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Clear out junk files and repair common Windows errorsFree Scan →Scan for outdated or missing drivers - takes under a minuteDriver Scan →When mortgage rates rise, refinancing is not automatically a way to save money. First identify what you need the new loan to accomplish, then compare current written offers with your existing mortgage—including fees, loan term, total cost and how long you expect to keep the loan. If you want to access equity but have a favorable rate on your first mortgage, compare a home equity loan or HELOC before replacing that mortgage.
This guide covers U.S. mortgage refinancing. Rates, fees, approval rules and closing practices vary by lender and location, and the CFPB figures cited below describe historical conditions rather than current offers.
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Start with the reason for refinancing
A refinance pays off your current mortgage with a new mortgage. Before contacting lenders, decide whether the goal is to reduce the interest rate or payment, pay off the loan sooner, access home equity, or change loan features. The Consumer Financial Protection Bureau (CFPB) advises: “Consider refinancing only if you can meet an important financial goal.” CFPB: Should I refinance?
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When available rates exceed the rate on your existing loan, a rate-and-payment reduction may not be achievable. A lower monthly payment alone does not prove that refinancing saves money: extending repayment over a longer term can reduce the payment while increasing total interest paid. Compare the new loan’s full cost over the period you expect to keep it.
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Compare your options against the current mortgage
| Option | What changes | What to weigh |
|---|---|---|
| Keep the existing mortgage | Your current loan terms remain in place; you avoid refinance costs. | Useful when a proposed loan does not advance your goal or would increase overall cost. |
| Rate-and-term refinance | A new mortgage replaces the existing one, changing the rate, term, or both. | Compare APR, payment, term, total interest, upfront charges and time to recover costs. |
| Cash-out refinance | The replacement mortgage pays off the old loan and provides cash from home equity. | Compare its full cost with keeping a favorable first-mortgage rate and borrowing separately. |
| Home equity loan | A separate loan secured by the home; CFPB describes this as a fixed-rate loan repaid over a stated term. | Assess the payment and total borrowing cost while keeping the first mortgage in place. |
| HELOC | A line of credit secured by home equity; CFPB says HELOCs usually have adjustable rates. | Consider payment obligations, rate changes and the risk of borrowing against the home. |
Home equity loans and HELOCs do not replace a low-rate first mortgage, but they are still debt secured by the home. CFPB warns that failing to repay can put the home at risk. It also cautions against using home equity to cover other debt or living expenses without considering the consequences. CFPB: Mortgage financing options in a higher interest rate environment
Compare Loan Estimates, not just advertised rates
Request written Loan Estimates from multiple lenders and compare the same loan amount, product and term. Review these items together:
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- CONFIDENTLY AND EASILY SOLVES: All your clients' financial questions whether they are buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions
- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: At the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or tvm calculations Find loan amount, term, interest or PITI or PI payments
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- Interest rate and APR, including whether the rate is fixed or adjustable.
- Monthly payment, loan balance, term and total interest over the period you expect to keep the loan.
- Closing costs, cash to close, points, lender credits and any costs added to the balance.
- Any prepayment penalty on the existing loan and the costs or terms that differ by offer.
- Rate-lock status, expiration date and what happens if closing is delayed.
Freddie Mac lists possible refinance charges such as recording costs, appraisal, credit report, origination, title services, tax service, survey, attorney and underwriting fees. It gives a general estimate of 3%–6% of loan principal for refinance costs; this is not a quote or guaranteed range for an individual borrower, and Freddie Mac says costs vary by lender, credit score and location. Freddie Mac: Refinancing Your Mortgage
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CFPB recommends asking lenders for options with and without points or credits and comparing costs over the shortest, longest and most likely timeframes you expect to keep the loan. A simple break-even calculation—upfront costs divided by monthly savings—can be a useful first check, but it may miss differences in loan balance, term, escrow, points and total interest. CFPB: Loan Estimate
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- RESIDENTIAL REAL ESTATE FINANCE TERMS: Keys labeled in residential real estate finance terms like Loan AMT, Int, Term, PMT; Calculator is super easy to use to determine a mortgage loan that works for your client
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Understand points, lender credits and “no-cost” offers
Discount points mean paying more upfront in exchange for a lower rate. Lender credits reduce upfront costs in exchange for a higher rate. Compare how long you expect to keep the loan with the time needed for the lower payment to offset the extra upfront cost; a lower rate is not automatically the better deal if you sell or refinance before that point.
CFPB illustrates the trade-off with a $180,000, 30-year fixed loan at a 5.0% zero-point rate: 0.375 points cost $675 for a 4.875% rate and $14 less per month in that example. A $675 lender credit corresponds to a 5.125% rate and $14 more per month. These are CFPB illustrations, not current market offers or a prediction of your quote. CFPB: Loan Estimate
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- SPEAKS YOUR LANGUAGE: Keys clearly labeled in residential mortgage finance terms like Loan Amt, Int, Term, Pmt; this industry-standard calculator is super easy to use on all realty financing matters from finding a loan that works for your client to considering trust deeds investments, or finding remaining balances or balloon payments and more
- CONFIDENTLY AND EASILY SOLVE: Clients' financial questions whether they're buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions from PITI Payments to IRR, NPV and Cashflows
- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: For your client at the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or TVM calculations find loan amount, term, interest or PITI or PI payments
- BECOME AN INVALUABLE RESOURCE: To your clients by reducing their confusion and uncertainty; ensuring they are able to make a purchase offer; knowing they can afford the down payment; and determining which is the right loan for them. Date-math for listings and contracts too. Comes with a protective slide cover, quick reference guide, pocket user's guide, and long-life battery
“No-cost” or “no-closing-cost” refinancing does not mean the costs disappear. CFPB describes two common approaches: a lender credit funded through a higher rate, or closing costs added to the loan amount. Either can mean paying more over time or having less equity. Ask the lender to identify how the costs are handled in the Loan Estimate. CFPB: Is there such a thing as a no-cost or no-closing-cost loan or refinancing?
Check your timing, loan documents and rate lock
How long you expect to stay in the home or keep the new loan affects whether upfront costs make sense. A move in the next few years may leave too little time to recoup them. Lower home value, weaker credit or a prepayment penalty can also change the comparison. Read the current loan documents and the proposed Loan Estimate carefully.
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Check the Loan Estimate to see whether the new rate is locked and when the lock expires. CFPB says a rate lock generally protects the rate only if you close within the stated period and your application does not change. Ask whether an extension costs extra and what happens if closing is delayed. CFPB: Loan Estimate
Consider adjustable rates and temporary buydowns carefully
If a new offer includes an adjustable-rate mortgage (ARM) or temporary buydown, evaluate future payments rather than focusing only on the initial rate. In its December 2022 discussion, CFPB described ARM fixed periods commonly lasting five, seven or ten years; payments may rise after that fixed period. A temporary buydown lowers payments initially in exchange for an upfront fee or a higher future rate. Compare the cost with and without either feature; the 2022 article does not establish that these options suit a particular borrower.
Keep historical rate figures in context
In a CFPB article dated December 21, 2022, the agency said 30-year fixed mortgage rates had risen from historical lows to as high as 7% over the preceding two years. That figure describes the period discussed in the article, not today’s mortgage market. The article also said higher rates had contributed to increased monthly payments and debt-to-income ratios based on CFPB analysis of quarterly HMDA data. Current offers depend on the borrower, loan product, lender and date; compare personalized quotes rather than relying on historical rates.
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1Fix the driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minuteThe same CFPB article, crediting Credit Forecast, reported that nearly one million consumers used home equity loans or lines of credit in Q2 2022, 37% more than in Q2 2021. Those are historical adoption figures, not current usage data.
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