What are the benefits of refinancing my mortgage?

Your home is a long-term investment. Refinancing could help you save money over the lifetime of your mortgage. You could get a shorter term, lower monthly payments, or get a cash out refinance loan on your home’s equity.

What's the average cost of refinancing a mortgage?

As of April 2020, the average national mortgage closing costs for a single family home was $5,749, including taxes. These costs can include the lender’s title, owner’s title, home appraisal, settlement fees, recording fees, land surveys, and transfer tax. Your home refinance costs can vary based on the size of your mortgage, your terms, and the state in which you live.

How can refinancing lower my monthly mortgage payment?

As a homeowner makes monthly payments on a mortgage, each payment typically contains a mixture of principal and interest. Refinancing for a lower mortgage refinance rate would help you pay less toward interest and more toward the principal of your mortgage.

Is now a good time to refinance my mortgage?

Homeowners often look to refinance when it could benefit them in some way, like with a lower interest rate or monthly payment. This guide breaks down a few signs that it may be time to look at mortgage refinancing as an option.

At what percent decrease should I refinance my mortgage?

There is no one-size-fits-all approach to mortgage refinancing. However, for a large mortgage, even a change of 0.5% could result in significant savings—especially if you can avoid or minimize lender fees. This article breaks down a few signs that it might be time to look at refinancing.

How much equity do I need to refinance my mortgage?

Lenders typically want at least 20% of equity (80% loan to value) to exist for a refinance to take place, although that ratio is not universal. This article breaks down common refinancing costs and how equity can affect your home refinance.

What are the advantages of refinancing to a shorter loan term?

Refinancing a home to a shorter term will likely save you a good amount of money in interest. Loans with shorter terms typically come with lower interest rates and borrowers often pay less interest over the life of the mortgage. Shorter term loans also allow buyers to build equity more quickly.

Home Mortgage Refinance - Apply for a Mortgage Loan Refinance

Terms and conditions apply. Before you apply for a SoFi Mortgage, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and loan amount. Minimum loan amount is $75,000. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility. Information current as of 7/2/2024.

SoFi Mortgages originated through SoFi Bank, N.A., NMLS #696891 (Member FDIC), (www.nmlsconsumeraccess.org). Equal Housing Lender. SoFi Bank, N.A. is currently able to issue and refinance mortgages in all states except Hawaii and purchase only for New York.

✝ To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

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