Frequently Asked Questions about Mortgage Loan Refinance Rates

Find the answers to the most typically asked questions about mortgage loan refinance rates.

What are mortgage loan refinance rates?

Mortgage loan refinance rates are estimates of the APRs (annual percentage rates) you will pay to refinance your existing mortgage. Our quotes on mortgage loan refinance rates will show you the APR, terms, and up-front costs you will pay for a mortgage refinancing loan.

How do I apply for mortgage loan refinance rates?

You can apply for free for mortgage loan refinance rates by clicking "continue" on the Get Started form. This will take you to our short, free online application. The application should only take you a few minutes to complete. As soon as we have your application, we will instantly provide you with up to five free quotes on mortgage loan refinance rates. You will see these quotes side-by-side to make your comparison shopping as easy as possible. We also present the quotes to you in plain, straightforward language to help you compare apples-to-apples. You can then apply for the loan of your choice or save your quotes and return later. Check out our how to prepare to apply for a loan page for more information.

Why should I apply for mortgage loan refinance rates?

Applying for mortgage loan refinance rates can help you in a number of ways. You can extend the term of your loan to lower your monthly payment burden, for one. If interest rates have dropped since you took out your existing mortgage, you can refinance to lock in a lower, fixed rate. You may also apply for mortgage loan refinance rates to consolidate debts, build equity in your home faster, or to improve the features of your ARM.

When is a good time to refinance?

Experts usually recommend applying for mortgage loan refinance rates if interest rates are 1/2% to 5/8% lower than your existing interest rate. You might also consider refinancing if you have an ARM and you expect interest rates to rise in the future. You can then apply for mortgage loan refinance rates on a fixed mortgage to lock in a fixed rate and avoid rate fluctuations. If you have a fixed mortgage, you might consider refinancing if interest rates are especially low. Remember that refinancing makes the most sense for people who plan to stay in their homes five or more years.

How will my credit affect my mortgage loan refinance rates?

Your credit score will have a large impact on your mortgage loan refinance rates. If you have credit challenges, though, we have many lenders that are willing to work with you to overcome them.