How It Works

Learn more about how to refinance mortgage loans here. We'll explain what the loans are, who makes a good candidate for refinancing, and how our quotation process works.

Mortgage Refinance Loans Explained

When you refinance mortgage loans, you take out a new loan with which you pay off your existing loan. Refinancing is very common among homeowners in the United States. In fact, the average homeowner refinances every four years in the U.S. You might refinance mortgage loans for several reasons. For one, you might want to reduce your monthly payment. Secondly, interest rates may have fallen since you took out your fixed-rate mortgage, and refinancing would allow you to secure lower interest rates for the life of the loan. Finally, you might refinance mortgage loans to change the type or features of your home loan. For instance, you might want to switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage for more consistent payments.

Good Candidates to Refinance Mortgage Loans

Many homeowners can benefit from refinancing their mortgage loans. Here are some characteristics of good candidates for refinancing:

• You plan to stay in your home for at least five years
• Interest rates are at least 1/2% to 5/8% lower than your current rate
• You are unhappy with the features of your ARM
• You would like to change the type of mortgage you have
• You're struggling to make your monthly payments
• You can afford to make higher payments

Signing up to Refinance Mortgage Loans

Signing up to refinance mortgage loans is quick and easy on our site. Here is what you'll need to do:

1. Complete the online form. You will first want to fill out our quick, online sign-up form. The form will ask you for your name, address, and other basic contact information. The form is free to fill out, takes only a couple minutes to complete, and comes with no obligation.
2. Get your quotes instantly. Once you submit your form, we will instantly supply you with at least four quotes on refinance mortgage loans. You see these quotes side-by-side to facilitate the comparison process.
3. Apply for the loan of your choice or save the quotes for later. If you see a loan that meets your needs, you can then apply for it on the lender's website. Alternatively, you can also save your quotes and return to our site at any time.

After understanding how it works, now you can read the benefits of refinancing.