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.

Mortgage Refinance With SoFi | Fixed Rates Low As 2.125%

Terms and conditions apply. Before you apply for a SoFi Home Loan, we’d like you to be aware that not all loan programs are available in all states. Learn more at SoFi.com/legal. SoFi Home Loans are eligible for Primary or Second Home residences. SoFi Home Loans are subject to additional credit, income, property, loan amount and other eligibility restrictions and limitations. Not all borrowers are eligible to receive our lowest rates. Product, rates, benefits, terms and conditions are subject to change without notice. Learn more at SoFi.com/eligibility. Licensed by the Department of Business Oversight under the California Financing Law, license # 6054612. SoFi loans are originated by SoFi Lending Corp. or an affiliate, NMLS # 1121636 (www.nmlsconsumeraccess.org)

✝ To check the rates and terms you 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.

All information in the primary residence payment examples listed above—including interest rates, payments, terms and availability—are for informational purposes only and are subject to change without notice.

^ SoFi Lending $20 Check Your Rate on a Home Loan Promotion (“Promotion”): The Promotion is offered by SoFi Lending Corp. or an affiliate. SoFi reserves the right to change or terminate this Promotion at any time with or without notice to you. No purchase necessary to participate. Additional terms and conditions may apply. Promotion is void where prohibited by state law.

Eligible Participants: The Promotion is open to anyone who resides within the United States and is of the age of majority in the state in which they reside. To receive a $20 bonus in a SoFi Money account through the Promotion you must agree to a soft credit pull on www.SoFi.com to check your rate for the following SoFi product: Home Loans. Checking your rate will not affect your credit score. If you later decide to submit an application and agree to a hard credit pull your credit score may be impacted. Participants will receive the $20 bonus regardless of whether or not they are pre-qualified for a SoFi loan product. In order to be eligible for the promotion, the participant must have an open SoFi Money account or apply to open a SoFi Money account within 60 days of earning the bonus. Those who have already received a $10 or $20 bonus for checking their rate on a Personal Loan, Student Loan Refinance or Home Loan in the 2022 calendar year are not eligible for this promotion. SoFi employees are not eligible to participate in this Promotion. Notwithstanding the above, SoFi reserves the right to exclude any consumer from participating in the Promotion for any reason, including suspected fraud, misuse, or if suspicious activities are observed.

Promotion Period: The Promotion is available beginning at 12am Eastern Time on 1/14/22 and ends 11:59pm Eastern Time 1/31/22. Participants are limited to one (1) bonus between the Personal Loan, Home Loan and Student Loan Refinance product per calendar year and three (3) per household.

Payout: Eligible participants will receive the $20 bonus within a SoFi Money account within 30 days of starting a home loan application and checking their rate. If the participant does not have a SoFi Money account, they must apply for SoFi Money in order to receive payout. If the participant is rejected for a SoFi Money account, SoFi will fulfill the bonus via ACH transfer pending completion of a W9 form by the applicant.

Tax Consequences: Bonus amounts of $600 or greater in a single calendar year may be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received as required by applicable law. Recipient is responsible for any applicable federal, state or local taxes associated with receiving the bonus offer; consult your tax advisor to determine applicable tax consequences.

TLS 1.2 Encrypted

Equal Housing Lender

Received a mailer from us?