What is Mortgage Refinancing?

Refinancing replaces your current mortgage with a new one offering different terms. Reasons to refinance include:
- Lowering interest rates or monthly payments.
- Changing the loan term length.
- Switching from adjustable to fixed rates.
- Accessing home equity (cash-out refinance).

Pros and Cons of Refinancing

Pros
- Lower interest rates and monthly payments.
- Switch to fixed-rate mortgages for stability.
- Access cash through home equity.

Cons
- Closing costs reduce upfront savings.
- Equity reduction with cash-out refinancing.
- Potentially higher payments with shorter terms.

Top Mortgage Refinance Companies

• Rocket Mortgage
• 100% online process, quick application.
• Offers conventional, FHA, and VA loans.

• High customer satisfaction but charges high origination fees.

• Better Mortgage

• No lender fees, commissions, or application fees.
• Matches competitor offers with $100 bonus.

• Online-only process can feel impersonal.

• AmeriSave Mortgage

• Rate-and-term and cash-out refinancing available.
• 90-day rate lock, closing in as little as 25 days.

• Not available in New York, no HELOC options.

• First Internet Bank

• Offers HELOC and home equity loans.
• Available in all 50 states.

• Stricter credit requirements; no in-person branches.

• Network Capital Funding

• No lender fees and relaxed credit requirements.
• Rate lock and RefiNow program for high LTVs.

• Limited state availability and no mobile app.

• Mr. Cooper

• Mobile app for loan tracking and FICO monitoring.
• Transparent costs and services in 50 states.

• Fees for application, origination, and title services.

• Veterans United Home Loans

• Specializes in VA loans and refinancing.
• Streamlined IRRRL and cash-out refinance options.

• Only available to veterans and military families.

• ClearPath Lending

• Best price guarantee; loyalty programs for returning customers.
• Offers VA, FHA, and conventional refinancing.

• Application process not fully online.

• North American Savings Bank (NASB)

• Nationwide services with mortgage assistance programs.
• No branches outside Missouri; process can be lengthy.

How to Choose a Refinance Lender

• Compare Rates: A 1-2% rate reduction can yield significant savings.
• Consider Fees: Lower rates may come with high closing costs.
• Negotiate Terms: Ask lenders to compete for your business.
• Read Reviews: Look for patterns of positive/negative customer feedback.
• Understand Fine Print: Check all terms before signing.

FAQ Highlights

• Cost to Refinance: Typically 2%-6% of the loan amount.
• Refinance Timeline: Takes 30-45 days on average.
• When to Refinance: Best if rates drop or equity access is needed.

Explore these companies and tips to maximize savings and meet your financial goals!

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