Loan Offerings Mortgage Rates References Account About Us You are here: Loan Offerings Refinance Refinance your mortgage Refinancing your home loan can lower your rate and your monthly payment! PERSONALIZED QUOTE Overview Compare Rates & Fees FAQs About PERSONALIZED QUOTE Mortgage refinance overview Refinancing your mortgage with a conventional loan has many advantages. You can get a competitive interest rate when you have good credit and income. You can avoid paying for private mortgage insurance if your home equity is 20% or more. You can refinance more kinds of homes and more types of loans with conventional mortgages too. Use the calculator below to estimate how much you might save with a mortgage refinance. Keep in mind by refinancing, the total finance charges you pay may be higher over the life of the loan. Lower your interest rate Lower your monthly payment Save money on interest Shorten your loan term How much can you save? Find out how much you might save by refinancing your home to a lower rate. By refinancing, the total finance charges you pay may be higher over the life of the loan. Change the default values to personalize your savings estimate! All fields are required. ORIGINAL LOAN AMOUNT TERM (YEARS) YEARS PAID CURRENT INTEREST RATE NEW INTEREST RATE CLOSING COSTS This calculator is made available as a self-help tool for your personal use. We do not guarantee its accuracy or applicability to your individual circumstances. Resulting calculations are for illustrative and informational purposes only and are not intended as investment or financial advice. Consult a qualified financial advisor before making important personal finance decisions. To get a better understanding of the benefits of refinancing, speak with a loan advisor at Freedom Mortgage. GET ESTIMATE Refinancing might save you $ a month Ask us what refinance rate we can offer you The mortgage refinance rate we may be able to offer is personal to you. Your interest rate is affected by the type of refinance loan you want, your credit score, your income and finances, as well as the current mortgage market environment. Freedom Mortgage may be able to offer you a refinance rate that is lower - or higher - than the rate you see advertised by other lenders. Ask us today what refinance rate we can offer you. Choose the mortgage refinance that’s right for you! At Freedom Mortgage, we offer refinancing on conventional home loans, which are the mortgages many homeowners have across the United States. We also offer refinancing for VA, FHA, and USDA loans. Your refinancing choices depend on the mortgage you have and the mortgage you want. You can refinance any type of mortgage with a conventional loan. Streamline refinances are only available for VA, FHA, and USDA loans. Our loan comparison can help you decide. Conventional Refinances All loan types are eligible Application requires more paperwork Mortgage insurance not required with 20% home equity Closing takes more than 30 days VA IRRRL (Streamline) Refinances Only VA loans are eligible Application requires less paperwork Easy credit qualification Mortgage insurance not required Closing generally takes less than 30 days Learn about IRRRLs FHA Streamline Refinances Only FHA loans are eligible Application requires less paperwork Easy credit qualification Mortgage insurance required Closing generally takes less than 30 days Learn about FHA streamlines Refinance & Remove PMI Requires 20% home equity to remove mortgage insurance from conventional loans FHA loans refinance into conventional loans Application requires more paperwork Closing generally takes more than 30 days Learn how to remove PMI Looking for more detail? Our full loan comparison table can help you decide. GO NOW Mortgage refinance fees and requirements Conventional mortgage refinances are sometimes called “full document” refinances because you need to complete a new application, provide a new set of income and financial documents, and pay a new set of closing costs. You will also need to meet credit, income, and financial requirements to get your refinance approved. Here’s what you need to know about how mortgage refinance works. New application and documentation You will need to complete a new application and provide income and financial documents like current pay statements and tax returns. Learn more about applying New credit check We will probably check your credit score before we approve your refinance. Your credit score can affect the interest rate we may offer too. Learn more about credit scores New home appraisal You may need a new home appraisal to estimate the current fair market value of your house. A home appraisal typically costs $300 to $400. Learn more about home appraisals Private mortgage insurance With a conventional mortgage refinance, you need at least 20% equity in your home or you will need to pay for private mortgage insurance (PMI). According to Freddie Mac, homeowners can expect mortgage insurance to cost between $30 and $70 per month for every $100,000 they borrow. Learn more about PMI Closing costs Closing costs for mortgage refinancing can include lender fees, discount points, and more. You may need to pay property taxes and homeowners insurance premiums too. According to Freddie Mac, the average closing costs for refinancing a mortgage are approximately $5,000. Learn more about closing costs Loan disclosures and closing Once you submit your application, you will need to review and sign loan disclosures. You’ll also need to attend the closing of your new mortgage. Learn more about disclosures Mortgage Refinance FAQs When to refinance How to refinance When to refinance The best time to refinance your mortgage is when current interest rates are significantly lower than the rate you have on your mortgage now. That's because nearly all mortgage refinances come with closing costs you will need to pay or add to your loan amount. You want to make paying these costs worthwhile when you refinance your home and lowering your interest rate is often the best way to do it. Our mortgage refinance calculator can help you decide when refinancing makes sense. The calculator lets you put in your current interest rate and loan information as well as the new interest rate you think you might get. It then estimates your savings and compares these savings to the potential costs. You might pay anywhere between 2% and 6% of your loan amount in closing costs when you refinance according to Forbes.com. Think about how long you plan to live in your home before you refinance your mortgage. Refinancing often does not make sense if you plan to sell your house in the near future. That's because you might not realize enough savings from lowering your rate before you sell to offset your closing costs (this is called "breaking even"). Finally, look at the total amount of money you will pay in interest over the life of your new loan. Sometimes when you refinance your mortgage, you can end up paying more for interest than you would have if you kept your old mortgage. For example, this can happen when you extend the term of your loan. If you have 20 years left on your current mortgage and you refinance to a new 30 year mortgage, you might end up paying more money in interest even with a lower rate because you are paying back the loan over a longer period of time. Existing Freedom Mortgage customers can often keep their loan term the same when they choose us for mortgage refinancing. More reasons to refinance your mortgage Lowering your rate and saving money on interest are two reasons homeowners consider mortgage refinances. But they aren't the only ones! Refinancing can also help you: Lower monthly mortgage payments. Refinancing a mortgage may help to reduce the size of your loan payments each month. You can use the savings to invest in college and retirement accounts, to pay bills, to pay down other debts, and more. Keep in mind by refinancing a home loan to lower your payments, the total finance charges you pay may be higher over the life of the loan. Remove mortgage insurance. Some homeowners refinance to stop paying mortgage insurance. If you have an FHA loan, refinancing to a conventional loan might help you stop paying FHA mortgage insurance premiums. You don’t always need to refinance your mortgage to get rid of mortgage insurance. If you have a conventional mortgage, you should be able to stop paying for private mortgage insurance once your home equity reaches 20%. Shorten the life of the home loan. When you pay off a mortgage sooner than the terms require, you might save money on interest. That’s because you are paying back the interest over a shorter period of time. Some homeowners refinance mortgages to shorten the life of their loans. Keep in mind that it is often not necessary to refinance your home to pay off a mortgage faster. You can simply make extra payments. Make mortgage payments more predictable. If you have an adjustable rate mortgage, you can refinance your home loan to a fixed rate mortgage and make your monthly payments more predictable. With an adjustable rate mortgage, your interest rate and monthly payments can change every year. With a fixed rate mortgage, your interest rate and monthly payments stay the same. Get cash from your home’s equity. Refinancing a home mortgage may also help you get cash from your home’s equity. This is called a "cash out refinance". You pay off your current mortgage balance and replace it with a new mortgage for a higher principal balance, and get the difference as cash at closing. What is the mortgage refinance process? Refinancing your home requires getting a new mortgage. You pay off your current mortgage and replace it with a new mortgage that has better rates or better terms. Almost all refinances will require you to complete a new application, provide documents, review and sign disclosures, pay closing costs, and attend the closing of your new mortgage. You will also need to meet your lender's credit, income, and financial requirements to get your refinance approved. How much paperwork is required and how much it costs to refinance depends on the type of mortgage you choose. When you are refinancing a conventional loan, the process is similar to getting a mortgage to buy a house. You have to complete a new application, provide a new set of financial documents, and pay a new set of closing costs. For these reasons, conventional refinances are sometimes called "full document" refinances. When you have a government-backed mortgage, such as a VA or FHA loan, you may be able to use the streamline program to refinance your home. Streamline refinance let you get a lower rate with less paperwork and a faster closing. See the "How to Refinance" section on this page to learn more! The Freedom Mortgage Difference We are committed to making you a life-long customer with exceptional mortgages and exceptional service! Our Loan Advisors will help you choose the right loans. We’ll answer your questions and work with you step by step to make buying or refinancing your home easy and hassle-free. We’ll also keep an eye on rates and let you know when you can lower your mortgage payments or get cash from your home’s equity. That’s Freedom. We are proud to support veterans, service members, and their families with our charitable work. We’re also committed to fighting hunger in communities across America. Contact Us 855-690-5900 Contact our Customer Care team Experiencing financial difficulties? We’re here to help you. Account Log In New Customers Pay My Mortgage Register My Account COVID 19 Information About Us Who We Are In the Community Careers Loan Types Conventional Loans FHA Loans VA Loans USDA Loans Divisions Correspondent Lending Wholesale Services Roundpoint Traditional Retail 951 Yamato Road, Boca Raton, FL 33431 United States | Lender NMLS ID: 2767. NMLS Consumer Access. Equal Housing Opportunity. Legal Disclosures | Privacy Policy | California Privacy Notice | Terms and Conditions | State Licensing | © Freedom Mortgage Corporation.