Nevada Mortgage Refinance Calculator
Nevada Mortgage Refinance Calculator
By SoFi Editors | Updated November 20, 2025
Refinancing your home loan can be a strategic move to save money over the long term, reduce monthly payments to free up cash flow, or access home equity for large projects. A mortgage refinance calculator is a powerful tool that can help you assess the financial impact of refinancing by estimating the potential savings and costs involved. This article will explore how to use a Nevada refinance calculator to help you make an informed decision about your financial future.
Key Points
• A mortgage refinance calculator helps estimate the financial impact of refinancing, including potential savings and costs, making it a valuable tool for informed decision-making.
• Refinancing costs typically range from 2% to 5% of the new loan amount, including application fees, appraisal costs, and loan origination fees.
• A cash-out refinance allows you to borrow more than your current mortgage balance, providing extra funds for other financial needs, but it often comes with higher closing costs.
• A reduction in your interest rate, even by 0.50%, can lead to savings in monthly payments or total interest over the life of the loan.
• The break-even point, which you can estimate with the help of a refi calculator, is the time needed to recoup the closing costs through monthly savings.
Nevada Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the principal amount still owed on your home loan, excluding accrued interest. This is an important factor in determining how soon you can refinance a mortgage.
• Current/New interest rate: Interest is the percentage of the loan amount charged by the lender. Current mortgage rates fluctuate based on market trends and borrower qualifications, but a lower new interest rate can reduce monthly payments or total interest paid.
• Remaining/New loan term: The remaining loan term is the time left to pay off your current mortgage, and the new loan term is the duration of the refinanced mortgage. Shorter terms reduce total interest but result in higher monthly payments, while longer terms do the opposite.
• Points: Mortgage points are optional upfront costs that allow you to prepay interest and lower your interest rate. Each point costs 1% of the loan amount and can reduce the rate by 0.25%.
• Other costs and fees: Other mortgage refinancing costs and fees include origination, appraisal, and attorney fees. These typically range from 2% to 5% of the new loan amount and should be factored into your refinancing decision.
• Monthly payment: Your monthly payment covers the principal and interest on your home loan. A home refi calculator helps estimate the new payment amount, which can be lower if you secure a better interest rate or extend the loan term.
• Total interest: Total interest is the cost paid to the lender over the life of the loan, excluding the principal. Comparing total interest costs can help determine if refinancing will save you money in the long run.
How to Use the Nevada Mortgage Refinance Calculator
To estimate your potential refinance savings and costs, input your remaining loan balance, current and new interest rates, and loan terms into our Nevada mortgage refinance calculator. Once you find the break-even point, you can use this information to evaluate your options, taking into account your financial goals and the length of time you plan to stay in your home.
Step 1: Enter Your Remaining Loan Balance
To start assessing the financial impact of refinancing, enter your remaining loan balance. This figure is the principal amount left on your current home loan. If you’re unsure of the exact amount, check your most recent mortgage statement or contact your lender.
Step 2: Add Your Current Interest Rate
Input your current interest rate so you can compare it with a new rate to determine your potential savings. If your current rate is higher than the general market rate, refinancing may be beneficial.
Step 3: Estimate Your New Interest Rate
Based on your credit score and other financial factors, select a new interest rate. A lower rate can reduce monthly payments or total interest paid. For example, you can use the calculator to see the impact of a 0.50% reduction.
Step 4: Select Your Remaining Loan Term
Select your remaining loan term, representing how much time you have left to pay off your current mortgage. Compare this with the new loan term to see if the results align with your financial goals.
Step 5: Choose a New Loan Term
Choose a new loan term to see how it affects your monthly payments and total interest. A shorter term reduces interest but makes payments higher, while a longer term does the opposite.
Step 6: Enter Any Points You Intend to Purchase
If you plan to purchase any mortgage points, be sure to include them to assess the upfront costs and potential long-term savings. Each point costs 1% of the loan amount and can lower the interest rate by 0.25%.
Step 7: Estimate Your Other Costs and Fees
To get a complete picture of refinancing expenses, estimate other costs and fees, such as origination and appraisal fees. These typically range from 2% to 5% of the new loan amount.
Step 8: Review Your Break-Even Point
Your break-even point will determine when you’ll recoup the closing costs through monthly savings. If you intend to stay in your home beyond this point, refinancing may be a smart financial move.
Benefits of Using a Mortgage Refinance Payment Calculator
When you’re exploring how to refinance a mortgage, a refinance calculator can help you weigh the closing costs against your potential savings. By inputting different interest rates and loan terms, you can see how refinancing might change your monthly payment or total interest.
A small reduction in the interest rate can result in noticeable savings, especially for larger mortgages. This may be of particular interest if you’re looking to refinance a jumbo loan. Switching to a shorter loan term can help you pay off your mortgage faster and save on interest, making it a strategic move if you’re looking to build equity more quickly.
What Is the Break-Even Point in Refinancing?
The break-even point is the time it will take for your monthly savings to cover the closing costs of your refinance. The refi calculator subtracts your estimated monthly payment after refinancing from your current payment, then it divides the closing costs by your monthly savings. For example, if refinancing saves you $100 a month and your closing costs are $2,500, it will take 25 months to break even.
The refinance calculator can help you identify if the difference in interest is positive or negative. If you plan to sell your home in the near future, refinancing may not be beneficial.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Typical Closing Costs for a Refinance in Nevada
Refinancing a mortgage in Nevada involves closing costs, typically 2% to 5% of the new loan. These costs include fixed fees, including application, credit report, appraisal, recording, and attorney fees, as well as percentage-based costs such as loan origination, title search/insurance, and mortgage points. Depending on the type of mortgage loan, some fees, such as title insurance, may be waived.
You can reduce costs by shopping around and maintaining a strong credit score (740+), and watch out for prepayment penalties. If you’re considering a cash-out refinance, remember it’s likely to have higher closing costs due to a larger loan amount.
Recommended: No-Closing-Cost Refinance
Tips on Reducing Your Mortgage Refinance Payment
When you’re preparing to start the refinancing process, there are a few ways to minimize your monthly mortgage payment. Consider these steps:
• Improve your credit score to secure a lower interest rate.
• Extend the term of your loan to lower monthly payments, bearing in mind this could increase the total interest paid over time.
• Appeal your property tax to potentially reduce your overall annual tax bill.
• Shop for a lower homeowners insurance rate to decrease your premium.
The Takeaway
Refinancing your mortgage can offer significant financial benefits, but you have to evaluate both the costs and savings. A refinance calculator can help you estimate your potential monthly savings, total interest paid, and break-even point. Consider your long-term financial goals, the specific type of refinance, and current market conditions to determine if refinancing is the right move for you.
SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.
A mortgage refinance could be a game changer for your finances.
FAQ
How much does it cost to refinance your mortgage in Nevada?
Refinancing costs in Nevada typically range from 2% to 5% of the new loan amount. These include application fees, credit report fees, appraisal fees, and other associated expenses.
How much does it cost to refinance a $450,000 mortgage?
Refinancing a $450,000 mortgage in Nevada can cost between $9,000 and $22,500. A mortgage refinance calculator can help you weigh the upfront expenses against your potential savings to decide if refinancing will be beneficial.
Do you have to put 20% down to refinance?
No, you don’t need to put 20% down to refinance. However, lenders often require you to have at least 20% equity in your home to be eligible for refinancing. To determine your equity position, subtract the balance you owe on your current mortgage principal from your home’s estimated value. Divide this amount by your home’s value to get your percentage equity.
At what point is it not worth it to refinance?
Refinancing may not be worth it if you plan to move within a few years or if the interest rate reduction is minimal. Pay particular attention to the break-even point, which tells you when the cumulative savings will outweigh the initial costs.
What month is best to refinance?
The best month to refinance depends on prevailing mortgage rates and your financial situation. Rates tend to be lower in fall and winter, but monitor market trends and compare them to your goals to figure out the optimal time.
Which bank is best for refinancing?
The best bank for refinancing depends on your financial needs, so you should compare multiple lenders to find the best deal. Consider factors such as reputation, rates and terms offered, customer service, and transparency.
What credit score do you need for refinancing?
A minimum credit score of 620 is typically required for conventional loans, but higher scores can secure better terms and lower interest rates. Improve your score by paying bills on time and reducing credit card balances, and aim for a score of 740+ to access the best rates.
What are the advantages of refinancing your home?
Refinancing can secure a lower interest rate, reduce your monthly payments, or minimize the total interest paid. It can also help you access home equity and shorten the loan term.
Does refinancing hurt your credit?
Refinancing can temporarily lower your credit score due to a hard inquiry, but the impact is usually minimal and recoverable. It can improve your score in the long term if it leads to lower monthly payments and better debt management.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Checking Your Rates: 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.
SOHL-Q425-092
Get prequalified in minutes for a SoFi Home Loan.
Nebraska Mortgage Refinance Calculator
Nebraska Mortgage Refinance Calculator
By SoFi Editors | Updated November 20, 2025
Refinancing your home loan can allow you to save money, adjust your loan terms, or access home equity to achieve your financial goals. However, it’s important to understand how it may affect your finances before you move forward with the process. A mortgage refinance calculator is a useful tool that estimates your potential savings and costs, which can help you determine whether a refinance is the right strategy for your situation.
Key Points
• A mortgage refinance calculator can help homeowners determine how to refinance a mortgage and make informed financial decisions.
• The break-even point is important for figuring out whether the savings from a mortgage refinance will recover the costs within a reasonable timeframe.
• Homeowners should consider the impact that different loan terms will have on their monthly payments.
• Purchasing points can reduce the interest rate from a mortgage refinance; you can use a refinance calculator to assess how it will affect your upfront costs.
• A higher credit score (700 or above) may help you secure an interest rate that significantly lowers your monthly payments.
Nebraska Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the principal amount left on your current mortgage and impacts how soon you can refinance a mortgage.
• Current/New interest rate: Interest is the percentage of the loan amount charged by the lender. Obtaining a new interest rate that is lower than your current rate can reduce your monthly payments.
• Remaining/New loan term: The remaining loan term is the time left on your current mortgage, while the new loan term is the duration over which you will pay the refinanced loan. Shortening a loan term can save you money on interest but will increase your monthly payments.
• Points: Mortgage points are optional upfront fees that you can pay to reduce your interest rate. Each point costs 1% of the loan amount and can lower your rate by 0.25%.
• Other costs and fees: A mortgage refinance may incur origination fees, appraisal fees, attorney fees, and other closing costs. These costs typically range from 2% to 5% of the new loan amount.
• Monthly payment: Your monthly mortgage payment includes the principal and interest. Use the refinance calculator to compare your current payment with your new estimated payment.
• Total interest: Total interest is the cost paid to the lender over the life of the loan. Compare the total interest of your existing home loan with the projected interest after a mortgage refinance to determine your potential savings.
How to Use the Nebraska Mortgage Refinance Calculator
Enter your current loan information and potential new loan terms into the Nebraska mortgage refinance calculator to estimate your possible savings and costs. The calculator will provide information about your new monthly payments, total interest, and break-even point.
Step 1: Enter Your Remaining Loan Balance
Input your remaining loan balance, the principal amount you have left on your current mortgage.
Step 2: Add Your Current Interest Rate
Enter your current interest rate to compare it with potential new rates. Your interest rate depends on market conditions, your credit history, and the type of mortgage loan you have.
Step 3: Estimate Your New Interest Rate
Type in the new interest rate, determined by comparing different lenders and researching current mortgage rates. Lower rates can reduce monthly payments or total interest paid.
Step 4: Select Your Remaining Loan Term
Enter the amount of time you have left on your current mortgage so the calculator can estimate the total interest you’ll pay if you keep your current loan.
Step 5: Choose a New Loan Term
Select a new loan term to see how this could help you meet your financial goals. Shorter terms can reduce total interest paid but increase monthly payments, while longer terms can lower monthly payments but increase the total interest paid.
Step 6: Enter Any Points You Intend to Purchase
Add any points you plan to purchase. Each point costs 1% of the loan amount and lowers the interest rate by 0.25%. The mortgage calculator will help you identify whether the benefits of purchasing points outweigh the upfront costs.
Step 7: Estimate Your Other Costs and Fees
Input all other mortgage refinancing costs, such as lender fees, appraisal fees, and title insurance, to estimate your total expenses and see how they may impact your savings.
Step 8: Review Your Break-Even Point
The calculator computes the break-even point by dividing the total closing costs by your monthly savings. Refinancing may be beneficial if you intend to stay in your home for longer than this point.
Benefits of Using a Mortgage Refinance Payment Calculator
Using a mortgage refinance calculator can help you assess whether refinancing aligns with your financial needs and goals. It allows you to compare your current mortgage with a potential new one and shows how different interest rates and loan terms will affect your monthly payments, total interest, and break-even point. Even a small reduction in your interest rate can yield significant savings.
With the calculator, you can also see whether it is possible for you to access home equity with a cash-out refinance or test how switching to a different loan will impact your mortgage payoff. For example, decreasing your term from 30 years to 15 years could reduce the total interest paid over the life of the loan and create long-term savings, while increasing your term could reduce monthly payments and free up funds for other purposes.
What Is the Break-Even Point in Refinancing?
The break-even point is the time it takes to recoup the closing costs of refinancing through your monthly savings. The calculator estimates this by subtracting your estimated new monthly payment from your current mortgage payment, then dividing the total closing costs by this value.
For example, if you are saving $100 a month and your closing costs are $2,500, it will take you 25 months to offset those costs and start seeing savings. If you plan to sell your home before reaching this point, refinancing may not be the right strategy for you. If you don’t see any savings or are getting a negative number, it might make sense to keep your current loan.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Typical Closing Costs for a Refinance in Nebraska
In Nebraska, a mortgage refinance typically costs 2% to 5% of the new loan amount. Fixed costs include application fees (up to $500), credit reports ($25-$75), appraisals ($600-$2,000, which may be waived in some cases), recording fees ($25-$250), and attorney fees ($500-$1,000+).
Percentage-based costs include origination fees (0.5%-1%), title search and insurance (0.5%-1%), and points (1% of the mortgage amount per point), and mortgage insurance (the cost of which varies depending on the type of mortgage loan you choose). Refinancing may not require certain purchase-related fees, such as title insurance and inspection fees.
Shopping around, negotiating with lenders, and maintaining a strong credit history can help you secure a lower interest rate and better terms. Some lenders offer no-closing-cost refinances, but be aware that these often have increased interest rates to cover the closing costs so may not be more cost-effective.
Recommended: How and When to Refinance a Jumbo Loan
Tips on Reducing Your Mortgage Refinance Payment
Before beginning the refinance process, it may be beneficial to minimize your monthly mortgage payment. To do this, try to:
• Build up your credit score to secure a lower interest rate.
• Extend the term of your loan to reduce monthly payments, but remember this will likely cost you more in interest in the long term.
• Appeal your property tax to see if you can lower your annual tax bill if you think you’re paying too much.
• Shop around for a lower homeowners insurance rate by increasing your deductible, bundling policies, or making your home more secure or storm-resistant.
The Takeaway
Refinancing your mortgage can be a smart financial move, but it’s important to assess the potential costs of this decision before you proceed. A home refi calculator can help you estimate your savings, both monthly and over the life of the loan.
Whether your financial goals involve seeing long-term savings, freeing up funds, or accessing your home equity, you should understand the financial impact of changing your home loan. The information the calculator provides, including monthly payments, total interest, and the break-even point after refinancing, can help you evaluate whether proceeding with a mortgage refinance will benefit you in the long-term.
SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.
A mortgage refinance could be a game changer for your finances.
FAQ
How much does it cost to refinance your mortgage in Nebraska?
Refinancing your mortgage in Nebraska involves closing costs that range from 2% to 5% of the new loan amount. These can include application fees, credit report fees, appraisal fees, and title search and insurance. Compare rates from multiple lenders to reduce your total expenses.
How much does it cost to refinance a $300,000 mortgage?
The closing costs from refinancing a $300,000 mortgage can range from $6,000 to $15,000, or 2% to 5% of the loan amount. These costs include application fees, appraisal fees, and title insurance. Using a refi calculator can help you estimate your potential costs and savings and determine your break-even point.
Do you have to put 20% down to refinance?
You don’t need to make a 20% down payment, but you are often required to have at least 20% equity in your home to avoid private mortgage insurance.
At what point is it not worth it to refinance?
If the break-even point is too far in the future relative to how long you intend to stay in your home, refinancing might not be worthwhile. Consider your long-term plans, and use a refi mortgage calculator to weigh your financial goals against your estimated break-even point to determine whether a refinance will be beneficial for you.
What month is best to refinance?
The best month to refinance can vary based on interest rates and your financial circumstances. The fall and winter generally offer lower rates due to the housing market slowing, but you should monitor market trends and ensure you are financially stable before proceeding.
Which bank is best for refinancing?
The best bank depends on your financial needs and refinancing goals. Compare interest rates, loan terms, and closing costs, from multiple lenders to find the offer that works best for you. You should also consider their reputation, particularly for customer service.
What credit score do you need for refinancing?
Credit score requirements for mortgage refinancing vary. Most lenders require a score of at least 620 to refinance a conventional loan, but a score of 700 or above can help you secure better rates and terms. Check your credit report to ensure it is free from errors and do what you can to improve your score before applying.
What are the advantages of refinancing your home?
A mortgage refinance can lower your monthly payments or reduce the total interest you’ll pay. It can also allow you to switch mortgage types and change the loan term to suit your financial goals, whether you want to shorten the term to save on interest or increase it to free up funds on a monthly basis. Through a cash-out refinance, you may also be able to access your home equity.
Does refinancing hurt your credit?
Refinancing can temporarily lower your credit score due to a hard inquiry. Making consistent, timely payments on your new mortgage can minimize this impact and ensure your credit score recovers or possibly even improves over time.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Checking Your Rates: 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.
SOHL-Q425-091
Get prequalified in minutes for a SoFi Home Loan.
Missouri Mortgage Refinance Calculator
Missouri Mortgage Refinance Calculator
By SoFi Editors | Updated November 20, 2025
Refinancing your home loan in Missouri offers the potential to save you a significant amount of money over the life of your mortgage. Whether you’re aiming to lower your monthly payments for increased cash flow, shorten the overall loan term to pay it off quicker and build equity faster, or gain access to your home equity for other investments or pressing needs, a Missouri mortgage refinance calculator can help you assess your options.
Keep reading for more on refinancing your mortgage in Missouri, whether it makes sense for your situation, and how to use the Missouri mortgage refi calculator.
Key Points
• A Missouri mortgage refinance calculator helps estimate potential savings and costs, comparing your current loan to a potential new one.
• The break-even point is when the savings from refinancing will outweigh the associated costs.
• Current market conditions, including mortgage rates, significantly influence the benefits of refinancing your existing mortgage.
• Paying mortgage points can reduce your interest rate and monthly payments, but it requires careful consideration of upfront costs versus long-term savings.
• Extending the loan term can lower monthly payments but increases the total interest paid over the life of the loan, so it’s important to weigh the trade-offs.
Missouri Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the principal amount you still owe on your home loan.
• Current/New interest rate: Interest is the cost of borrowing money, expressed as a percentage of the loan amount. The difference between your current interest rate and a potential new one, even a slight one, can significantly impact both your monthly payments and your overall savings over the duration of the loan.
• Remaining/New loan term: The remaining loan term is the number of months left on your current mortgage. The new loan term is the total repayment period for the new loan. Shorter terms mean higher monthly payments but lower total interest costs.
• Points: Mortgage points are optional upfront fees paid to reduce your interest rate. Each point costs 1% of the loan amount and can lower the rate by about 0.25%.
• Other costs and fees: Refinancing costs include lender, appraisal, and attorney fees, typically ranging from 2% to 5% of the loan amount.
• Monthly payment: Your monthly payment includes the principal and interest on your mortgage. A refinance calculator can estimate your new monthly payment and help you compare it with your current one. Keep in mind that lower monthly payments alone don’t indicate whether a refinance will save you money over the long term.
• Total interest: Total interest is the cost you pay to the lender over the life of the mortgage. Comparing the total interest of your current and potential refinance loans helps determine the financial benefits.
How to Use the Missouri Mortgage Refinance Calculator
A Missouri mortgage refi calculator estimates savings and costs, helping you decide if refinancing is worth it. Here’s a step-by-step guide on how to use the calculator.
Step 1: Enter Your Remaining Loan Balance
Begin by entering your remaining loan balance into the calculator. This is the principal amount you still owe on your existing home loan.
Step 2: Add Your Current Interest Rate
Enter your current interest rate to understand your current monthly payments and total interest. Compare this rate with current mortgage rates to determine if refinancing can save you money.
Step 3: Estimate Your New Interest Rate
Estimate your new interest rate based on your credit score, market conditions. and the type of mortgage loan. This helps you understand the potential reduction in monthly payments and total interest paid.
Step 4: Select Your Remaining Loan Term
Input the number of years left on your current mortgage into the refi calculator. This estimates the total interest you’d pay if you kept your current mortgage.
Step 5: Choose a New Loan Term
Choose a new loan term to see how it affects your monthly payments and total interest. Shorter terms mean higher payments but lower interest costs.
Step 6: Enter Any Points You Intend to Purchase
Enter any mortgage points you plan to purchase. Points can lower your interest rate, but they come with an upfront cost. The refi mortgage calculator helps assess if purchasing points is beneficial for your financial situation.
Step 7: Estimate Your Other Costs and Fees
Estimate other costs and fees, such as lender fees, appraisal fees, and title insurance. These costs can range from 2% to 5% of the loan amount.
Step 8: Review Your Break-Even Point
Calculate your break-even point to determine when the savings from refinancing will offset the closing costs. To do this, divide the total closing costs by the amount of your monthly savings.
Benefits of Using a Mortgage Refinance Payment Calculator
Using a mortgage refi calculator can help you evaluate whether a mortgage refinance can lower your monthly payment or interest rate, potentially saving you a significant amount of money. The calculator provides a detailed comparison of your current and proposed loans, showing how different interest rates and loan terms can impact your monthly costs and total interest paid. For example, a 0.50% reduction in your interest rate could result in substantial savings, especially for larger mortgages.
The calculator can also help you determine if refinancing might not be beneficial, such as if the closing costs outweigh the savings. Exploring various scenarios helps you see if refinancing will actually save you money and if it’s worth it.
Recommended: How Soon Can You Refinance a Mortgage?
What Is the Break-Even Point in Refinancing?
The break-even point is the time it takes for the savings from a refinance to offset the upfront closing costs. To calculate this, subtract your estimated monthly payment after refinancing from your current mortgage payment, then divide the closing costs by the monthly savings.
For example, if refinancing a mortgage saves you $100 a month and your closing costs are $2,500, it would take 25 months to reach the break-even point. If you plan to stay in your home longer than this, refinancing could be a beneficial move.
The exception to this rule is a cash-out refinance, where you’re tapping into your home equity rather than looking to save money on interest.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Typical Closing Costs for a Refinance in Missouri
Mortgage refinancing costs typically range from 2% to 5% of the new loan amount. These costs include lender, credit report, home appraisal, recording, and attorney fees. Some fees, like title insurance and inspection, may not be required for refinances.
For a $500,000 loan, for example, closing costs could fall between $10,000 and $25,000. For a $300,000 loan, closing costs could range from $6,000 to $15,000. The smaller the loan, the less you’ll pay in closing costs. To lower costs, shop around and negotiate with multiple lenders, and maintain a strong credit score.
While “no-closing-cost refinance” promotions are eye-catching, they’re a bit misleading, since many lenders will increase your interest rate to cover the cost of closing fees.
Recommended: How and When to Refinance a Jumbo Loan
Tips on Reducing Your Mortgage Refinance Payment
There are ways to reduce your mortgage refinance payment, including:
• Building up your credit score to secure better interest rates and terms.
• Extending the term of your loan to lower monthly payments, though this increases total interest paid.
• Adjusting your homeowners insurance policy to decrease your monthly premium.
• Shopping around for the best rates and terms to find the most competitive offers.
The Takeaway
Refinancing your mortgage may help you save money, but it requires careful consideration. A Missouri mortgage refi calculator helps estimate potential savings and costs, ensuring your decision aligns with your financial goals. Whether you aim to lower monthly payments, shorten the loan term, or access home equity, the calculator provides a clear financial impact.
If you plan to stay in your home long-term and can secure a better rate, refinancing might be a smart move. However, if the costs outweigh the benefits, explore other options like making extra payments or recasting your loan.
SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.
A mortgage refinance could be a game changer for your finances.
FAQ
How much does it cost to refinance your mortgage in Missouri?
Refinancing your mortgage in Missouri typically costs 2% to 5% of the new loan amount. These costs include lender, credit report, appraisal, attorney, and escrow fees.
How much does it cost to refinance a $300,000 mortgage?
Refinancing a $300,000 mortgage typically costs between $6,000 and $15,000 in closing costs, or 2% to 5% of the loan amount. Common fixed costs include loan application, credit report, and attorney fees.
Do you have to put 20% down to refinance?
When refinancing, you typically need at least 20% equity in your home to qualify, but there’s no down payment. The requirement varies based on the type of refinance and your lender’s policies.
At what point is it not worth it to refinance?
Refinancing is not worth it if you plan to move within a few years or if the interest rate reduction is minimal. Calculate the break-even point to determine if the savings justify the costs. For example, if your closing costs are $6,000 and you save $200 per month, it would take 30 months to break even.
What month is best to refinance?
The best time to refinance is when interest rates are low and you are financially ready. Monitor rate trends and use a Missouri mortgage refinance calculator to determine what your savings would be if you refinanced.
Which bank is best for refinancing?
The best bank for refinancing depends on your needs and financial situation. Consider interest rates, loan terms, and closing costs. Shop around and compare rates from multiple banks to get the best loan for your situation.
What credit score do you need for refinancing?
Most lenders require a minimum credit score of 620 for conventional loans. A higher score can secure better interest rates and terms. Check your credit report for errors and work on building your score before applying.
What are the advantages of refinancing your home?
Refinancing offers several advantages, including securing a lower interest rate, reducing monthly payments, and switching from an adjustable-rate to a fixed-rate mortgage. A cash-out refinance allows accessing home equity for other expenses. Weigh these benefits against closing costs and consider your long-term financial goals.
Does refinancing hurt your credit?
Refinancing can temporarily lower your credit score due to a hard inquiry and the opening of a new account. However, the long-term benefits often outweigh this short-term impact. Shop around and gather multiple quotes within a short period to minimize the effect on your credit score.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Checking Your Rates: 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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Mississippi Mortgage Refinance Calculator
Missssippi Mortgage Refinance Calculator
By SoFi Editors | Updated November 20, 2025
Refinancing your home loan in Mississippi can be a strategic financial move, but it’s important to understand the potential benefits and costs involved. A mortgage refinance calculator can be a great resource during this process. Using a Mississippi mortgage refinance calculator can help you explore options to lower your monthly payments or pay off your mortgage faster, making it easier to assess whether refinancing is the right choice for you.
Key Points
• A Mississippi mortgage refinance calculator can help homeowners assess if refinancing is the right choice for their financial situation.
• The calculator estimates potential savings by comparing current mortgage rates to new ones and factoring in potential mortgage refinancing costs.
• By entering your remaining loan balance into the refinance calculator, you can obtain a reliable estimate of potential savings and costs.
• Refinancing can lower your monthly payments, shorten your loan term, or help you access the equity in your home.
• A mortgage refinance calculator can help you determine if the savings from refinancing outweigh the initial costs by finding the break-even point.
Missssippi Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the amount of principal still owed on your current mortgage, excluding accrued interest..
• Current/New interest rate: The current interest rate is the rate on your existing mortgage, while the new interest rate is the rate you expect to get after refinancing. The new interest rate can impact your potential savings.
• Remaining/New loan term: The remaining loan term is the number of months left on your current mortgage. The new loan term is the duration of the refinanced loan. Longer terms can decrease your monthly payments but increase the total interest to be paid.
• Points: Mortgage points are upfront fees you pay to the lender to reduce your interest rate. Each point costs 1% of the loan amount and can lower your rate by 0.25%.
• Other costs and fees: Other costs and fees include origination fees, appraisal fees, attorney’s fees, and other miscellaneous charges. These typically range from 2% to 5% of the new loan amount.
• Monthly payment: Your monthly mortgage payment includes a portion of the principal and interest on your loan. The calculator helps you compare your current payment with the projected payment if you refinance.
• Total interest: Total interest is the cost of borrowing money over the term of the loan, excluding the principal. Use the calculator to evaluate the difference between the total interest paid on your current mortgage and the projected interest on a new loan.
How to Use the Mississippi Mortgage Refinance Calculator
Use the Mississippi mortgage refinance calculator to assess the financial implications of refinancing. The calculator will help you estimate your new monthly payments, total interest, and break-even point.
Step 1: Enter Your Remaining Loan Balance
Enter your remaining loan balance into the calculator. This is the principal amount you still owe on your existing mortgage.
Step 2: Add Your Current Interest Rate
Next, enter your current interest rate, which should be on your latest statement. You can also ask your lender for this information.
Step 3: Estimate Your New Interest Rate
Research current mortgage rates in your area, and enter a realistic new interest rate to see how much your monthly payments or total interest could decrease.
Step 4: Select Your Remaining Loan Term
Input the number of months left on your current mortgage. This figure is important for determining how soon you can refinance your mortgage.
Step 5: Choose a New Loan Term
Select a new loan term, typically between 10 and 30 years, to see how you can balance lower monthly payments with reduced total interest costs.
Step 6: Enter Any Points You Intend to Purchase
While purchasing points is optional, they can lower your interest rate, which in turn affects your monthly payments. Each point costs 1% of the loan amount and reduces the interest rate by 0.25%
Step 7: Estimate Your Other Costs and Fees
Input other costs and fees into the refi calculator to obtain a full picture of the total expenses involved in refinancing.
Step 8: Review Your Break-Even Point
Finally, the calculator will estimate your break-even point, which is the point at which the savings from your new mortgage offset the refinancing costs.
Recommended: How to Refinance a Mortgage
Benefits of Using a Mortgage Refinance Payment Calculator
A mortgage refi calculator compares your current and potential new mortgage, including your monthly payments, total interest, and payoff date. It also indicates if refinancing might result in a financial loss. You can evaluate various scenarios and how each impacts your finances. Even small interest rate changes can result in considerable savings over a loan’s term, while a mortgage refinance to a shorter term, such as a 15-year loan, can accelerate mortgage payoff and reduce total interest.
What Is the Break-Even Point in Refinancing?
The Mississippi refi mortgage calculator can also help you determine your break-even point, or the number of months it will take for the savings from your new mortgage to cover the closing costs. To find your break-even point, the calculator subtracts your estimated monthly payment after refinancing from your current mortgage payment to calculate your monthly savings. It then divides the total closing costs by the amount you’re saving each month.
For example, if refinancing saves you $100 a month and your total closing costs are $2,500, it would take 25 months to recoup those costs and start realizing savings. Refinancing may not be the best strategy if you plan to sell your home before that time.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Typical Closing Costs for a Refinance in Mississippi
Refinancing in Mississippi incurs costs that range from 2% to 5% of the new loan amount. Fixed closing costs include application fees (up to $500), credit reports ($25 to $75), appraisals ($600 to $2,000), recording fees ($25 to $250), and attorney’s fees ($500 to over $1,000). Percentage-based costs cover loan origination (0.5% to 1%), title search/insurance (0.5% to 1%), and points. You can comparison shop lenders, negotiate fees, and improve your credit score to lower costs.
Recommended:How and When to Refinance a Jumbo Loan
Tips on Reducing Your Mortgage Refinance Payment
Here are some things you can do to lower your payments:
• Improve your credit score to qualify for better terms.
• Extend the term of your loan, but be aware that this can increase the total interest you’ll pay.
• Appeal your property tax to reduce your annual tax bill.
• Shop around for the best homeowners insurance rate.
The Takeaway
Refinancing your mortgage can be a good way to gain more control over your finances, but it’s best to approach it with careful consideration and planning. Our mortgage refinance calculator can help you decide on the type of mortgage loan you apply for and show you the costs associated with refinancing. You’ll be able to estimate new monthly payments, the total interest paid over the life of the loan, and the break-even point.
Our Mississippi refi calculator can help you with the process, whether you’re looking to reduce your monthly payments, pay off your mortgage faster, or access home equity via a cash-out refinance.
SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.
A mortgage refinance could be a game changer for your finances.
FAQ
How much does it cost to refinance your mortgage in Mississippi?
Refinancing in Mississippi typically involves closing costs ranging from 2% to 5% of the loan’s principal amount. These costs typically include fees charged by the lender, as well as other charges associated with the refinancing.
How much does it cost to refinance a $250,000 mortgage?
Refinancing a $250,000 mortgage can incur closing costs ranging from $5,000 to $12,500. You would need to pay lender fees, appraisal fees, title insurance, and other related expenses. Some lenders offer a no-closing-cost refinancing program, but the interest charges associated with these are higher.
Do you have to put 20% down to refinance?
Refinancing doesn’t require a 20% down payment, but most lenders prefer that you have at least 20% equity in your home. You can determine this by subtracting the balance you owe on your mortgage principal from your home’s estimated value. Then divide this figure by your home’s value to yield your percentage of equity.
At what point is it not worth it to refinance?
Refinancing might not be worth it if the break-even point is longer than you expect to own your property or if the interest rate reduction is minimal.
What month is best to refinance?
The best month to refinance depends on market conditions and your financial readiness. Historically, rates are lower in fall and winter, but it’s advisable to monitor rates and take action when conditions are most favorable.
Which bank is best for refinancing?
The best bank for refinancing will depend on your goals and how the lender can help you reach them. Compare interest rates, loan terms, and closing costs from different lenders to find the best deal.
What credit score do you need for refinancing?
Lenders typically require a minimum credit score of 620 for refinancing. Higher scores can help you secure better terms and lower interest rates. It’s a good idea to check your credit score, correct any errors, and do your best to pay down debt before applying.
What are the advantages of refinancing your home?
Refinancing can lower interest rates or reduce your monthly payments. It can also help you access the equity in your home. Use a mortgage refinance calculator to determine whether refinancing would benefit you financially.
Does refinancing hurt your credit?
Refinancing can temporarily affect your credit score due to hard inquiries made into your credit as a result of your application for a new mortgage. However, the downgrade is usually minimal and short-lived. Making your new mortgage payments on time can help improve your credit score in the long term.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Checking Your Rates: 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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Get prequalified in minutes for a SoFi Home Loan.
Minnesota Mortgage Refinance Calculator
Minnesota Mortgage Refinance Calculator
By SoFi Editors | Updated November 20, 2025
>Refinancing your home loan can be a strategic financial move that may offer significant benefits, but it’s important to fully understand the mortgage refinancing costs involved before making a decision. A Minnesota mortgage refinance calculator can be a valuable tool to help you assess whether refinancing is the right choice for you by calculating the potential savings and costs of refinancing. This article will guide you through the factors you should consider and how to use the home refi calculator effectively to make an informed decision that supports your financial goals and overall financial well-being.
Key Points
• A refi mortgage calculator can help you gauge the impact that a mortgage refinance could have on your monthly payments and estimate any potential savings, making it easier for you to decide if refinancing your mortgage is right for you.
• When considering a mortgage refinance, you need to evaluate your financial situation, current mortgage rates, and the type of mortgage loan you need.
• Choosing a shorter loan term can reduce the total interest you pay over the life of the loan, but it may increase your monthly payments. A longer term can lower monthly payments but extend the repayment period.
• Purchasing mortgage points can lower your interest rate, but you should weigh the cost against the long-term savings.
• Closing costs typically range from 2% to 5% of the new loan amount.
Minnesota Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the principal amount you still owe on your home loan. This amount will help determine how soon you can refinance a mortgage.
• Current/New interest rate: Interest is the percentage of the loan amount charged by the lender. The new interest rate can significantly affect your monthly payments and total interest paid over the loan’s life. A lower rate can lead to substantial savings.
• Remaining/New loan term: The remaining loan term is the number of months left on your current mortgage. The new home loan term is the length of the refinanced loan. A shorter term reduces total interest but increases monthly payments, while a longer term does the opposite.
• Points: Points are upfront fees paid to the lender to lower your interest rate. Each point costs 1% of the loan amount and can reduce the rate by 0.25%. Weigh the cost of purchase against the long-term savings.
• Other costs and fees: Refinancing costs, which typically range from 2% to 5% of the new loan amount, include loan origination fees, appraisal fees, and attorney fees. Carefully consider these expenses to ensure the benefits of refinancing outweigh the costs.
• Monthly payment: Your monthly mortgage payment includes the principal and interest. Use a refinance calculator to estimate your new monthly payment and total interest costs.
• Total interest: Total interest is the cost of borrowing, excluding the principal, that you pay the lender over the loan’s lifetime. Comparing the total interest of your current and proposed loans helps you determine if refinancing will save you money over the long term.
How to Use the Minnesota Mortgage Refinance Calculator
When you enter the details of your current mortgage and possible refinance loan, the calculator will estimate your potential monthly savings and total interest costs.
Step 1: Enter Your Remaining Loan Balance
Start by entering your remaining loan balance into the mortgage refinance calculator. This figure represents the principal amount you still owe on your current home loan.
Step 2: Add Your Current Interest Rate
Next, input the interest rate on your latest mortgage statement. This helps you compare your current monthly payment and total interest costs with potential new rates and terms.
Step 3: Estimate Your New Interest Rate
Estimate your potential new interest rate by comparing the current offers from different lenders or checking the current mortgage rates online. A lower rate may indicate that refinancing can reduce your monthly payments and total interest paid.
Step 4: Select Your Remaining Loan Term
Input the number of years you have left on your current mortgage to estimate the total interest you’ll pay if you don’t refinance.
Step 5: Choose a New Loan Term
Choose a new loan term, from 10 to 30 years, that aligns with your circumstances and supports your aims. Shorter loan terms can reduce the total interest you pay but increase your monthly payments.
Step 6: Enter Any Points You Intend to Purchase
Input any potential mortgage points to determine if purchasing them will be worthwhile. You pay 1% of the loan amount for each point, but each point can lower your interest rate by 0.25%.
Step 7: Estimate Your Other Costs and Fees
Estimate other costs, such as obtaining a credit report and home appraisal, and additional application and attorney fees. Enter them into the home refinancing calculator to see how they will affect any potential savings.
Step 8: Review Your Break-Even Point
To calculate how many months it will take to recoup the closing costs of refinancing, divide the closing costs of refinancing by the amount you will save monthly. If you intend to stay in your property after your break-even point, refinancing could be a good idea.
Benefits of Using a Mortgage Refinance Payment Calculator
A mortgage refinance calculator helps you assess if refinancing can lower your monthly payment or interest rate, potentially saving you money. It compares your current and proposed loans, showing how interest rates and loan terms affect your payments and total interest paid. A lower monthly payment frees up funds, and a lower interest rate can lead to long-term savings. Even a small interest rate change (e.g., 0.25%) can yield significant savings on larger mortgages.
The calculator will also show you if the refinance increases the interest you will pay. These calculations can help you determine if switching to a shorter-term loan would accelerate the payoff and reduce the total interest you pay.
Recommended: How to Refinance a Mortgage
What Is the Break-Even Point in Refinancing?
One of the most important things the refinance calculator can help you determine is the break-even point. This is the time it takes for the savings from your new monthly payment to cover the closing costs of refinancing. To calculate your break-even point, subtract your estimated new monthly payment from your current mortgage payment, then divide the closing costs by the monthly savings. For example, if refinancing saves you $100 a month and your closing costs are $2,500, it would take 25 months to recoup those costs. In this scenario, if you planned to sell your home within two years, refinancing may not be the best strategy.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Typical Closing Costs for a Refinance in Minnesota
Refinancing a mortgage in Minnesota involves closing costs, typically 2% to 5% of the new loan. Fixed costs include application, credit report, appraisal, recording, and attorney fees. Percentage-based costs cover loan origination, title search/insurance, and mortgage points. Some fees, like title insurance, might not apply.
To minimize the closing fees you pay, shop around, negotiate with lenders, be aware of prepayment penalties, and maintain a strong credit score (740+) to obtain the best rates. Cash-out refinancing usually involves higher costs, while no-closing-cost refinancing may have higher interest rates.
Recommended: Refinancing a Jumbo Loan
Tips on Reducing Your Mortgage Refinance Payment
There are some steps you can take before refinancing that can help reduce your new monthly payments:
• Build up your credit score to secure a better interest rate.
• Extend the term of your loan to lower your monthly payments, but be aware that it will increase the total interest you pay.
• Appeal your property tax to potentially lower your tax bill.
• Shop for a lower homeowners insurance rate to reduce your overall monthly payment.
The Takeaway
Mortgage refinancing can be a powerful way to manage your finances, but it’s important to understand the costs and benefits. The Minnesota mortgage refinance calculator helps you estimate your potential savings and break-even point. Before refinancing, consider your credit score, the type of loan you want, and how long you plan to stay in your home. Refinancing can lower your monthly payments, switch you to a fixed-rate mortgage, or provide access to home equity. However, refinancing also comes with closing costs and will reset your loan term. Use the calculator to make an informed decision and ensure that refinancing aligns with your financial goals.
SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.
A mortgage refinance could be a game changer for your finances.
FAQ
How much does it cost to refinance your mortgage in Minnesota?
Refinancing your mortgage in Minnesota usually costs from 2% to 5% of the new loan amount. These expenses can include loan origination, credit report, and home appraisal fees, in addition to title search and title insurance costs. A Minnesota refinance calculator can help you estimate these costs and determine if refinancing is financially beneficial for your situation.
How much does it cost to refinance a $350,000 mortgage?
Refinancing a $350,000 mortgage generally incurs closing costs ranging from 2% to 5% of the total loan amount. This means you could pay between $7,000 and $17,500 in closing costs. A refinance calculator can help you estimate these costs and any potential savings from a lower interest rate or different loan term.
Do you have to put 20% down to refinance?
You don’t necessarily have to put 20% down. However, having at least 20% equity in your home may be required by the lender.
At what point is it not worth it to refinance?
The break-even point is a significant factor in determining if refinancing is worthwhile. It signifies the time it takes for the savings from a lower interest rate to cover the upfront costs of refinancing. A minimal interest rate reduction might not cover the refinancing costs. And if you plan to move or sell your home before reaching the break-even point, refinancing may not benefit you financially.
What month is best to refinance?
The best month to refinance often depends on the prevailing mortgage rates and your financial situation. Rates tend to be higher during spring and summer. However, the most important factor is whether the timing aligns with your personal financial goals and long-term objectives.
Which bank is best for refinancing?
Choosing the best bank for refinancing involves comparing lenders’ interest rates, loan terms, closing costs, and customer service. Online lenders offer competitive rates and streamlined processes, while local banks provide personalized service and flexibility. Use a refinance calculator to estimate costs and savings, and read customer reviews to gauge the lender’s reputation and customer satisfaction.
What credit score do you need for refinancing?
To qualify for a mortgage refinance, you typically need a credit score of at least 620 for conventional loans. Higher scores, such as 740 or above, can secure better terms and interest rates. Check your credit report for errors and work on improving your score if needed.
What are the advantages of refinancing your home?
Refinancing can offer several advantages, such as securing a lower interest rate, reducing monthly payments, and saving money over the life of the loan. It can also enable you to switch from an adjustable-rate mortgage to a fixed-rate mortgage for stability. A cash-out refinance can access home equity that you can use for other financial needs, and refinancing to a shorter term can reduce the total interest you pay.
Does refinancing hurt your credit?
Refinancing can require the lender to make a hard credit inquiry, which may temporarily lower your score by a few points. However, this effect is usually minimal and short-lived if you continue making timely payments. Consolidating multiple debts into a single refinance can improve your credit score by reducing the number of accounts you have and lowering your overall debt load.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Checking Your Rates: 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.
SOHL-Q425-087
Get prequalified in minutes for a SoFi Home Loan.
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