Mortgage Refinance: Benefits, Tools And More

Refinancing can help you take control of your finances. Use a home loan refinance to lower your monthly payment, borrow your home equity or pay off your mortgage faster.

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What Are The Benefits Of Refinancing?

Refinancing can make your home more affordable, help you consolidate your debts or let you borrow cash to pay for life’s significant moments.

Lower Monthly Payments
Refinancing to a lower interest rate can reduce your monthly payment and free up money in your budget.
Consolidate High-Interest Debts
Consolidating your debts into one monthly payment with a cash-out refinance can help you save money and simplify your finances.
Free Up Cash
Borrow your home equity to renovate, pay for college, buy an investment property or cover other major expenses.
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Why Trust Quicken Loans

Learn more about how refinancing works, when it makes sense and what you need to do to get approved.

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Frequently Asked Questions

Here are answers to common questions about refinancing.

When you refinance, you pay off your current mortgage with a new loan that has more favorable terms.
Refinancing can lower your monthly payment, let you borrow the equity you’ve built, or pay off your mortgage sooner.
Yes, so make sure you plan on owning the home long enough to recoup the cost of refinancing.
It can be a good time to refinance if interest rates have dropped, your credit score has improved, you can stop paying for mortgage insurance, or you need to access your equity to take out cash.