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Refinance Your Mortgage

Refinancing can be a great way to master your finances by saving money or converting your equity to cash. Loanwise will help you get the most out of low interest rates or high equity, no matter what your goals are.

Same Home, New Loan

Refinancing is when you pay off your old mortgage with a new one. Choose one of the two main categories to begin exploring the many ways you can benefit from refinancing your home.

Though “rate/term” and “cash-out” are distinct types of refinancing, keep in mind that it is also possible to do both at the same time.

Rate/Term Refinance

Rate/term refinancing gives you a mortgage with different loan terms.

Start Saving Money or read more
Cash-Out Refinance

Cash-out refinancing converts home equity into cash in your pocket.

Cash Out Now or read more

When Should You Refinance?

Typically, you are a good candidate for refinancing if you can answer “yes” to these questions:

Did you purchase your home when interest rates were higher than they are today?

Even if your current rate is comparable to what you could get today, you may still want to change your loan’s term or cash-out your equity. Refinancing can also help you if your credit score has significantly improved.

Has the value of your home risen since you purchased it?

If it hasn’t, you may still benefit from a conventional refinance or a government streamline refinance program.

Do you plan to stay in your home for a while?

A dedicated Loanwise specialist can help you do a “breakeven calculation” to determine how long you would have to keep a new mortgage to benefit from rate/term refinancing.

Rate/Term Refinance

Rate/term refinancing gives you a mortgage with different loan terms. Click on each option to see a detailed example scenario.

Start Saving Money

Cash-Out Refinance

Cash-out refinancing converts home equity into cash in your pocket. Click on each option to see a detailed example scenario.

Cash Out Now

Not sure which option is best for you?

Exceptions exist. If you have questions on your eligibility to refinance, speak with a Loanwise representative today.