mortgage refinance

Reduce Your Monthly Payment and Save Big by Refinancing Your Mortgage

Why Refinance Your Mortgage?

When you refinance your mortgage, you change the terms of the loan which could be the interest rate, type of interest rate, time to repay, or a combination of those.

The most obvious reason to refinance your mortgage is to get a lower rate. Depending on the term, a lower rate could reduce your monthly payment and result in less interest paid over the course of the loan.

What could you do with an extra couple hundred bucks in your pocket every month?

Another common reason is to get out of an ARM or Adjustable Rate Mortgage. Moving to a fixed mortgage rate will enable consistent monthly payments.

Other reasons to refinance include:

Reduce the loan term
Eliminate private mortgage insurance (PMI)
Cash out home equity

Check out our mortgage refinance calculator below to see how much you could save by refinancing your mortgage and lowering your rate.

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NMLS ID: 1681276

320 Blackwell Street
Suite 200
Durham, NC 27701

Mortgage Refinance Calculator

*Assumes home value is at least equal to or exceeds balance remaining

How to Refinace Your Mortgage

There are multiple lenders that offer mortgage refinancing. Unfortunately, the process for comparing rates traditionally hasn’t been an easy one.

You can go to local banks or obtain rates from individual lenders online but this requires you to submit documents multiple times and could take significant time and effort.

Or you could go to sites that partner with multiple lenders, but the moment you provide your information, it’s sold to third parties and then you get bombarded with annoying phone calls, text messages, and emails by multiple companies.

Fortunately, there is a faster and easier way to compare rates and that’s why we partnered with Credible

Not only does Credible have an outstanding user-friendly platform that lets you compare multiple lenders within minutes , but you also deal with them directly until the final stages of the process.

Plus, you only have to upload your information once and you can see rates you prequalify for within minutes without affecting your credit.

How the Process Works

Step 1. Get prequalified rates in 3 minutes – Provide information about you and your home and see offers from multiple lenders without impacting your credit.

Step 2. Compare rates – View the interest rate and cost breakdown from each lender to see what works best for you.

Step 3. Upload your documents – You only have to upload your documents once directly to Credible and they walk you through the entire process from start to finish.

What Will it Cost to Refinance?

While there’s no fee to check refinance rates available to you, be prepared to pay some fees to finalize the deal.

Closing costs and other fees with refinancing may be around 2% to 6% of the mortgage. Be sure to factor in these additional costs when you are calculating your potential savings. Some lenders offer no closing costs options but these typically come with a higher interest rate and there still may be some fees. Typical fees to expect include:

Origination charges
- applications and underwriting fees
Third party fees
- title insurance, inspection, and appraisal
Other costs
- PMI for loans >80% of property value, homeowners insurance, HOA fees

Ready to Refinance?

Depending on the rates available, you could be saving a ton of money every month. That’s extra money that could be going toward student loans, retirement, investment properties, or even vacations.

The first step is finding out what you qualify for and how it compares to your current rate. The good news is that it can be done in just a few minutes with some basic information, without any annoying phone calls or emails.

How much could you be saving?