Mortgage Refinance Goals

How to Lower Your Mortgage Payment

Markets change, and depending on when you bought your home or last refinanced, your current rate could be higher than what’s offered today.

You can take advantage of these lower rates to reduce your monthly payment or reduce your overall mortgage term. For example, if your mortgage rate was 6.8% when you purchased your home and you owe $240,000 on your loan, a new mortgage rate of 3.3% could save you around $60,000 over the life of your loan and lower your monthly payment by a significant amount. 


Want to see the numbers for yourself? Try our refinance calculator!


 

Get a Better Interest Rate

One of the most common reasons for refinancing, many homeowners choose to refinance because current interest rates are lower than the one their loan currently has. 

Depending on what kind of loan you choose and its term length, refinancing at a lower interest rate could save you money in the long run, or allow you to potentially raise the amount of your loan that you’re paying off each month while continuing to pay the same amount out of pocket, shortening the length of your loan. Either way, you come out ahead.


Ready to Refinance?


 

What is a Cash-Out Refinance?

A Cash-Out Refinance is a mortgage refinance that allows you to access equity in your home. By refinancing and using the equity already in your home to take out cash, you can get access to money at a lower rate than you would if you instead got a personal loan, as mortgage interest rates are generally lower. And instead of adding another monthly payment to your list, you’ll only have to make one — your regular mortgage payment.

How Does a Cash-Out Refinance Work?

A Cash-Out Refinance utilizes the equity you've built in your home to give you access to cash at a lower rate. Your current mortgage is refinanced into a new mortgage with a greater balance, and you pocket the difference between the new mortgage and your old mortgage. For instance, if your home is valued at $300,000 and you owe $200,000, you have equity of $100,000. Say you want $20,000 for home renovations or debt consolidation, so you Cash-Out Refinance your home. Your new mortgage balance would be $220,000, and you get $20,000 from your home.


Got Cash-Out Questions? We Have Answers!

Talk to Newrez about a Cash-Out Refinance


 

Refinance Your Mortgage to a Shorter Term

Are you concerned about the number of years left of your current mortgage, or did you first take out your loan when rates were high? If so, you could shorten the term of your home loan through refinancing.

By lowering your rate to today’s best offerings, you could continue making the same payments you always have but shorten your overall loan term at the same time. You can also refinance to a higher monthly payment to pay-off your loan faster, saving money on interest in the process.


Short Term Mortgage vs Long Term Mortgage Calculator

If you're curious about how much you can potentially save on your mortgage by switching to a shorter term, try our Loan Term Comparison Calculator below!


 

Our Loan Options

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Lock in a low rate and payment that stays the same, no matter how much else may change over time.

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Today’s Mortgage Rates

Learn more about what goes into a mortgage rate, what kinds of rates are available to you, how your rate will be calculated, and how you can ensure that you get the best mortgage rate.

NEWREZ RATES

Featured Refinance Resources

It's Not Too Late to Refinance

It's Not Too Late to Refinance

Mortgage rates have been falling steadily since the onset of COVID-19, so if you’ve been sitting on the idea of refinancing, now is the time to act...

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How COVID-19 Has Shifted the US Economy

How COVID-19 Has Shifted the US Economy

Lost jobs, closed restaurants and low interest rates. Read about how COVID-19 has impacted the global economy and changed our economic outlook for the foreseeable future.

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Everything About the FHA Refinance

Everything About the FHA Refinance

If you’re thinking about a refinance, a Federal Housing Administration (FHA) refinance might be right for you. Check out these FHA refinance options...

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