Compare mortgage refinance rates in South Carolina.

Introduction to Mortgage Refinance Rates

Where Do Mortgage Refi Interest Rates Come From?

Mortgage refinance rates are a product of both the economic landscape and your personal financial standing. They are influenced by Federal Reserve actions, inflation, the bond market, and housing market trends. In times of high inflation, rates tend to rise, while low inflation can lead to lower rates. The Fed’s monetary policy and the bond market also play a role in shaping mortgage rates.

A borrower’s credit score plays a crucial role in determining refinance rates, with higher scores typically leading to more favorable terms. Lenders also consider the debt-to-income (DTI) ratio and loan-to-value (LTV) ratio. The lower the ratio for both, the better your chances are at securing a more favorable rate.

How Interest Rates Affect Home Affordability

You’re probably well aware that interest rates are a big deal when it comes to your South Carolina home loan. But let’s talk about how they can make a refinance more affordable. Your monthly payment depends on your loan amount, the term over which you’re paying it back, and the interest rate.

For instance, a $200,000 loan with a 6.00% refinance rate and a 30-year term would have a payment of $1,199 a month. If you bump that interest rate to 8.00%, you’ll be paying $1,467 a month. What’s more, that lower interest rate could save you close to $100,000 over the life of the loan. So while a fraction of a percentage point might not seem like much, it can really add up over time.

Here’s a closer look at how different interest rates and loan terms affect payments and total interest paid on a $200,000 loan:

Trends in South Carolina Mortgage Interest Rates

If you’re a homeowner in South Carolina, you’re probably keeping an eye on the latest mortgage rate changes. In 2021, the average 30-year fixed mortgage rate was an attractive 2.96%. Fast forward to 2023, and rates were up to 7.03%. Currently (March 2025), rates are 6.65% on average.

Despite some predictions of a decrease in mortgage rates last year, Freddie Mac’s early 2025 forecast suggests that rates will stay higher for a while. Understanding these trends is key for South Carolina homeowners who want to make savvy decisions about refinancing their mortgages.

Recommended: Show Homebuyers Wait for Interest Rates to Drop?

Why Refi in South Carolina?

Refinancing your mortgage can be a smart financial move, depending on mortgage refinance rates in South Carolina. If current interest rates are lower than your existing mortgage, you might want to consider refinancing.

The reason you refinance will help determine the type of refinance you choose, which will determine the interest rate you receive. You’ll want to have at least 20% equity in your home before you refinance. Refinancing your mortgage can help you secure a lower mortgage refinance rate, change your loan term, or access cash from your home’s equity.

💡 Quick Tip: Some lenders offer a so-called no-closing-cost refinance. However, that usually means either rolling the closing costs into the new mortgage principal or exchanging them for a higher interest rate.

Common Reasons to Refinance a Mortgage

Common reasons South Carolina homeowners may want to refinance their mortgage include:

•   Lower the interest rate: If you’ve built your credit score or market conditions have shifted in your favor, you may be able to get a better interest rate.

•   Change the repayment term: Adjust monthly payments by extending or shortening the loan duration.

•   Cash out home equity: Tap into your home’s equity for a major purchase or expense.

•   Adjustable rate change: Convert to a fixed-rate mortgage to guard against potential rate hikes down the road.

•   Eliminate mortgage insurance: If you have an FHA loan with 20% equity, you can refinance to get rid of mortgage insurance premiums.

How to Compare Mortgage Refi Interest Rates

Securing a competitive South Carolina refinance rate is key to saving money. Even a fraction of a percentage point can translate to significant savings over the life of your loan. To make sure you’re getting the best refinance deal, you’ll want to:

•   Compare rates from multiple lenders.

•   Look at the annual percentage rate (APR), which includes interest, fees, and discount points.

•   Compare your current rate to rates being offered.

Recommended: How Soon Can You Refinance a Mortgage?

Compare South Carolina Interest Rates by Mortgage Refi Type

There are many different types of mortgage refinancing loans, each with its own special features and benefits. By understanding the differences between the types of loans, you can make a more informed decision about the one that’s right for you and your family.

How to Get the Best Available Mortgage Refi Interest Rate

To secure a competitive mortgage refinance rate in South Carolina:

•   Build your credit score by being punctual with payments and avoiding new debt.

•   Keep your DTI under 36% for smoother sailing.

•   Compare interest rates and fees from multiple mortgage lenders.

•   Think about buying discount points to lower your rate.

•   Choose a shorter loan term for reduced interest costs.

Online Refinance Calculators

Online refinance calculators are a must-have tool for anyone considering refinancing their home. These calculators can help you figure out how much you could save by refinancing, and what your new monthly payments might be. They can also help you see how different loan terms, interest rates, and loan amounts could affect your finances.

By entering your current mortgage details and playing around with different refinance scenarios, you can get a better sense of whether refinancing makes sense for you.

The Takeaway

Refinancing your mortgage in South Carolina can potentially save you money through a lower mortgage refinance rate, reduced monthly payments, or by tapping into your home equity.

However, it’s important to weigh the costs and benefits, and consider your long-term financial goals. Whether you’re looking to save on interest, consolidate debt, or finance home improvements, understanding your mortgage refinance options can help you make the right decision for your situation.

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.

FAQ

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.

¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.

†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.

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.

SOHL-Q125-195

Compare mortgage refinance rates in Rhode Island.

Introduction to Mortgage Refinance Rates

Where Do Mortgage Refinance Interest Rates Come From?

To understand what determines the refinance rate you’ll be offered, it helps to understand where rates originate. Mortgage refinance rates are to a large degree based on the performance of the 10-year U.S. Treasury Note. When the rate on the note rises, mortgage interest tends to follow. Other economic factors — a strong housing market and jobs market — can also lead interest rates to rise, while a recession is usually accompanied by lower interest rates. By keeping an eye on these factors, you can better understand rate fluctuations as you seek the optimal moment to refinance your mortgage.

How Interest Rates Affect Home Affordability

Interest rates play a big role in the affordability of your mortgage refinance. Your monthly payment is based on your loan amount, term, and interest rate. The chart below shows how changing the term or interest rate can affect your monthly costs as well as the total interest paid on your loan. (This table assumes you’re refinancing your mortgage with $300,000 owed; you’ll want to examine how any new rate you’re offered compares to the costs associated with the rate you already have.)

Why Refinance in Rhode Island?

Refinancing your mortgage can be a savvy financial maneuver, but it’s not a decision to take lightly. Whether a refinance makes sense for you will depend in large part on why you are refinancing.

Common Reasons to Refinance a Mortgage

•   You qualify for a lower interest rate, thanks to improved credit or better market conditions.

•   You’re considering revising your repayment term to either lighten your monthly load or settle the loan quicker.

•   You want to tap into your home equity for a big expense like college or home improvements, or to free up cash to pay off high-interest debt.

•   Your adjustable-rate mortgage is about to reset, and you want to switch to a fixed rate.

•   You have an FHA loan (backed by the Federal Housing Administration). You’ve reached 20% equity in your home and are eager to bid farewell to the FHA mortgage insurance premium.

If you’re wondering how soon you can refinance your mortgage, it’s generally best to have at least 20% equity in your home when refinancing. This is especially true if you are pursuing a cash-out refi (more on that below).

How to Get the Best Available Mortgage Refi Rate

When you’re learning how to refinance a mortgage, these are the first steps to take. Following this path before you even apply for a refi can help ensure you get the best available rate.

•   Pay your bills on time to take good care of your credit score.

•   Check your equity level. Search online for your property’s estimated current value. Subtract whatever you owe on your mortgage from that number. Divide the result by your home’s estimated value to arrive at a percentage of equity.

•   Know your debt-to-income (DTI) ratio; if it’s above 36%, try to reduce it. (To determine your DTI, add up your monthly debts, divide by your gross monthly income, and multiply by 100.)

•   Determine whether you have some cash available to purchase discount points to lower your new mortgage rate. Each point typically costs about 1% of your principal.

•   Figure out whether your monthly budget could accommodate a larger mortgage payment than you currently have. In that case, you might opt for a shorter mortgage term, which will allow you to pay less interest over the life of the loan.

Understand Trends in Rhode Island Mortgage Interest Rates

As you consider current mortgage rates in Rhode Island, it helps to have some perspective on the highs and lows of the mortgage marketplace in the state. The chart below shows average state rates for almost two decades.

Choose the Right Mortgage Refi Type

Mortgage refinance rates in Rhode Island are as varied as the types of refinance you can choose. Each has its own unique features and potential benefits. Here are the most common mortgage refinance types:

Compare Mortgage Refi Interest Rates

Once you’ve decided on the type of refinance that suits your needs, use these strategies to help ensure you get the best available rate.

•   Shop around and get quotes from multiple lenders.

•   When you compare loans, don’t just examine the interest rate you’re offered. Look at each loan’s annual percentage rate (APR), which includes the interest rate and fees. It’s important to get a picture of total mortgage refinancing costs before you decide on a loan.

•   Calculate your break-even point: After how many months will the monthly savings on your loan outweigh the loan’s closing costs and fees?

•   Chat with a lender to get the full picture of your options and their financial implications.

At this point, an online refinance calculator will be a handy tool.

Use an Online Refinance Calculator

An online refinance calculator can help you understand what your new monthly payments will be when you’re comparing different refinance options, and show you the total interest you will pay over the life of the loan. These are a few of our favorite calculators:

The Takeaway

Refinancing your mortgage is a smart move if you can secure a lower mortgage rate, save on interest over the long term, or tap into your home’s equity. Whether you’re considering a cash-out refi, an FHA refi, a VA refi, or a 15-year mortgage, it’s important to think about your financial goals and the long-term impact of your decision. By taking good care of your credit score, watching your debt-to-income ratio, and comparing offers from multiple lenders, you can get the best deal on a new 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.

FAQ

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.

¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.

†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.

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.

SOHL-Q125-194

Compare mortgage refinance rates in Oregon.

Intro to Mortgage Refi Interest Rates

Where Do Mortgage Refinance Interest Rates Come From?

The strongest indicator of the direction mortgage interest rates are headed lies in the bond market, and specifically in the performance of the 10-year U.S. Treasury Note. When rates on the note rise, mortgage interest tends to rise too. Another factor is housing inventory. When there are more homes available than there are buyers, lenders may lower rates to keep attracting customers. Then there is the overall economy: A strong jobs market and economic growth can lead rates to rise, while a recession usually means lower interest rates.

How Interest Rates Affect Home Affordability

Your monthly payment hinges on your loan amount, the term over which you’ll repay it, and the mortgage refinance rate. If you took a $200,000 loan with a 6.00% interest rate and a 30-year term, your monthly payment would be $1,199. But if you could only get an interest rate of 8.00%, you’d be looking at a monthly payment of $1,467. Over the life of the loan, a lower interest rate would save you close to $100,000. Even a seemingly small rate change can lead to significant savings. The chart below shows additional payment amounts for that $200,000 loan.

Why Refinance in Oregon

Refinancing your mortgage is often a smart financial play, but it’s not a decision to be made lightly. If current mortgage rates are more attractive than what you’re currently locked into, it could be the perfect time to make a move. By refinancing, you could reduce your monthly payments and save a substantial sum over the life of your loan. With at least 20% equity in your home, you could even refinance to cash out some equity for a renovation project or other big expense — another reason that people refinance.

Refinancing also offers the opportunity to switch from an adjustable to a fixed rate, which could provide a more predictable monthly payment. And for some people, refinancing means trimming their repayment term so that they pay more each month, but repay the entire loan in less time (and with less interest overall).

For borrowers with an FHA loan (backed by the Federal Housing Administration) a refinance once they hit the 20% equity mark will help them eliminate an extra charge for the mortgage insurance premium.

How to Get the Best Available Mortgage Refi Rate

Here are some basic steps you can take to ready your finances for a mortgage refinance:

•   Pay bills on time to maintain a solid credit score.

•   Aim to keep your debt-to-income (DTI) under 36%. To determine your current DTI, add up your monthly debts (car payment, student loan payment, etc.) and divide by your gross monthly income. Then multiply by 100.

•   Assess your monthly budget and think whether you can handle larger payments. If so, you might seek a shorter-term mortgage for a lower rate.

•   Examine your savings to determine whether you might be able to purchase discount points to lower your interest rate.

You’ll want to compare interest rates and fees from a few different lenders when you explore refinancing, so it helps you have a sense of what interest rates look like in Oregon..

Understand Trends in Oregon Mortgage Interest Rates

The mortgage refinance rate environment in Oregon is similar to what you see across the country, with average interest rates in the state typically sitting just below the national average. Take a look at how they compare.

Choose the Right Mortgage Refi Type

The type of mortgage refinance you opt for will have an impact on the rate you are offered and the overall cost of your loan. These are the more common types of refinance arrangements in Oregon.

Compare Mortgage Refi Interest Rates

Once you have narrowed down your choices and have an idea of what loan type you are looking for, follow these tips to secure the best mortgage refinance rate:

•   Compare multiple lenders’ offers. Many lenders will give you an idea of what interest rate you might qualify for after you answer a few simple questions online.

•   Evaluate the annual percentage rate(APR) and all mortgage refinancing costs and fees for each loan option. (Some lenders offer a no-closing-cost refinance, but the costs are typically rolled into your loan amount or reflected in a higher interest rate.)

•   Consider purchasing discount points for a lower interest rate.

•   Make sure the new payoff date aligns with your goals.

An online refinance calculator can help you compare your options.

Use an Online Refinance Calculator

By entering your principal amount, loan rate, and loan term into a refinance calculator, you can see what your monthly payments might look like, and also get a handle on the total interest paid. Here are some useful mortgage calculators:

The Takeaway

Refinancing your mortgage can be a smart financial move, but it requires a strategic approach and careful consideration. Whether you want to lower your mortgage refinance rate, tap into your home’s equity, consolidate debt, or get your hands on a lump sum, it’s important to understand the different types of refinance options available and the potential consequences of your decision. By maintaining a good credit score, strategically lowering your debt-to-income ratio, and carefully comparing offers from multiple lenders, you can find the best refinance deal for 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.

FAQ

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.

¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.

†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.

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.

SOHL-Q125-192

Compare mortgage refinance rates in Oklahoma.

Introduction to Mortgage Refinance Rates

Where Do Mortgage Refi Rates Come From?

Mortgage refinance rates are a product of various economic factors and your unique financial standing. Economic factors include Federal Reserve policy, inflation, the bond market, and housing inventory. Some points to consider:

•   High inflation and federal funds rate increases usually translate to higher mortgage refinance rates.

•   Conversely, low inflation and bond price increases can have a rate-lowering effect.

•   Fewer homes built or for sale (meaning there’s low inventory) can contribute to an increase in rates.

On the personal side, your credit score also plays a role in the rate you’ll snag. Those with higher scores have a record of handling debt responsibly, so they typically qualify for better rates. People with lower scores (meaning they may have been late with payments in the past or skipped payments entirely) usually are offered a higher rate, since the lender feels they are a riskier borrower.

Being mindful of these influences can help you predict rate changes and make an informed decision about when to refinance your home loan.

How Interest Rates Affect Home Affordability

Interest rates play a pivotal role in the financial equation of your mortgage refinance. Your monthly outlay hinges on the loan amount, the duration of repayment, and the prevailing mortgage refinance rate.

Say you have a $200,000 loan, with a 6.00% interest rate, and a 30-year term, which translates to a monthly payment of $1,199. If that same loan were to bear an 8.00% interest rate, your monthly commitment would leap to $1,467. That means, with the lower rate, you’re $268 “richer” every month. Over the loan’s lifetime, the lower interest rate could let you pocket nearly $100,000 in savings. Even the slightest drop in the mortgage refinance rate can accumulate into substantial benefits over time.

Why You Should Refinance Your Mortgage in Oklahoma

Refinancing can be a strategic move, but it’s not one to be taken lightly. If current rates are lower than your existing one, it might be a good time to refinance, but be prepared for the closing costs (usually 2% to 5% of the loan amount). Make sure that a home loan refi works for your current needs and bigger-picture financial situation.

Common Reasons to Refinance a Mortgage

Here are some common reasons homeowners refinance their mortgage:

•   You qualify for a lower interest rate because you’ve built your credit score or market conditions have shifted.

•   You’re considering adjusting your repayment term to manage your monthly payments or pay off your loan quicker.

•   You need to tap into your home’s equity to cover expenses like education or home improvements.

•   Your adjustable rate is about to reset, and you’re considering the security of a fixed-rate loan.

•   You have an FHA loan and at least 20% equity in your home, and you want to eliminate FHA mortgage insurance premiums.

How to Get the Best Refi Interest Rate

When you’re looking into a mortgage refinance, you’re probably curious about how low your rate can go. Here are some tactics to help you secure the best mortgage refinance rate:

•   Pay bills on time and steer clear of new debt to build your credit score.

•   Keep your debt-to-income ratio under 36%.

•   Compare rates and fees from multiple lenders to find the best deal.

•   Think about buying mortgage points, aka discount points, to lower your interest rate. This means paying more money upfront, but less interest month after month.

•   If you can manage it, go for a shorter mortgage term; it will often come with a lower interest rate, though your monthly payment will be higher.

Understand Trends in Oklahoma Mortgage Interest Rates

Nationally and in Oklahoma (or any state, for that matter), mortgage refinance rates tend to ebb and flow. Understanding these movements and the prevailing trends can help you decide when the best time to refinance in Oklahoma may be.

Choose the Right Mortgage Refi Type

Mortgage refinance rates in Oklahoma can fluctuate based on the type of refinance you’re considering. Here’s an overview of some of the most popular refi variations available, from those designed to cut your payments to ones engineered to pay off your loan faster, as well as ones that help you pull equity from your home.

Just remember this one point: In terms of how soon you can refinance, you typically need 20% home equity before you can pursue this path.

Compare Mortgage Refi Interest Rates

Securing a competitive mortgage refinance rate can save you money over the life of your loan. Here are some tips for comparing mortgage refinance rates:

•   Shop around with different lenders to see what rates and terms they offer.

•   Get prequalified to find out approximately how much a lender is willing to loan you and under what terms without a hard credit inquiry.

•   Compare each loan’s annual percentage rate (APR), which includes the interest rate, fees, and discount points.

•   Remember, there’s a trade-off between rates and fees; a lower rate might mean higher mortgage refinancing costs.

•   Crunch the numbers on your break-even point (when the savings from your new terms outweigh the expense of Oklahoma refinancing costs) to see if the savings make sense for you.

•   Use a refinance calculator to estimate new monthly payments and your potential savings.

💡 Quick Tip: Some lenders offer a so-called no-closing-cost refinance. However, that usually means either rolling the closing costs into the new mortgage principal or exchanging them for a higher interest rate.

Use an Online Refinance Calculator

Refinancing a mortgage in Oklahoma (or any state) involves a good amount of math, from tracking loan rates and overall interest to seeing how buying points might save you money. Don’t let that discourage you: Online refinance calculators can be a great way to get an estimate of what your monthly payments might be and compare different refinance options. They can also help you see how different financial strategies might help you achieve your financial goals.

The Takeaway

Refinancing your mortgage in Oklahoma can be a smart move to potentially lower your mortgage refinance rate, change your loan term, or get cash for a large purchase. But you need to weigh the costs and benefits, including any closing costs vs. the long-term interest savings you may get. Consider your financial goals and compare the options available to 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.

FAQ

Can I refinance when rates go down?

Absolutely! When interest rates for mortgage refinancing are on the decline, you have the opportunity to refinance your mortgage and realize some savings. But before you do, it’s important to make sure that the potential savings will be greater than the costs. This will depend on a number of factors, including the difference between the current interest rate and the new rate, any fees associated with the refinance, and how long you have left on your mortgage. By carefully considering these factors, you can make an informed decision about whether refinancing is the best choice.

Can I get cash out of my home without a refinance?

Yes, you can consider a home equity line of credit (HELOC), which is a form of revolving credit, or a home equity loan, which provides a lump sum payment. These options allow you to tap into your home’s equity without changing your current mortgage rate. It’s important to carefully consider the terms and conditions of these options, including interest rates and repayment schedules, to make sure they make sense for your financial situation.

Is there a fee to recast your mortgage?

Yes, there is a fee to recast your mortgage, but it is much less than the fees associated with refinancing. The fee is typically a few hundred dollars, compared with closing costs of 2% to 5% of the loan amount if you were to refinance. The fee to recast can vary by lender, loan amount, and credit history so it is important to compare rates from multiple lenders before making a decision.

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.

¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.

†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.

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.

SOHL-Q125-191