Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He also has an MBA from the University of South Florida. ...

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Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Sep 16, 2013

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What is a Refinance?

Those who already have a home loan and who are looking for a lower interest rate should apply for a mortgage refinance loan. Refinancing works by allowing a borrower to take out a brand new home loan to cover the cost of their existing home loan.

To begin the process, fill out the free application above. After submitting your application, we will immediately try to match you up with one of our partnered lenders. If we find you’re not a candidate for a refinance, but that you are struggling with your home payments, we will give you the option of continuing an application for a home loan modification.

Reasons for Refinancing

The main reasons for refinancing a mortgage include:

  • Reducing your interest rate
  • Lowering your monthly payment
  • Converting and adjustable-rate mortgage to a fixed-rate mortgage
  • Extracting equity from your property
  • To pay off your mortgage more quickly

There are different refinancing strategies or approaches to take depending on your goal. After applying for a refinance using the form above, please speak with the lender(s) who contact you about your personal situation, and they will help guide you to the correct type of refinance loan.

The Best Time to Refinance

Depending on your personal situation, the best time to refinance may be right now.

For instance, if your property has a lot of equity, and you would like to extract some of that money for desired or necessary home upgrades, then refinancing at a time like now — when property values are up — may award you with the most amount of money.

Similarly, with interest rates still near record lows, securing a lower-than-normal interest rate is definitely a possibility.

Finally, for those who have adjustable-rate mortgages (ARMs), refinancing into a fixed loan is usually always a good idea. The sooner you get on a fixed payment schedule, the sooner you will be able to see stable monthly bills.

If you need more information before deciding whether or not to apply for a refinance loan, please browse our refinance articles and frequently asked questions.