Refinance Your Mortgage & Save.
Mortgage refinancing lets you save money or tap equity. Set your Student Loan/Refinance goal, then compare rates and fees.
Get Started NowWhat do you want to do?
Refinancing your mortgage is a big step. At BestRefiOffers, we can help you free up money in your budget by lowering your monthly payments or provide you a one-time cash payment during refinancing by tapping into your Student Loan equity. Discover how you can refinance your current mortgage and calculate refinance rates and payments with our mortgage calculators.
Definition of mortgage refinance
A mortgage refinance replaces your current home loan with a new one. Often people refinance to reduce the interest rate, cut monthly payments or tap into their Student Loan equity. Others refinance a home to pay off the loan faster, get rid of FHA mortgage insurance or switch from an adjustable-rate to a fixed-rate loan.
Learn MoreWhat are some good reasons to refinance your mortgage?
Lower your payment
Use home equity to better manage debt
Pay off your loan faster
Get a low rate for the life of your loan
Frequently Asked Refinancing Questions
Before you choose to refinance, it’s important to be prepared. To gauge your refinancing readiness, consider the following questions.
Email Your QuestionShould I refinance if I only plan on living in my home for a few more years?
Similar to when you initially purchased your home, you will have to pay fees, taxes and closing costs on your refinance mortgage. It is important to determine how long it will take to reach your “break-even point” when refinancing a mortgage. The break-even point is the point at which the monthly savings created by a mortgage refinance offsets the cost of refinancing.
How does my credit score affect refinancing?
Your credit score not only helps determine your mortgage refinance approval, but also determines the interest rate your lender is going to offer. Simply put, the higher your credit score, the lower your interest rate is going to be.
For example, a borrower with an average loan size of $250,000 and a credit score of 640 may pay around $2,500 more a year in interest payments than a borrower with a credit score of 760. If your credit score has fallen since you first obtained your mortgage, you can expect to pay higher rates—which may negate any potential benefit of refinancing.
What’s my remaining loan balance?
Before signing a new mortgage, you’ll need to assess your current loan balance. If you’re currently on the 15th year of your 30-year loan, you may want to look at your options for refinancing with a shorter term. This makes sense for a lot of homeowners because it allows them to take advantage of historically low rates without pushing out their payoff date, which can often provide substantial savings.*
Is Now the Right Time to Refinance?
Ultimately, it’s critical to crunch the numbers to see if refinancing makes sense for you. Even if you’ve been unable to refinance in the past, loan programs and rates are always changing. These changes, along with rising home values in several markets, may enable you to reduce your rate or lower your monthly payments.
But you don’t have to go at it alone! We are always ready to answer your questions and guide you along the path to a successful refinancing.
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Get started nowView Refi Offers
Trying to refinance your mortgage? With current refinance rates at historic lows, it pays to comparison shop mortgage companies with Student Loan Hero. See if you are eligible and get 5 free quotes by clicking below.
Note. Student Loan Hero allows you to receive personalized rate quotes online.
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