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Home Loans

Mortgage Refinancing FAQs


Home Loans—provided by Quicken Loans® 

Mortgage Refinancing FAQs

Have questions about refinancing your mortgage? Here are responses to some of the most common questions we hear.

If you have questions or would like to speak with a home loan expert about your specific situation, call 877-535-4021, Monday through Friday, 8:00 a.m. to 9:00 p.m. ET, and Saturday, 8:00 a.m. to 4:00 p.m. ET.

It depends on your situation, including your current interest rate and how long you intend to stay in your house. Refinancing may make sense if you can lower your interest rate by at least ½ of 1%.

To get an estimate of what your new mortgage payment might be if you refinanced, or how long it would take you to recoup the closing costs, run the numbers for yourself using our Mortgage Refinancing Calculator.
Quite possibly. To find out how much your new monthly payments might be if you refinanced, use our Mortgage Refinancing Calculator.
Yes, as long as you qualify for the shorter-term loan. For example, on conforming fixed rate loans, you can choose your term from 8 to 29 years so you won’t have to start over with a 30 year term if you refinance.
Yes. Many people borrow against the equity in their homes to make improvements.
If you qualify, you can use up to 80% of the appraised value of your home to make home improvements. The equity you can use is based on the value of your home and how much you currently owe, and is subject to applicable state laws.
Just like when you got your original loan, you’ll have closing costs associated with refinancing, such as origination or appraisal, processing, and title company fees. You may have the option of rolling these costs into the loan amount to reduce the amount you pay out of pocket. Use our Mortgage Refinancing Calculator to get an estimate of how long it will take to break even by weighing the closing costs against your monthly savings.

Ready to start the mortgage process?

Call 877-535-4021
Mon.–Fri., 8 a.m.–9 p.m. ET; Sat., 8 a.m.–4 p.m. ET

 Charles Schwab Bank