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  • Writer's pictureLoanOnTime

How Refinancing Works

Are you looking to reduce your monthly mortgage payments, get a lower interest rate, convert your home equity into cash, or switch to a fixed-rate loan? Consider refinancing your home Loan.

Generally, Refinancing is a good option if the new interest rate is lower than the interest rate On your current mortgage, and the total savings amount outweighs the cost to refinance. For Example, if you have $390,000 remaining on a $400,000 loan at 4.25%, replacing your existing mortgage at 3.75% can earn savings of $162 per month compared to your previous Loan.*

Use our mortgage calculators to estimate what your new Monthly Mortgage Payments might Be.

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