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We want this to be a “win-win” situation and only want to get paid if we bring you value in the form of finding a personal finance option that works for you, not by selling your data to multiple lenders. Generally, our lenders pay us at the time of receiving your loan application and incorporate the cost of our services as part of the final interest rate on your loan, or in your loan amount. Although we are paid at the time of your application transmission, you only pay this cost if your loan closes. This fee is non-refundable to lenders after they receive your application. This is common practice in mortgage transactions where lenders pay brokers for performing certain services in connection with your loan. If you would prefer to minimize your rate, you may opt to buy "points" to decrease your rate. If you choose to buy points, you would pay this amount to your lender and your final interest rate on your loan or your loan amount would reflect the combined fees of points you purchased and the fee your lender paid us upon receipt of your application.

Mortgage Refinance

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HOW IT WORKS

Let us do the heavy lifting for you 👋

1
Get prequalified rates in 3 minutes
Tell us a little bit about you and your home to get accurate prequalified rates without impacting your credit score.
2
Compare rates from multiple lenders
View the interest rate and cost breakdown of each option to choose the right one for you. Need help? Our mortgage team is not commissioned, so they're always on your side.
3
Close your loan
Once you choose an offer, finish verifying your information with your lender to close your loan.

WEEKLY TRENDS AND INSIGHTS

National refinance interest rate trends

On November 20, 2024, the national average 30-year fixed refinance rate decreased NaN basis points to %. The current average 15-year fixed refinance rate decreased NaN basis points to %.

For context, the national average 30-year fixed refinance rate was NaN basis points higher a week ago and NaN basis points higher a year ago. The 15-year fixed refinance rate was NaN basis points higher a week ago and NaN basis points higher a year ago.

If you're looking to purchase or refinance a home, Credible is here to help. We can help you quickly compare lenders and check prequalified rates for free, without hurting your credit score.

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How we’re different

We’re not mad at other sites, just disappointed.

  • Transparent and unbiased

    Get actual prequalified rates without impacting your credit score. You’ll know exactly what your cost breakdown is before selecting a lender.

  • No risk. No spam.

    Checking your prequalified rates is 100% free – plus, we don’t sell your data and make sure that you never get any spam calls from any lenders.

  • All the help you need

    Complete your refinance online with your selected lender - their loan team can help answer any question you may have.

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Checking rates won’t affect your credit score

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REFINANCE TOOLS

Mortgage refinance calculators

Use our mortgage refinance calculators to determine if you can save money on interest, pay off your loan sooner, or turn your home’s equity into cash.

Financial education

Need more info about refinancing a mortgage?

How to refinance your mortgage step-by-step

Refinancing your mortgage can help you get a lower interest rate or lower monthly payment, depending on your goals.

7 min read

Learn more

When does it make sense to refinance your mortgage?

If you can shave at least 0.75% off your interest rate and plan to stay in your home for the long haul, consider refinancing your mortgage.

6 min read

Learn more

How to get the best mortgage refinance rates

To score a great refinance rate on your mortgage, work on building your credit score, get multiple quotes, and consider shortening the term.

6 min read

Learn more

The true cost of refinancing your home mortgage

Refinancing isn’t free — you’ll have to pay closing costs — but there are ways you can pay less for your new loan.

5 min read

Learn more
For educational purposes only

The information in this section is provided for general education purposes only to allow you to shop for the best loan more effectively and does not necessarily reflect Credible services. For homebuyers, we will not display rates, loan options, take a mortgage application, or negotiate loan terms. We will provide advertisements of lenders you can select from based on a description of factors our lenders work with best.

Mortgage Refinance FAQs

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Michael Schmidt - NMLS ID 717293

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Written by Daria Uhlig

Daria Uhlig has more than a decade of experience writing and editing for personal finance, specializing in real estate and mortgage content. Her bylines have appeared on The Motley Fool, USA Today, MSN Money, CNBC, and Yahoo! Finance.

|Edited by Reina Marszalek

Reina Marszalek is Credible's senior mortgage editor and is an experienced multimedia content creator. She previously served as a managing editor at Policy Genius, where she covered the insurance and home verticals.

|Reviewed by Mike Schmidt

Mike Schmidt is Credible's senior manager of mortgage operations and is a licensed mortgage loan originator in 50 states. Mike has spent 18 years in the industry, working at various financial institutions. He has expertise in all mortgage products, including conventional, FHA, and VA loans.

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A mortgage refinance is when a homeowner replaces their current mortgage loan with a new loan that has a more favorable interest rate and/or term. Some homeowners borrow just enough to pay off their current loan; others borrow more than they owe so they can both repay their original loan and “cash out” some equity. In either case, the refinance loan is a new first mortgage that pays the old first mortgage in full.
A mortgage refinance is a new first mortgage, so you’ll pay many of the same closing costs you paid with your current mortgage loan. Those fees usually total between 2% and 6% of your loan amount, and they may include:
  • Loan application
  • Credit report
  • Survey, if the lender requires it
  • Appraisal, if the lender requires it
  • Loan origination
  • Loan underwriting
  • Mortgage points, if you’re prepaying interest
  • Mortgage insurance, if you’re refinancing more than 80% of the home’s value
  • Property tax and homeowners insurance escrow
  • Title search and title insurance
  • Recording with the county or other jurisdiction
You won’t necessarily pay all of these fees. For example, your lender might forgo a survey if you haven’t made improvements that could violate zoning rules since you took out your current mortgage loan.
An appraisal also might be unnecessary, especially if you’re refinancing the same type of loan and you’re not cashing out equity.
The specific qualifications you’ll need for a refinance depend on the lender, your current loan type, and the type of loan that you’re refinancing. Requirements for cash-out refinances are more strict than requirements for rate-and-term refinances.
Lenders consider the following when evaluating an application for a refinance loan:
  • Credit score and credit history: Depending on the loan type, the minimum credit score to refinance could be anywhere from 500 for some FHA loan refinances to over 700 to refinance a jumbo mortgage loan.
  • Debt-to-income ratio (DTI): The lender will ask you for tax returns, pay stubs, W-2 forms, and other documentation of your income. An ideal DTI is 36% or less.
  • Loan-to-value ratio: Whether by appraisal or other means, the lender will determine how much your home is worth so it knows the maximum you can borrow. Acceptable conventional loan-to-value ratios are 95% for a no-cash-out refinance and 80% for a cash-out refinance.
Some refinance loans also require that you or another borrower have lived in the home as your primary residence for some period of time, such as six or 12 months.
The minimum credit score needed to refinance your mortgage depends on the type of refinance loan and the lender. Some loan programs, including the VA, have low or no credit score requirements, but lenders usually establish their own.
Here are the scores you’ll typically need for common refinance loan types:
  • Conventional loan: 620
  • Jumbo loan: 700
  • FHA loan: 500
  • VA loan: 580 to 640, depending on lender
  • USDA loan: Up to 620 but credit review not always required
Refinance loans fall under two main categories:
  • Cash-out: If you have enough equity, you can borrow more than you need to pay off your existing loan and take the excess funds in cash at closing.
  • Rate-and-term: You replace your current mortgage loan with a new loan that has a more favorable interest rate and/or term.
Each type of refinance loan falls within one or both of these categories.

Conventional mortgage refinance loans

Conventional refinance loans have cash-out and rate-and-term options. These refi loans, which are backed by Freddie Mac or Fannie Mae, include special refinance programs for low- and moderate-income borrowers and those who lack the equity to qualify for a standard refinance loan. You can refinance from any type of mortgage loan to a conventional loan as long as you meet the requirements.

VA mortgage refinance loans

The VA guarantees two types of refinance loans for borrowers who already have a VA mortgage loan. In addition to a cash-out refinance, it offers a rate-and-term option called an interest rate reduction refinance loan, or IRRRL, also known as a streamline refinance loan.

FHA refinance loans

FHA refinances typically come in two forms: FHA-to-FHA refinance or conventional refinance, and you can opt for a cash-out, rate-and-term, or no-cash-out loan.
An FHA streamline rate-and-term refinance loan is available to current FHA borrowers. It offers an expedited underwriting process with no appraisal and allows the borrower to draw up to $500 in cash at closing. A simple refinance, which is also for current FHA borrowers only, is also a rate-and-term loan, but it requires an appraisal.

USDA refinance loans

USDA-guaranteed mortgage loans can be refinanced using streamlined or non-streamlined loans. The non-streamlined options allow you to borrow the full value of the home plus fees and closing costs. Streamlined loans allow you to roll closing costs and fees into your new loan, and in the case of a streamlined-assist loan, add a borrower.
USDA refinance loans are rate-and-term only.
Under the right circumstances, refinancing is a smart financial move. But it also has drawbacks you should consider.

Pros

  • A rate-and-term refinance can save you money on interest and/or make your payments more affordable.
  • Funds from a cash-out refinance can pay for home repairs and improvements or consolidate debt, which can help you grow wealth.
  • Interest you pay on your mortgage is tax deductible.

Cons

  • You’ll pay closing costs — or higher rates, in the case of a loan that claims to have no closing costs.
  • Depending on your closing costs, it could take years to break even on a refinance intended to reduce your interest rate.
  • Cashing out equity adds to your debt.
  • Extending the term of your loan can result in higher interest costs over the life of the loan.

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