Refinance
Unlock savings with a mortgage refinance*.
Learn how you can:
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Lower your monthly payment
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Build more equity
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Get access to cash when you need it
Learn How Refinancing Can Help You Achieve Your Goals
Lower Your Rate
Change your interest rate to today's competitive market rate to potentially save on monthly interest.
Shorten Your Term
Refinance to a shorter loan term to pay off your mortgage and free up funds faster.
Access Cash
Turn the home equity you have built into cash to spend as you you see fit with a cash-out refinance.
What is a Cash-Out Refinance?
A cash-out refinance allows you to unlock your home equity without taking out a second mortgage. This means you'll only have to worry about making one monthly payment. Upon loan closing, receive your equity as cash to start spending to fuel your future.
- Consolidate debt
- Fund home improvements
- Pay off student loans
Our loan officers are here to help you decide which refinancing option can empower you to reach your goals!
Choose the Right Loan for You
Calculate the Possibilities
Mortgage Refinance Calculator
Estimate interest rates, payment amounts, and term lengths to see what you can accomplish by refinancing.
Loan Term Comparison
See how shortening or lengthening your loan term impacts rate, amortization, and monthly payments.
Loan Amount Estimator
Enter your preferred monthly payment, down payment, and more to determine how much you could qualify for.
The Newrez Refinance Process
Crunch the Numbers
Use our mortgage calculator to see how much you could save by refinancing your mortgage.
Start an Application
Review your finances, gather required documents, and complete your online application.
Finish Your Refinance
With your new loan, enjoy the savings and/or spend the cash as you see fit to meet your goals.
Frequently Asked Questions
With a mortgage refinance, you get a new loan that replaces your existing mortgage, as the new loan pays off your existing one. Typically, the new loan will have a different interest rate and principal balance. A refinance is a great idea if you're looking to save money over time, especially if you can get a lower rate and monthly payment. For more information on refinancing, check out this article.
Depending on your current mortgage and future goals, there are different refinance options:
- Cash-out refinance
- Home equity loan
- FHA or VA streamlined refinance
To see which is right for you, read this article.
With a cash-out refinance, you refinance your current mortgage into a new, bigger loan. The difference between the new mortgage amount and the existing balance is given to you in a lump sum of cash. To learn more about how you can leverage your home equity with a cash-out refi, read this article.
Depending on your financial situation and goals, there are many compelling reasons to refinance:
- Debt consolidation
- Accessing cash
- Shorten loan term
- Lower monthly payments
To see what you can achieve with a refinance, check out this article.
With most conventional loans, you can refinance six months after closing. We recommend reaching out to your lender for specific requirements.
The refinanced mortgage will have a new principal balance and interest rate that will affect your monthly payment. How it changes will depend on the loan terms. For example, if refinancing to a lower interest rate, monthly payments will decrease. To estimate how much you can save, use our calculator.
Yes, you will need to pay closing costs when refinancing your mortgage. The closing cost amount will vary depending on several factors including your credit score, location, and loan amount. For more details, we recommend contacting your lender.
Disclosure:
*By refinancing an existing loan, the total finance charges may be higher over the life of the loan.