Home Refinance Mortgages

Here at LowestRates.com, we want you to own your home outright as soon as possible. That means paying off your mortgage as quickly as you can! In many cases, refinancing your home is a great way to get there, because you’ll be replacing your old mortgage with a new one at a lower interest rate. And, with rates at historic lows, there’s probably never been a better time to refinance your mortgage. It could be a valuable step for those looking to pay off their home loan sooner or reduce their monthly payment. You can even use a refinancing to unlock some of the equity you have in your home. With LowestRates.com you’ll be able to find the refinancing option that is right for you in just a few quick clicks.

To get started on your refinancing quest, you will first have to apply for a new mortgage with either your current lender or a new one. During this time, your home will be reappraised to determine if its value has changed. Once the refinanced mortgage is approved and released, it will pay off your existing mortgage. From then on, you’ll be making payments on your new loan, but at a lower rate. You are right if you’re thinking that the entire refinancing process looks a lot like applying for a regular mortgage: you will be assessed for credit worthiness and your house will be appraised too. You’ll even have to pay closing costs and fees just as you would on a first mortgage!

By refinancing, you’ll be lowering your monthly mortgage payments so you can spend less time working to pay for your home and more time enjoying it. Alternatively, you can continue to pay the same amount each month on your mortgage, but you’ll be spending less money on interest and more on principal, allowing you to pay off your mortgage more quickly.

Refinancing also allows you to optimize the structure of your loan. You may want to move from an adjustable rate mortgage(ARM) to a fixed rate loan, or vice-versa, depending on your financial position. Fixed rates bring you the peace of mind of knowing that your payments will never rise, while ARMs offer lower rates and greater flexibility.

You could even decide to do a so-called “cash-out” refinance, where you take out a larger loan than the one that currently exists on your home. Once your existing loan is discharged, you get the remaining difference in cash! It’s a great option for those who need a little extra money for an important purpose like sending a child to college or paying medical bills. Keep in mind that you’ll only be able to do a “cash-out” refinance if you have a substantial amount of equity in your home. Banks will not extend a larger loan to you unless you have more than enough equity to cover it.

No matter what kind of refinancing option you are looking at doing, LowestRates.com has the best refinancing rates from the best lenders in all 50 states. By quickly comparing offers on our site and applying for a refinancing of your home’s mortgage, you can potentially save tens of thousands of dollars over the life of your loan. So what are you waiting for? Compare offers now and find the lowest interest rates anywhere, instantly with LowestRates.com!