Home Loan Refinancing
Lower Your Rate or Get Cash Out
Refinancing your home is when you have a home and a mortgage, and you apply for another mortgage loan which is intended to
replace the original one.
Many people get home equity loans, or second mortgages, to accomplish many of the same goals that can be reached by refinancing. However, there are additional benefits as well as downsides to refinancing as opposed to getting an equity loan. Why do people refinance?
The number one reason people refinance their mortgage is to secure a lower interest rate. In recent years the United
states has seen historically low interest rates, and it sparked a refinancing frenzy. Just about anyone who had a
mortgage, even if only for a short time, saw huge savings by refinancing at a lower rate. Rates are starting to climb
back to normal, but rates are still available which are far lower than you may currently pay.
Some of the other benefits of refinancing your mortgage are:
Switch from a variable rate to a fixed rate mortgage, or vice-versa Lengthen your loan term and therefore have lower monthly payments Get extra cash out to pay off debt or finance something you need Switch from a Jumbo loan to a conventional mortgage, thereby saving on interestSome of the downsides to refinancing your mortgage are:
Closing costs can be more expensive than with a home equity loan If your current mortgage carries a prepayment penalty, you may end up paying a huge amount Refinancing can take as long and can be as much of a hassle as when you got your original mortgage |
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Home Buying Vocabulary
Federal National Mortgage Association (FNMA)A company created by Congress that buys and sells residential mortgages including those insured by FHA or VA.
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Frequently Asked Question
Will refinancing enable me to terminate my PMI? Answer:
You may be able to eliminate PMI by refinancing. If, by refinancing, you are able to have at least 20% equity in your home, and you have made your house payments on time for the last year or so. |

Refinance Related Calculators

See Also
National Financer Provides Home Refinancing Quotes in all 50 States:
- Alabama Refinancing
- Alaska Refinancing
- Arizona Refinancing
- Arkansas Refinancing
- California Refinancing
- Colorado Refinancing
- Connecticut Refinancing
- Delaware Refinancing
- Florida Refinancing
- Georgia Refinancing
- Idaho Refinancing
- Illinois Refinancing
- Indiana Refinancing
- Iowa Refinancing
- Kansas Refinancing
- Louisiana Refinancing
- Maine Refinancing
- Maryland Refinancing
- Massachusetts Refinancing
- Michigan Refinancing
- Minnesota Refinancing
- Mississippi Refinancing
- Missouri Refinancing
- Montana Refinancing
- Nebraska Refinancing
- Nevada Refinancing
- New Hampshire Refinancing
- New Jersey Refinancing
- New Mexico Refinancing
- New York Refinancing
- North Carolina Refinancing
- North Dakota Refinancing
- Ohio Refinancing
- Oklahoma Refinancing
- Oregon Refinancing
- Pennsylvania Refinancing
- Rhode Island Refinancing
- South Carolina Refinancing
- South Dakota Refinancing
- Tennessee Refinancing
- Texas Refinancing
- Utah Refinancing
- Vermont Refinancing
- Virginia Refinancing
- Washington Refinancing
- West Virginia Refinancing
- Wisconsin Refinancing
- Wyoming Refinancing
| Begin the Quote Process |

Switch from a variable rate to a fixed rate mortgage, or vice-versa
Federal National Mortgage Association (FNMA)