A refinance rate is the interest rate offered when you replace an existing mortgage with a new one, often to secure a lower interest rate or adjust loan terms.

Why Refinance Your Mortgage?

-Lower Monthly Payments – Reduce your monthly burden by securing a lower rate.

-Shorter Loan Term – Pay off your mortgage faster with a 15-year refinance.

-Switch from Adjustable to Fixed Rate – Get stability by switching to a fixed-rate mortgage.

-Cash-Out Refinance – Borrow against home equity for major expenses like renovations or debt consolidation.

Factors Affecting Refinance Rates

💰 Existing Mortgage Rate – If current rates are lower than your mortgage rate, refinancing can be beneficial.
💰 Home Equity – The more equity you have, the better the refinance terms.
💰 Credit Score – A higher credit score improves refinance approval chances.
💰 Market Trends – Refinancing when interest rates are low can save thousands over time.