How It Works

We'll explain everything you need to know about mortgage loan refinance rates here. Learn the basics of refinancing and why you might consider a refinancing loan.

About Mortgage Loan Refinance Rates

Mortgage loan refinance rates are the APRs you will pay when you take out a mortgage refinancing loan. When you refinance, you take out a new mortgage to pay off your existing one. Typically, this results in substantial savings, especially if you intend to stay in your home for at least five or more years. Our mortgage loan refinance rates are provided by certified local, regional, and national lenders. Our lenders compete for your business, which means we can offer some of the lowest mortgage loan refinance rates on the web. Learn if now is the time to refinance.

Why Refinance

You might want to apply for mortgage loan refinance rates for any of the following reasons:

• Get a lower, fixed rate. If mortgage loan refinance rates have dropped since you took out your existing mortgage, you might consider refinancing to lock in a low, fixed rate. Even a small decrease in your interest rate could lower your monthly payment by hundreds of dollars.
• Change the type of mortgage you have. You may have taken out an adjustable-rate mortgage (ARM) only to realize that the payment fluctuations are too stressful. If that's the case, you can apply for mortgage loan refinance rates and switch from an ARM to a fixed-rate mortgage. On the other hand, you can also switch from a fixed-rate to an ARM if you think that interest rates are trending downward in the future.
• More home equity, faster. You can also use mortgage loan refinance rates to build equity in your home more quickly if a change in your financial situation has recently made it possible for you to increase your payments. You can apply for mortgage loan refinance rates on a mortgage with a shorter term, which will reduce your interest expense and help you pay your home off faster.
• Lower your monthly payments. One of the most popular reasons to apply for mortgage loan refinance rates is to lower monthly mortgage payments. You can refinance over a longer term to reduce your monthly payment burden, though this will increase your total interest expense over the life of the loan. If you are struggling to make your monthly mortgage payments, refinancing for a longer term could help ease the strain on your budget.