Refinancing your home can help you lower your interest rate, reduce your monthly mortgage payment, or change your loan term.
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For a refinance, you'll need the same information you needed when you originally financed your home, plus some additional information about the current status of your loan and the terms you hope to get with your refinance.
This is the current principal left on your original loan. You can contact your current loan servicer to find out how much is left.
You’ll also need to know what your current interest rate is to calculate your savings if you refinance.
How many years you arranged as a term on your original loan will also affect your savings from refinancing.
This helps calculate how many years are left on your loan term, which can affect your savings via a refinance.
Typically, you’ll be looking for a lower interest rate as one of the main benefits of refinancing your home.
How long your new term is will affect your savings and how long it will be before refinancing pays off for you.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
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