start portlet menu bar

Web Content Viewer

end portlet menu bar

Refinance your mortgage

Refinance your mortgage

You might lower your rate and payment by refinancing your home! With a Conventional loan, you can get a competitive interest rate when you have good credit and income. You can avoid paying for private mortgage insurance if your home equity is 20% or more, too.

Use the calculator below to estimate how much you might save with a mortgage refinance. Please note that by refinancing, the total finance charges you pay may be higher over the life of the loan.

conventional refi icon

Conventional Refinances

  • More paperwork
  • Minimum credit score often 620
  • No mortgage insurance with 20% equity
  • No funding fee
Learn More
va cashout refiance icon

VA Streamline Refinances

  • Less paperwork
  • Easy credit score qualification
  • No mortgage insurance
  • Funding fee required
Learn More
fha streamline refinance icon

FHA Streamline Refinances

  • Less paperwork
  • Easy credit score qualification
  • Mortgage insurance required
Learn More
  • Generally speaking, refinancing your mortgage can be a good idea when today's interest rates are significantly lower than the rate on your current mortgage.

    That's because you want the savings from refinancing, over time, to be worth it after you pay the refinance closing costs.

    One way to decide if refinancing makes sense is to calculate a break even point, which is when your savings are equal to your costs. For example, if your closing costs are $2,400, and you're saving $100 per month on your new loan, it will take two years (24 months x $100 per month) to break even.

    Refinancing can be a good idea when you reach your break-even point quickly or when you plan to live in your home for many years. You can apply the savings to lower your monthly payment or pay off your mortgage more quickly.

    When you refinance, you can also change the number of years you have to pay off your mortgage, switch from an adjustable-rate to a fixed-rate mortgage, and more. Learn about reasons to refinance.

  • You must pay off your current mortgage and replace it with a new mortgage that has better rates or terms to refinance your home with a Conventional loan.

    You'll need to complete a new mortgage application, submit documents, sign disclosures, and attend the closing. You'll also need to meet our requirements to get approved. These include:

    • Current payments. In most cases, you need to be current on your mortgage, with no recent late payments, to qualify for refinancing.
    • Credit score. You typically need a credit score of 620 or better to refinance a Conventional loan at Freedom Mortgage.
    • Debt-to-income ratio (DTI). You often need a maximum DTI between 36% and 41% to refinance with a Conventional loan. Learn more about debt-to-income ratios.
    • Private mortgage insurance (PMI). You'll need to pay PMI when the value of your home's equity is less than 20%. If the value of your equity is more than 20%, you won't need to pay PMI.
    • Home appraisal. We usually require a new home appraisal to estimate the current value of your home. Learn more about home appraisals.
    • Title search. Title searches look for liens or other financial claims on your home that can affect your refinancing approval. Learn more about title searches.
    • Closing costs. You might pay between 2% to 6% of the loan amount in closing costs when you refinance, according to Forbes. Sometimes, you can finance closing costs into your loan amount. Other times, you may need to pay them in cash at closing.

    Freedom Mortgage's experienced Loan Advisors will work with you to make every step of refinancing your home simpler and hassle-free. Learn more about our mortgage application process.

  • The mortgage refinance rate we may be able to offer is personal to you. Your interest rate is affected by the type of refinance loan you want, your credit score, your income, and finances, as well as the current mortgage market environment.

    Freedom Mortgage may be able to offer you a refinance rate that is lower—or higher—than the rate you see advertised by other lenders. Ask us today what refinance rate we can offer you by calling 877-220-5533.

How much can you save?

Find out how much you might save by refinancing your home to a lower rate. By refinancing, the total finance charges you pay may be higher over the life of the loan. Change the default values to personalize your savings estimate!

All fields are required.


$



%

%

$

This calculator is made available as a self-help tool for your personal use. We do not guarantee its accuracy or applicability to your individual circumstances. Resulting calculations are for illustrative and informational purposes only and are not intended as investment or financial advice. Consult a qualified financial advisor before making important personal finance decisions. To get a better understanding of the benefits of refinancing, speak with a loan advisor at Freedom Mortgage.

Get your calculator results delivered to your email

Let us help you save more on your mortgage each month by lowering your interest rate. Fill out the form below and one of our licensed Loan Advisors will contact you.

All fields are required. Reset Calculator Results


Please enter valid first Name

Please enter valid last name

Please enter valid email

Please enter valid phone
Please select valid state
Please select valid loan type
Please select valid current customer
* This calculator is made available as a self-help tool for your personal use. We do not guarantee its accuracy or applicability to your individual circumstances. Resulting calculations are for illustrative and informational purposes only and are not intended as investment or financial advice. Consult a qualified financial advisor before making important personal finance decisions. To get a better understanding of the benefits of refinancing, speak with a loan advisor at Freedom Mortgage.

A loan advisor from Freedom Mortgage will reach out to you to review your results and discuss the request for a cash out refinance on your home’s equity.

By entering your mobile number and email address and clicking “Get Your Results” below, you consent to be contacted, including via automated technology, by Freedom Mortgage and any of its current or future affiliated companies (collectively “Freedom Mortgage”) at that mobile number and email address for marketing purposes. You affirm that you are the subscriber of the phone number(s) and email address or that the subscriber has authorized you to provide this consent. Your consent is not a condition of purchase of goods or services from Freedom Mortgage. You can revoke your consent at any time by contacting Freedom Mortgage at 855-690-5900.
green checkmark in the center of a green circle.Your results have been emailed to you. A loan advisor will reach out to you soon.

Based on the values you entered, refinancing might save you
$250 a month*

Back
Woman writing on notebook with laptop open at home desk.

Ask us what refinance rate we can offer you

The home refinance rate we may be able to offer is personal to you. Your interest rate is affected by the type of refinance loan you want, your credit score, your income and finances, as well as the current mortgage market environment. Freedom Mortgage may be able to offer you a refinance rate that is lower - or higher - than the rate you see advertised by other lenders. Ask us today what refinance rate we can offer you.

How much does it cost to refinance a mortgage?

Average refinance closing costs, “no cost” refinancing, and more.

Retired couple with laptop and documents
How to refinance a mortgage

Learn more about how to refinance your home and what your options are

latin woman at desk with laptop and glasses
Should you refinance your mortgage?

Reasons why you should (or shouldn't) refinance your home

couple sitting on floor with dog and laptop
start portlet menu bar

Web Content Viewer

end portlet menu bar