Your mortgage rate isn’t fixed forever. See what’s out there.
Refinance rates shift daily, and so does what lenders can offer you. Compare refinance rates and offers from multiple providers in one place before you decide whether to switch.
Why homeowners refinance
Every situation is different, but these are the most common reasons people compare offers.
Lower your monthly payment
If rates have dropped since you took out your loan, refinancing may reduce what you pay each month.
Shorten your loan term
Switch from a 30-year to a 15 or 20-year term to pay off your home faster and reduce total interest paid.
Switch loan types
Move from an adjustable-rate mortgage to a fixed rate for more predictable payments going forward.
Is it worth refinancing right now?
A few signals worth checking before you decide either way — comparing offers costs nothing, so there’s little downside to at least seeing your options.
Refinance rates change daily based on broader market conditions, but your personal rate depends on your credit, loan-to-value ratio, and the lender you work with. Two homeowners checking on the same day can see very different offers — which is exactly why comparing multiple refinance rates side by side matters more than watching a single published number.
- Current rates are meaningfully lower than your existing rate
- Your credit score has improved since your original loan
- You plan to stay in the home long enough to recoup closing costs
- You want to remove PMI or restructure an adjustable rate
Refinance questions, answered
How much does it cost to refinance?
Refinance closing costs typically run 2–6% of the loan amount, covering appraisal, origination, and title fees. Exact costs vary by lender and are disclosed before you commit to anything. Some lenders also offer “no-closing-cost” refinances, per the CFPB — worth understanding how those actually work before assuming they’re free.
How long does refinancing take?
Most refinances close in 30–45 days from application, though this varies by lender workload and how quickly documentation is provided.
Will refinancing restart my loan term?
Yes, unless you specifically choose a shorter term. A new 30-year refinance restarts your amortization schedule — many lenders also offer 15, 20, or custom terms if you want to avoid extending your payoff timeline.
Do I need good credit to refinance?
Requirements vary by lender and loan type. Conventional refinances typically look for a credit score in the mid-600s or higher, though government-backed options (FHA, VA) may have more flexibility.