manner. It took more than 24 hours to get a reply to several emails and 3 or 4 days in a couple of cases. It appears that the flipped deal is going to cost us around $1200 since rates have gone up slightly, but the rep and Sebonic will lose much more than that. I am really hoping to find a lender who actually WANTS to refi both our primary residence and investment property on my next try.

By: Theresa (Anacortes, WA)

Thomas Denton

Yes, I recommend this lender

Tom did a great job helping us with our refinance. He walked us through each step of the process. We closed on time, with even a better rate than we expected.

By: Jamie (Thomasville, NC)

I recommend Renato Paz

Yes, I recommend this lender

excellent

By: albertina (Leesburg, VA)
See All Reviews

15 Year Fixed

Interest Rate
2.875%
APR
3.205%
Monthly Payment
$685
Sebonic Financial
15 Year Fixed
Interest Rate
2.875%
APR
3.205%
Monthly Payment
$685
(844) 325-1147 Contact
Sebonic Financial
Email Lender

Offer Details

Home Value $200,000
Requested Loan Amount $100,000
Lock Period 45 Days
Down Payment $0
Principal and Interest Payments $685
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $685
Lender Fees $2,267
Lender Credit $0
Total Closing Fees* $2,267
*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

Terrible Experience

Got a great quote from Bryan Ormsby on a Full doc, cashout refi with 67% LTV, 750+ FICO, plenty of reserves and 19/28 ratios on primary SFR. Based on previous experiences, this should have been an EASY loan. After getting written confirmation that, baring any market changes, the a initial rate and fee/rebate quote would not change on the official application, I was shocked then to see the lender rebates and the loan fees changed by thousands of dollars on both ends. The bottom line was that the loan fees (origination and appraisal) were $700 more expensive than what was quoted in original emails. Market rates were down and our credit scores are both 750+, so that wasn't the issue. When I asked about it, I got some mumbo jumbo about prepaids which aren't a loan fee. There was no itemization on the app form, so there was no way to verify the source of the difference. That meant that the origination total could have been allocated any way they wanted at closing. After a conversation with a manager who apologized several times for the lack of transparency, I did get an 2nd application with a THIRD set of fees and rebates 5 days later. Although both of those numbers were different from the original quote and the first application, the net cost to me was within $150 of the original quote (still in their favor though). I was ready to esign and proceed, however, neither of the access codes provided by Sebonic worked and I could not access the loan documents to esign or print for faxing. Meanwhile, after a week of no communication, I got another email from Bryan on Friday requesting that I schedule and pay for an appraisal before Monday to keep the rate lock effective. Sunday evening as I tried to do that, I noticed that 1) the appraisal fee had been raised by $55 over the initial quote and 2) I was directed to choose 3 dates/times for the appraisal within a given window but we were only going to be home for 2 of those dates. So Sunday evening I sent an email to Bryan asking for the appraisal fee to be corrected and for guidance on what to do about the online scheduling form. I didn't get any reply from Bryan by Monday at noon our time (3 pm his time) so I forwarded the message to his manager asking for help. No answer there either. I own two homes and have refinanced multiple times and this experience ties for the worst refi/purchase experience that I've had. I believe a lot of the issues would have been avoided or easily fixed if emails were answered in a timely manner. It took more than 24 hours to get a reply to several emails and 3 or 4 days in a couple of cases. It appears that the flipped deal is going to cost us around $1200 since rates have gone up slightly, but the rep and Sebonic will lose much more than that. I am really hoping to find a lender who actually WANTS to refi both our primary residence and investment property on my next try.

By: Theresa (Anacortes, WA)

Thomas Denton

Yes, I recommend this lender

Tom did a great job helping us with our refinance. He walked us through each step of the process. We closed on time, with even a better rate than we expected.

By: Jamie (Thomasville, NC)

I recommend Renato Paz

Yes, I recommend this lender

excellent

By: albertina (Leesburg, VA)
See All Reviews

5/1 ARM

Interest Rate
3.125%
APR
3.720%
Monthly Payment
$429
Sebonic Financial
5/1 ARM
Interest Rate
3.125%
APR
3.720%
Monthly Payment
$429
(844) 325-1147 Contact
Sebonic Financial
Email Lender

Offer Details

Home Value $200,000
Requested Loan Amount $100,000
Lock Period 30 Days
Down Payment $0
Principal and Interest Payments $429
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $429
Lender Fees $2,184
Lender Credit $0
Total Closing Fees* $2,184
*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

Terrible Experience

Got a great quote from Bryan Ormsby on a Full doc, cashout refi with 67% LTV, 750+ FICO, plenty of reserves and 19/28 ratios on primary SFR. Based on previous experiences, this should have been an EASY loan. After getting written confirmation that, baring any market changes, the a initial rate and fee/rebate quote would not change on the official application, I was shocked then to see the lender rebates and the loan fees changed by thousands of dollars on both ends. The bottom line was that the loan fees (origination and appraisal) were $700 more expensive than what was quoted in original emails. Market rates were down and our credit scores are both 750+, so that wasn't the issue. When I asked about it, I got some mumbo jumbo about prepaids which aren't a loan fee. There was no itemization on the app form, so there was no way to verify the source of the difference. That meant that the origination total could have been allocated any way they wanted at closing. After a conversation with a manager who apologized several times for the lack of transparency, I did get an 2nd application with a THIRD set of fees and rebates 5 days later. Although both of those numbers were different from the original quote and the first application, the net cost to me was within $150 of the original quote (still in their favor though). I was ready to esign and proceed, however, neither of the access codes provided by Sebonic worked and I could not access the loan documents to esign or print for faxing. Meanwhile, after a week of no communication, I got another email from Bryan on Friday requesting that I schedule and pay for an appraisal before Monday to keep the rate lock effective. Sunday evening as I tried to do that, I noticed that 1) the appraisal fee had been raised by $55 over the initial quote and 2) I was directed to choose 3 dates/times for the appraisal within a given window but we were only going to be home for 2 of those dates. So Sunday evening I sent an email to Bryan asking for the appraisal fee to be corrected and for guidance on what to do about the online scheduling form. I didn't get any reply from Bryan by Monday at noon our time (3 pm his time) so I forwarded the message to his manager asking for help. No answer there either. I own two homes and have refinanced multiple times and this experience ties for the worst refi/purchase experience that I've had. I believe a lot of the issues would have been avoided or easily fixed if emails were answered in a timely manner. It took more than 24 hours to get a reply to several emails and 3 or 4 days in a couple of cases. It appears that the flipped deal is going to cost us around $1200 since rates have gone up slightly, but the rep and Sebonic will lose much more than that. I am really hoping to find a lender who actually WANTS to refi both our primary residence and investment property on my next try.

By: Theresa (Anacortes, WA)

Thomas Denton

Yes, I recommend this lender

Tom did a great job helping us with our refinance. He walked us through each step of the process. We closed on time, with even a better rate than we expected.

By: Jamie (Thomasville, NC)

I recommend Renato Paz

Yes, I recommend this lender

excellent

By: albertina (Leesburg, VA)
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.

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