Thinking about refinancing? See if it adds up.
A refinance replaces your mortgage with a new loan. Tell us where the home is and one licensed lender can go over your options.
- Free, With No Obligation
- No Credit Check to Start
- One Licensed Lender
- Straight Answers
Who It's For
Homeowners with a mortgage who want to change its rate, term or loan type without taking cash out.
What to Know
A new loan replaces the old one
Refinancing replaces your current mortgage with a new loan that has a new term, rate and monthly payment.
Source: Freddie Mac, Freddie Mac: Planning to refinanceRefinancing What You Owe
In the most common kind, a no-cash-out refinance, you refinance the balance you still owe. People do it for a lower rate, to move from an adjustable rate to a fixed one, or for a shorter term.
Source: Freddie Mac, Freddie Mac: Understanding your refinance optionsYou pay closing costs again
Refinancing costs can be about what you paid when you bought the home. Expect fees such as the appraisal, credit report, origination, title and recording.
Source: Freddie Mac, Freddie Mac: Understanding the costs of refinancingWork Out Your Break-Even Point
Divide the total cost of the refinance by what you'd save each month. The answer is how many months it takes to break even.
Source: Freddie Mac, Freddie Mac: Planning to refinanceA Two-Year Rule of Thumb
The CFPB suggests going ahead only if the new rate saves you the cost of refinancing in about two years.
Source: CFPB, CFPB: Your home loan toolkit (2026)A longer term can cost more
If you have 20 years left and refinance into a new 30-year loan, you stretch out your payoff and pay more interest over the life of the loan.
Source: Freddie Mac, Freddie Mac: Planning to refinance
How It Works
Answer a Few Questions
Your goal, your ZIP code, your home and your timing. About two minutes, with no contact details until the last step.
Get Matched With One Lender
We find one licensed lender in your state that takes this kind of loan, and show you its name first.
Hear From That Lender
If you choose to send your request, that lender reaches out. You decide what happens next.
Four Things You Can Check
The Lender's License
You see the lender's name and NMLS ID before you share your number. Anyone can look a lender up on NMLS Consumer Access.
Look Up a Lender's LicenseHow We Get Paid
Lenders pay us a flat fee when you ask to be contacted. You never pay us. The fee is the same whether or not you take out a loan.
Read How We Get PaidWho Gets Your Request
One lender, named on the form before you send it. Every lender who may get a request is listed with its NMLS ID.
See Our Lender PartnersOur Sources
Every guide ends with a list of its sources, such as HUD, the CFPB, Fannie Mae and Freddie Mac.
Browse the Guides
Common Questions
Is there such a thing as a no-cost refinance?
Not really. The lender either charges a higher rate and gives you a credit for the costs, or adds the costs to your loan amount. A higher rate costs more over time, and a bigger loan raises your payment and lowers your equity.
Can I cancel a refinance after I sign?
Usually. A refinance of your main home with a new lender generally comes with three business days to cancel, in writing. A refinance with your current lender only has that right for new money you borrow beyond what you owe and the refinance costs.
Will I owe a prepayment penalty?
Only if your current loan has one. Check your loan papers or ask your servicer. A penalty usually applies only if you pay off the whole loan within a set number of years, often three or five.
Learn More
Sources
- Freddie Mac: Planning to refinance
- Freddie Mac: Understanding your refinance options
- CFPB: Your home loan toolkit (2026)
- CFPB: Is there such a thing as a no-cost or no-closing loan or refinancing?
- CFPB: Can I change my mind after I sign the closing documents for a refinance?
- 12 CFR 1026.23: Right of rescission
- CFPB: What is a prepayment penalty?
- Freddie Mac: Understanding the costs of refinancing