Texas Mortgage Refinance Calculator
Texas Mortgage Refinance Calculator
By SoFi Editors | Updated November 21, 2025
Refinancing your mortgage can help you manage your finances more effectively and save you thousands of dollars over the life of your loan. A Texas mortgage refinance calculator can provide valuable insights and inform your decision-making. This guide will take you through the mortgage refinancing process and explain how to use the refi calculator. By understanding the costs and the savings, you can assess whether refinancing is the right choice for your financial situation and goals.
Key Points
• A Texas mortgage refinance calculator can estimate potential savings and the break-even point, making it easier for you to evaluate if refinancing is worth the effort and expense.
• By entering your current and potential loan details into a refi mortgage calculator, you can obtain a reliable estimate of your savings.
• Even a small reduction in your interest rate can lead to significant savings over the life of your loan.
• Refinancing with a shorter loan term can reduce the total interest paid but will increase your monthly payments.
• Purchasing mortgage points can lower your interest rate by .25% per point.
• Refinancing costs in Texas typically range from 2% to 5% of the loan amount.
Texas Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the principal amount you still owe on your current home loan. This number affects how soon you can refinance a mortgage.
• Current/New interest rate: Interest represents the percentage of the total home loan amount charged by the lender. By comparing your current interest rate with potential new rates, you can determine if refinancing will save you a significant amount of money.
• Remaining/New loan term: The remaining loan term is the number of months left on your current mortgage, while the new loan term is the time over which you’ll repay the refinanced loan. A shorter term can help you pay off your loan faster and reduce the total interest paid, but it will increase your monthly payments.
• Points: Mortgage points allow you to prepay some interest at closing. Each point costs 1% of the loan amount and can lower your interest rate, potentially saving you money over the life of the loan.
• Other costs and fees: Other costs associated with refinancing include origination, appraisal, and attorney fees. These expenses can range from 2% to 5% of the loan amount.
• Monthly payment: Your monthly payment includes the principal and interest on your mortgage loan. Use a mortgage refinance calculator to estimate your new monthly payment and assess the financial impact of refinancing. Keep in mind that lower monthly payments 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 loan’s duration, excluding the principal amount. Comparing the total interest of your current mortgage with a potential refinance can help you determine whether the savings outweigh the costs.
How to Use the Texas Mortgage Refinance Calculator
If you’re a homeowner considering refinancing, a Texas mortgage refinance calculator can be a helpful tool. Input your remaining loan balance, current and new interest rates, and loan terms to estimate potential savings and break-even point.
Step 1: Enter Your Remaining Loan Balance
Enter your remaining loan balance, which is the principal amount you owe on your existing mortgage.
Step 2: Add Your Current Interest Rate
Next, enter your current interest rate, which you can find on your mortgage statement or by contacting your lender. This helps you compare your current rate with potential new rates to assess possible savings.
Step 3: Estimate Your New Interest Rate
Research current mortgage rates, and input your estimated new interest rate into the calculator. A lower rate can reduce your monthly payments and the total interest paid.
Step 4: Select Your Remaining Loan Term
Enter the number of months left on your current mortgage so the calculator can compare your existing and potential new loan options.
Step 5: Choose a New Loan Term
Select a new loan term, which can be shorter or longer than your current one. A longer term can lower monthly payments, while a shorter term can save on interest.
Step 6: Enter Any Points You Intend to Purchase
Input any points you plan to purchase. Each point costs 1% of the loan amount and lowers your interest rate by 0.25%, potentially saving you money.
Step 7: Estimate Your Other Costs and Fees
Estimate all possible mortgage refinancing costs, such as lender fees, appraisal fees, and title insurance expenses. These costs can range from 2% to 5% of the loan amount.
Step 8: Review Your Break-Even Point
Calculate your break-even point, which is the number of months it will take for the savings from the new loan to equal the cost of refinancing. If you plan to stay in your home beyond this point, refinancing may be financially beneficial.
Benefits of Using a Mortgage Refinance Payment Calculator
Using a refinance calculator to experiment with different interest rates and loan terms can help you determine how to refinance a mortgage. Even small interest rate reductions can yield substantial savings. Refinancing to a shorter loan term accelerates mortgage payoff, while a longer loan term can decrease your monthly payments and free up funds for other financial goals.
What Is the Break-Even Point in Refinancing?
The break-even point is the time it takes to recoup the closing costs on your refinance through monthly savings. The Texas mortgage refinance calculator will calculate this for you. For example, if refinancing saves you $100 a month and your total closing costs are $2,500, it would take 25 months to cover those costs before you start seeing savings. If you plan to sell your property within two years, refinancing may not be the right 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 Texas
Mortgage refinancing in Texas incurs costs that are typically 2% to 5% of the loan. Fixed fees include application (up to $500), credit report ($25-$75), appraisal ($600-$2,000), recording ($25-$250), and attorney fees ($500-$1,000+). Percentage-based costs cover origination fees (0.5%-1%), title search/insurance fees (0.5%-1%), which can vary depending on the type of mortgage loan you choose, and points. Refinances may waive title insurance/inspection. To reduce costs, compare offers from multiple lenders, negotiate the fees, and maintain a 740+ credit score.
Refinancing a jumbo loan may incur higher associated costs.
Some lenders offer a no-closing-cost refinance, but as the interest rate is often increased to cover the closing fees, it may not be cost-effective.
Tips on Reducing Your Mortgage Refinance Payment
There are ways to reduce your monthly mortgage payment before beginning the refinancing process. Try to:
• Build your credit score to secure a lower interest rate.
• Shop around for the best rates and terms.
• Refinance to a longer loan term to reduce your monthly payments.
• Shop for a lower homeowners insurance rate.
The Takeaway
Using a Texas mortgage refinance calculator can help you see the financial impact of refinancing your mortgage. It can estimate potential savings, determine the break-even point, and assess the total cost of refinancing, allowing you to make well-informed decisions. While refinancing can offer benefits such as lower monthly payments or reduced interest over the life of the loan, it’s important to carefully weigh these advantages against any closing costs. Take stock of your long-term financial goals, analyze current market conditions, and evaluate your ability to comfortably manage the new loan before proceeding.
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 Texas?
Mortgage refinancing costs in Texas typically range from 2% to 5% of the new loan amount. These costs may include credit report, application, title search, and appraisal fees. Compare multiple lenders and their specific cost structures to get the best deal.
How much does it cost to refinance a $350,000 mortgage?
Refinancing a $350,000 mortgage costs between 2% and 5% of the total loan amount, or $7,000 to $17,500. Common fees include lender application, credit report, property appraisal, and title insurance expenses. Use a refinance calculator to estimate your total refinancing costs and potential savings.
Do you have to put 20% down to refinance?
You don’t need to put 20% down, but having at least 20% equity in your home may be required to qualify with some lenders. If you have less than 20% equity, you may still qualify, but lenders can charge you higher interest rates.
At what point is it not worth it to refinance?
Refinancing might not be the right solution if the break-even point is too far in the future. The break-even point is the time needed for the savings from a lower interest rate to offset all closing costs. For example, if you save $100 every month but incur $3,000 in closing costs, it would take 30 months to break even. If you plan to sell your home before this time, refinancing may not be advantageous.
What month is best to refinance?
The best month to refinance depends on prevailing mortgage rates and your personal financial situation. Historically, interest rates tend to be lower during the fall and winter months. However, you should consider your financial readiness and the specific terms offered by lenders.
Which bank is best for refinancing?
The best bank depends on your financial situation and refinancing needs. Compare offers from multiple lenders, including local banks, credit unions, and online lenders. Look for transparency in fees, responsive customer service, and a detailed loan estimate. Consider the lender’s reputation and any special programs they offer.
What credit score do you need for refinancing?
To refinance your mortgage, you typically need a minimum credit score of 620 for conventional loans. A higher score, such as 700 or above, can help you secure better interest rates and terms. Lenders also consider your debt-to-income ratio and payment history. Improving your credit score before applying can increase your chances of getting the best deal.
What are the advantages of refinancing your home?
Refinancing your home offers financial benefits, primarily helping you secure a lower interest rate, which reduces monthly payments and overall interest. A cash-out refinance lets you borrow extra funds for home improvements or debt consolidation. Refinancing can also build equity faster by shortening the loan term.
Does refinancing hurt your credit?
Refinancing can temporarily lower your credit score due to hard inquiries. You can minimize this impact by shopping around for rates within a short time frame (14-45 days). Prequalification can provide rate estimates without a hard inquiry. After refinancing, you can improve your credit score by making your new loan payments on 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-Q425-107
Get prequalified in minutes for a SoFi Home Loan.
Tennessee Mortgage Refinance Calculator
Tennessee Mortgage Refinance Calculator
By SoFi Editors | Updated November 21, 2025
Refinancing your mortgage can allow you to reduce your monthly mortgage payments, switch to a shorter loan term, or gain access to home equity. This guide will walk you through how to use a mortgage refinance calculator, helping you assess your finances and showing you which type of mortgage loan refinance will save you money.
Key Points
• Using a Tennessee mortgage refinance calculator can help you estimate the costs and savings associated with refinancing, including your break-even point.
• Mortgage refinancing costs in Tennessee typically range from 2% to 5% of the new loan amount.
• A cash-out mortgage refinance allows you to borrow against your home equity to cover large expenses or for debt consolidation.
• Opting for a shorter loan term can increase your monthly payments but substantially reduce the total interest paid over the life of the loan.
• Purchasing discount points can lower your interest rate, but you should use a refinance calculator to determine how long it may take you to recoup the upfront cost through savings.
• A higher credit score can lead to lower interest rates, potentially saving you thousands of dollars.
Tennessee Mortgage Refinance Calculator
Calculator Definitions
strong>• Remaining loan balance: The remaining loan balance is the principal amount you still owe on your home loan, which helps determine how soon you can refinance a mortgage.
• Current/New interest rate: Interest is the percentage of the loan amount charged by the lender. A new interest rate can significantly impact how much you can save over the life of the loan.
• Remaining/New loan term: The remaining loan term is the number of years left on your current mortgage, and the new loan term is the total length of the new loan you’re considering. Shorter loans can save you money in the long term, but they also lead to higher monthly payments.
• Points: Mortgage points are optional upfront fees that you can pay to lower your interest rate. Each point costs about 1% of the loan amount and can reduce your interest rate by 0.25%.
• Other costs and fees: Other costs and fees associated with refinancing your mortgage include origination, appraisal, and attorney fees.
• Monthly payment: Your monthly mortgage payment includes the principal and interest on your home loan. You can use a refi mortgage calculator to compare your current payment to your estimated payment following a refinancing.
• Total interest: Total interest is the cost you pay to the lender over the life of the loan for borrowing money, excluding the principal amount. It can significantly impact your long-term financial planning.
How to Use the Tennessee Mortgage Refinance Calculator
To use the Tennessee mortgage refinance calculator, input your current and proposed loan details. This will help you estimate the impact of refinancing on your monthly payments and interest rate.
Step 1: Enter Your Remaining Loan Balance
Enter your remaining home loan balance into the calculator. This is the principal amount you still owe on your current mortgage.
Step 2: Add Your Current Interest Rate
Next, input your current interest rate. You can find this by either looking at your latest mortgage statement or contacting your lender.
Step 3: Estimate Your New Interest Rate
Estimate what your new interest rate would be by comparing offers from different lenders or
checking online for current mortgage rates in your area. A lower rate can reduce your monthly payments and the total interest you pay.
Step 4: Select Your Remaining Loan Term
Input the number of years you have left on your current mortgage into the home refi calculator to calculate the estimated total interest of your current loan.
Step 5: Choose a New Loan Term
Select a new loan term that can help you meet your financial goals. A shorter term can help you save on interest, while a longer term can mean lower monthly payments.
Step 6: Enter Any Points You Intend to Purchase
Enter any discount points you plan to purchase. Each point costs 1% of the loan amount and lowers your interest rate by 0.25%.
Step 7: Estimate Your Other Costs and Fees
Estimate any other associated costs and fees, such as application fees, appraisal fees, and attorney fees. Enter these into the refi calculator to see what impact they may have on your potential savings.
Step 8: Review Your Break-Even Point
Calculate your break-even point, the number of months required for any savings you might enjoy on your monthly payment to offset the closing costs. This can help you decide if refinancing would be beneficial for you.
Benefits of Using a Mortgage Refinance Payment Calculator
As housing is likely one of the largest expenses in your monthly budget, using a mortgage refinance calculator can help you evaluate whether refinancing can lower your monthly payment or interest rate by providing a detailed breakdown of how different interest rates and loan terms could affect them. A lower monthly payment can free up cash for other financial goals, while a lower total interest can save you thousands over the life of the loan. For example, a change of just 0.25% in your interest rate could result in significant savings, especially if you can minimize lender fees.
A mortgage refinance calculator can also help you determine how to refinance a mortgage. You can use the calculator to compare costs and savings of different refinancing scenarios, such as refinancing from a 30-year to a 15-year loan, which can help you pay off your mortgage faster and save on total interest. If you have an adjustable-rate mortgage (ARM) and are concerned about future rate increases, a refi calculator can help you compare your current costs to those of a fixed-rate mortgage.
What Is the Break-Even Point in Refinancing?
One of the most important things the mortgage refinance calculator can help you determine is the break-even point. The break-even point is the time it takes to recoup the closing costs on your refinance through monthly savings. To calculate it, subtract your estimated new monthly payment after refinancing from your current mortgage payment, then divide the closing costs by your monthly savings.
For example, if refinancing saves you $100 a month and your closing costs are $2,500, it would take 25 months to cover those costs and start seeing savings. If you plan to sell your home within that time, refinancing may not be the right strategy for you.
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 Tennessee
Refinancing a mortgage in Tennessee incurs costs that are typically 2% to 5% of the new loan, including application fees (up to $500), credit report fees ($25-$75), appraisals ($600-$2,000), recording fees ($25-$250), and attorney fees ($500-$1,000+). Appraisal fees may be waived in some cases. Percentage-based costs typically include loan origination fees (0.5%-1%), title search and insurance (0.5%-1%), and mortgage points (1% per point). Cash-out refinances usually have higher costs due to the larger loan amount.
You can reduce your refinancing costs by comparing lenders’ offers, negotiating fees, and keeping a strong credit score. Some lenders offer a no-closing-cost refinance, but these may come with a higher interest rate. Refinancing a jumbo loan may also involve higher associated costs.
Tips on Reducing Your Mortgage Refinance Payment
There are several ways you can minimize your monthly mortgage payment in the context of a refinance:
• Build up your credit score. A higher credit score can secure you the best interest rates.
• Extend the term of your loan. Refinancing a 15-year mortgage to a 30-year term can lower monthly payments, but it increases the total interest paid.
• Appeal your property tax. If you believe your assessment is too high, contact your local tax assessor’s office to potentially lower your annual tax bill.
• Shop for a lower homeowners insurance rate. Increase your deductible, bundle policies, and make home improvements to lower your homeowners insurance rate.
The Takeaway
Refinancing your mortgage can help you manage your finances and save on monthly payments. A Tennessee mortgage refinance calculator is a tool that can help you estimate costs and savings and determine your break-even point. With this information, you can then assess your credit score and compare loan terms to make the best decision for you. A mortgage refinance calculator can help you lower your monthly payments, access the equity you’ve built in your home, or switch to a different loan type.
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 Tennessee?
On average, refinancing a mortgage in Tennessee involves costs typically ranging from 2% to 5% of the new loan amount. These costs may include lender fees, credit report fees, appraisal fees, title search and insurance, and escrow fees.
How much does it cost to refinance a $400,000 mortgage?
Refinancing a $400,000 mortgage in Tennessee can cost between $8,000 and $20,000, or 2% to 5% of the new loan amount. This covers lender, credit report, appraisal, title search and insurance, and escrow fees.
Do you have to put 20% down to refinance?
Refinancing doesn’t require a 20% down payment, but lenders typically require at least 20% equity in your home. To calculate your equity percentage, subtract the balance owed on your mortgage principal from your home’s estimated value and then divide this by your home’s value.
At what point is it not worth it to refinance?
Refinancing may not be worth it if your break-even point extends beyond how long you plan on staying in the home. For example, if closing costs are $6,000 and monthly savings are $200, it would take 30 months to recoup the costs.
What month is best to refinance?
The best month to refinance depends on current mortgage rates and your personal financial goals. Rates tend to be lower in the fall, but it’s often best to monitor market trends and take your personal financial situation into consideration before sending an application.
Which bank is best for refinancing?
The best bank for you depends on your financial situation and refinancing needs. To choose a lender, compare interest rates, loan terms, and fees from multiple banks; read customer reviews to gauge the lender’s reputation; and see whether you’re eligible for special programs or incentives.
What credit score do you need for refinancing?
A minimum credit score of 620 is typically required for conventional loans. Higher scores, such as 740 and above, can secure you better terms and lower interest rates. Focus on paying your bills on time, reducing credit card balances, and checking your credit reports.
What are the advantages of refinancing your home?
Refinancing can offer several benefits, including securing a lower interest rate, reducing your monthly payments, or allowing you to borrow money against your home equity through a cash-out refinance, provided you still have 20% equity following the transaction. Weigh these benefits against closing costs to determine if refinancing is right for you.
Does refinancing hurt your credit?
Refinancing can temporarily lower your credit score due to a hard inquiry, though this usually has minimal impact on your credit score. Making consistent timely payments to lower your debt levels can mitigate any negative effects and increase your credit score quickly.
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-Q425-106
Get prequalified in minutes for a SoFi Home Loan.
South Carolina Mortgage Refinance Calculator
South Carolina Mortgage Refinance Calculator
By SoFi Editors | Updated November 21, 2025
Refinancing your mortgage can be a powerful way of managing your finances more effectively, but it’s important to understand both the potential benefits and costs involved before making any decisions. A mortgage refinance calculator can help you understand how to refinance a mortgage and make an informed financial decision by providing estimates of your monthly savings, total interest paid, and your break-even point. With these results, you can then decide if refinancing aligns with your financial goals and long-term plans. A refinance calculator can also help you determine how soon you can refinance a mortgage after your initial financing, as this can impact your financial strategy and the effectiveness of refinancing.
Key Points
• Refinancing can lower your monthly payments or total interest paid.
• A mortgage refinance calculator can help you make an informed decision about your home loan by estimating your savings and break-even point.
• Mortgage points involve upfront fees paid to the lender to lower your new interest rate.
• Improving your credit score can expand your refinancing options and help you secure better interest rates for your loan.
South Carolina Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the outstanding principal amount on your current home loan. Input the correct balance to help you determine how soon you can refinance a mortgage.
• Current/New interest rate: Interest is a percentage of the loan amount charged by the lender for borrowing. A lower interest rate can lead to significant savings over the life of the loan.
• Remaining/New loan term: The remaining loan term is the number of months you have left to pay off your existing home loan. You can decide whether your new loan term will be shorter or longer than your current loan, which will affect your monthly payments and total interest paid.
• Points: Mortgage points, also known as discount points, are upfront fees paid to the lender to lower the interest rate. Each point typically costs 1% of the loan amount and can reduce your monthly payments by 0.25%.
• Other costs and fees: Refinancing your mortgage typically comes with other costs and fees, including origination fees, appraisal fees, and attorney fees. These typically range from 2% to 5% of the new loan amount.
• Monthly payment: Your monthly payment includes the principal and interest on your home loan. Using a refi calculator can help you estimate your new monthly payment based on the refinanced terms and compare it with your current payment.
• Total interest: Total interest is the cost paid to the lender over the life of the home loan, excluding the principal. A mortgage calculator can help you compare total interest costs between your current and refinanced loans and determine potential savings.
How to Use the South Carolina Mortgage Refinance Calculator
Enter your remaining loan balance, current and potential new interest rates, and loan terms into the mortgage refinancing calculator to estimate your savings. Consider the break-even point to determine whether refinancing would be the right choice for you.
Step 1: Enter Your Remaining Loan Balance
Input your remaining loan balance on your current mortgage.
Step 2: Add Your Current Interest Rate
Enter your current mortgage rate. Compare it with new rates to see how much you may be able to save.
Step 3: Estimate Your New Interest Rate
Consider prevailing rates and your credit score to estimate your new interest rate. Even a small reduction can lead to significant savings.
Step 4: Select Your Remaining Loan Term
Input your remaining loan term to understand how it affects your monthly payments and total interest paid.
Step 5: Choose a New Loan Term
Explore different loan term lengths to see how they impact your monthly payments and total interest costs. A shorter loan term can save on interest, whereas a longer loan term can lower your monthly payments.
Step 6: Enter Any Points You Intend to Purchase
Input the points you plan to purchase to see how they affect your interest rate and monthly payments. Use the refi mortgage calculator to assess whether purchasing points would be beneficial for your financial situation.
Step 7: Estimate Your Other Costs and Fees
Factor in any other costs and fees to get a comprehensive view of the financial impact of refinancing your mortgage.
Step 8: Calculate Your Break-Even Point
You can determine the break-even point by dividing the total closing costs by monthly savings. This can help you decide if refinancing is worthwhile.
Benefits of Using a Mortgage Refinance Payment Calculator
Using a mortgage refinance calculator can help you evaluate whether refinancing can lower your monthly payments or total interest, potentially saving you a significant amount of money. The calculator provides a detailed breakdown of how different interest rates and loan term lengths can affect your monthly payments and total interest paid. For example, a 0.50% reduction in your interest rate can lead to substantial savings, especially for larger home loans. The calculator can also show you if refinancing might not be beneficial, such as if the upfront costs outweigh the long-term savings.
What Is the Break-Even Point in Refinancing?
The home refi calculator helps you determine your break-even point, which is the number of months required for the savings from your new, lower monthly payments to cover the closing costs associated with refinancing. To find this, the calculator subtracts your estimated new monthly payment from your current payment and then divides the total closing costs by the monthly savings. For example, if refinancing saves you $100 each month and your closing costs are $2,500, it would take you 25 months to break even. If you plan to sell your home within two years, refinancing may not be the right choice for you. The refi calculator can help you estimate this point and assess the financial impact it may have.
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 South Carolina
Mortgage refinancing costs in South Carolina are typically 2% to 5% of the new loan amount. These costs include loan application fees (up to $500), credit report fees ($25-$75), home appraisal fees ($600-$2,000), recording fees ($25-$250), and attorney fees ($500-$1,000+). A refi mortgage calculator can help you estimate these costs and determine if refinancing would be financially beneficial.
Some lenders offer no-closing-cost refinances, which allow you to roll fees into the home loan, but they often come with a slightly higher interest rate.
Recommended: Refinancing a Jumbo Loan
Tips on Reducing Your Mortgage Refinance Payment
There are various ways you can minimize your monthly mortgage payment in the context of a refinance. Try to take the following steps before beginning your refinancing application:
• Build up your credit score to secure a lower interest rate by making consistent, timely payments.
• Consider extending the term of your loan to reduce your monthly payments.
• Appeal your property tax to potentially lower your monthly payment.
• Shop for a lower homeowners insurance rate to reduce costs by increasing your deductible or bundling policies.
The Takeaway
Refinancing your home loan can be a strategic financial move, but it’s important that you understand the costs and benefits before you decide. A mortgage refinance calculator can provide you with insights into potential savings, break-even points, and long-term financial impact. If your aim is to lower your monthly payments, pay off your home loan faster, or access home equity, a mortgage refinancing calculator can help you make an informed decision. Always consider your financial goals before proceeding with refinancing.
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 South Carolina?
Refinancing a mortgage in South Carolina typically involves costs and fees ranging from 2% to 5% of the new loan amount. Common fixed costs include application, credit report, appraisal, recording, and attorney fees. Percentage-based costs cover origination, title search/insurance, and mortgage points. Some fees, like title insurance, may not always be required for refinancing. Shop around different lenders and compare rates to minimize costs. Use a mortgage refinance calculator to estimate your total expenses and potential savings.
How much does it cost to refinance a $450,000 mortgage?
Refinancing a $400,000 mortgage in South Carolina may involve costs ranging from $8,000 to $20,000, or 2% to 5% of the new loan amount. Common fixed costs include application, credit report, appraisal, recording, and attorney fees. Percentage-based costs cover origination, title search/insurance, and points. You can use a mortgage refinance calculator to estimate your new monthly payment, total interest, and break-even point.
Do you have to put 20% down to refinance?
You don’t need to put 20% down to refinance, but having at least 20% equity in your home may be required to qualify. You can use a down payment calculator to determine your current equity.
At what point is it not worth it to refinance?
Refinancing isn’t worth it if the break-even point is more than two years out or if the interest rate reduction is less than 0.50%. Calculate your break-even point by dividing the closing costs by the monthly savings. If you plan to stay in your home longer than it would take for you to break even, refinancing could be beneficial.
What month is best to refinance?
Historically, interest rates are at their lowest in fall and winter, but this can vary. Monitor current rates and consider your financial goals. Consider using a mortgage refinance calculator to project savings and determine the best time to refinance.
Which bank is best for refinancing?
The best bank depends on your financial situation and refinancing needs. It’s recommended to choose a bank with competitive rates, low fees, and good customer service. Compare loan estimates from multiple lenders and consider their reputation, application process, and level of transparency. Some banks also offer special programs or incentives.
What credit score do you need for refinancing?
A minimum credit score of 620 is typically required for a conventional loan. A higher score of 740 or above may secure you better rates and terms. Check your credit report and improve your score by paying down debt and making timely payments. You can use a refinance calculator to estimate the impact your credit score may have on refinancing.
What are the advantages of refinancing your home?
Refinancing can offer lower monthly payments, reduced total interest, or a shorter loan term. It can also allow you to borrow extra against your equity for renovations or debt consolidation. Other options when refinancing include switching from an adjustable-rate mortgage to a fixed-rate mortgage and accessing home equity through a cash-out refinance. Use a refinance calculator to estimate savings and costs.
Does refinancing hurt your credit?
Refinancing can temporarily lower your credit score due to a hard inquiry. However, this impact is often temporary, as refinancing can improve your score in the long run by reducing your monthly payments and lowering your overall debt. Making timely mortgage payments can help you avoid any negative effects.
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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Rhode Island Mortgage Refinance Calculator
Rhode Island Mortgage Refinance Calculator
By SoFi Editors | Updated November 21, 2025
Refinancing your mortgage can offer significant benefits but also comes with costs. Understanding both can help you make an informed decision about changing your home loan. A Rhode Island mortgage refinance calculator estimates potential savings and expenses to help you determine how you could achieve your financial goals through refinancing. Whether you’re looking to reduce your monthly payments or total interest, switch to a different loan type, or access home equity, the calculator provides you with valuable insights.
Key Points
• A Rhode Island mortgage refinance calculator can help homeowners determine whether refinancing aligns with their financial goals.
• The calculator can estimate potential monthly payments, total interest, and the break-even point, helping you decide if refinancing will be financially beneficial.
• Decreasing your loan term can increase your monthly payments but significantly reduce the total interest paid over the life of the loan, while extending the loan term has the opposite effect.
• Improving your credit score may allow you to secure a lower interest rate and potentially save you thousands of dollars in interest.
• Mortgage refinancing costs are typically 2% to 5% of the loan amount and should be factored into your decision.
Rhode Island Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the principal amount you still owe on your mortgage. This value affects how soon you can refinance a mortgage and allows the calculator to estimate the impact of refinancing.
• Current/New interest rate: The interest rate is the percentage of the loan amount charged by the lender for borrowing the money. A new, lower interest rate can reduce monthly payments and total interest paid over the life of the loan.
• Remaining/New loan term: The remaining loan term is the number of months left on your current mortgage, and the new loan term is the duration over which you’ll repay the refinanced loan. A shorter term can reduce the total interest you pay but increases monthly payments, while a longer term does the opposite.
• Points: Mortgage points are optional upfront fees that lower your interest rate. Each point costs 1% of the loan amount and can reduce the rate by 0.25%.
• Other costs and fees: Refinancing involves various costs, including origination, appraisal, and attorney fees. These can range from 2% to 5% of the new loan amount.
• Monthly payment: Your monthly payment includes the principal and interest of your mortgage. You can use a refinance calculator to compare your current and estimated new monthly payments.
• Total interest: Total interest is the cost you pay to the lender over the life of the mortgage, excluding the principal. Comparing the total interest you’ll pay with your current home loan to the estimated total after a mortgage refinance can help you see potential long-term savings.
How to Use the Rhode Island Mortgage Refinance Calculator
To use the Rhode Island mortgage refinance calculator, input the details of your current loan and potential refinance terms. The calculator will estimate new monthly payments, total interest, and the break-even point, to help you evaluate the benefits of refinancing against the costs.
Step 1: Enter Your Remaining Loan Balance
Enter your remaining home loan balance. This is the principal amount you still owe on your current mortgage.
Step 2: Add Your Current Interest Rate
Input your current interest rate. You can find this on your latest mortgage statement or by contacting your lender.
Step 3: Estimate Your New Interest Rate
Estimate your new interest rate by comparing offers from different lenders or checking online for current mortgage rates available in your area. A lower rate can reduce your monthly payments or total interest paid, especially if rates have dropped since you purchased your home.
Step 4: Select Your Remaining Loan Term
Input the number of years left on your current mortgage so the home refi calculator can estimate the total interest you’ll pay if you keep your current loan and do not refinance.
Step 5: Choose a New Loan Term
Choose a new loan term to determine how you can meet your financial goals. A longer term can lower monthly payments, while a shorter term can save on total interest paid over the duration of the loan.
Step 6: Enter Any Points You Intend to Purchase
Enter any discount points you plan to purchase. Each point costs 1% of the loan amount and lowers the interest rate by 0.25%. Use the refi mortgage calculator to identify whether purchasing points will benefit you.
Step 7: Estimate Your Other Costs and Fees
Estimate other costs and fees, such as origination, credit report, home appraisal, and attorney fees. These costs can range from 2% to 5% of the loan amount. Enter these into the calculator to see the impact on your potential savings.
Step 8: Review Your Break-Even Point
Calculate your break-even point, which is the number of months it will take for the total savings from the new loan to equal the total cost of refinancing. If you plan to stay in your home longer than this point, refinancing may be financially beneficial.
Benefits of Using a Mortgage Refinance Payment Calculator
A mortgage refinance calculator can help you determine if refinancing can lower your monthly payment or interest rate and save you money. It compares your existing and potential new mortgage to show how different interest rates and loan terms could affect your monthly payment and total interest.
You can input offers from different lenders to determine how to refinance a mortgage to best suit your financial situation. Securing a lower interest rate or reducing your loan term can create significant long-term savings on interest, while increasing your loan term can free up funds for other purposes. Considering the information the calculator provides alongside your financial goals can help you decide whether to proceed.
What Is the Break-Even Point in Refinancing?
The break-even point is one of the most important factors when deciding about refinancing. It is the time it takes to recoup the closing costs of your refinance through monthly savings. To find your break-even point, first calculate your monthly savings by subtracting your estimated monthly payment after refinancing from your current payment, then divide the closing costs by this value.
For example, if refinancing saves you $100 a month and your closing costs are $2,500, it would take 25 months to break even and start seeing savings. If you plan to sell your home before reaching this point, refinancing may not make financial sense. If you don’t see any savings or get a negative number, it might be best 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 Rhode Island
The closing costs of refinancing a mortgage in Rhode Island are typically 2% to 5% of the new loan amount. Fixed costs include loan application fees (up to $500), credit reports ($25-$75), appraisals ($600-$2,000), 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). Some purchase-related fees, such as title insurance and inspection fees, may be waived.
Reduce costs by comparing offers from different lenders, negotiating fees, and keeping your credit score as high as possible. Look out for prepayment penalties, and be aware that no-closing-cost refinances often have increased interest rates to cover the closing fees, so are not necessarily more cost-effective.
Keep in mind that refinancing a jumbo loan may have higher associated costs.
Tips on Reducing Your Mortgage Refinance Payment
Here are some ways of reducing your mortgage refinance payment. You could:
• Improve your credit score to secure lower interest rates.
• Extend the term of your loan (but remember this could increase the total interest paid).
• Appeal your property tax to potentially reduce your annual tax bill.
• Shop for a lower homeowners insurance rate by increasing your deductible, bundling policies, or making your home more secure or storm-resistant.
The Takeaway
Mortgage refinancing could allow you to change to new mortgage terms that help you achieve your financial goals. A Rhode Island mortgage refinance calculator can estimate your costs, savings, and break-even point so you can ensure the benefits outweigh the expenses.
Whether you want to save on interest, lower your monthly payments, access home equity through a cash-out refinance, or switch to a different type of loan, the mortgage refinance calculator can help you understand the financial impact of refinancing. Compare offers from different lenders, and consider what you want to achieve by changing your loan terms to find the option that best suits 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 Rhode Island?
Refinancing costs in Rhode Island typically range from 2% to 5% of the new loan amount. These include fixed costs, such as application and appraisal fees, and percentage-based costs, including origination fees and title insurance.
How much does it cost to refinance a $550,000 mortgage?
Refinancing a $550,000 mortgage will probably cost between $11,000 and $27,500, or 2% to 5% of the new loan amount.
Do you have to put 20% down to refinance?
You don’t need to put 20% down to refinance, but having at least 20% equity may be required to qualify. Calculate your equity percentage by subtracting the amount you owe on your mortgage principal from your home’s estimated value and dividing this by your home’s value.
At what point is it not worth it to refinance?
If your break-even point is longer than the amount of time you intend to own your home, refinancing might not be worth it. Use the estimated break-even point provided by a refi calculator to help you assess whether a mortgage refinance will be beneficial.
What month is best to refinance?
The best month to refinance depends on prevailing mortgage rates and your financial goals. Rates tend to be lower in fall and winter, but you should monitor the market and ensure you’re financially stable before refinancing.
Which bank is best for refinancing?
The best bank depends on your financial situation and refinancing needs. Consider factors such as interest rates, closing costs, customer service, and the loan options available. Compare offers from multiple lenders to find a refinance with terms that suit you.
What credit score do you need for refinancing?
To qualify for a mortgage refinance, you usually need a credit score of at least 620. A higher score can allow you to secure better rates and terms. Check your credit report for errors and improve your score before applying.
What are the advantages of refinancing your home?
A mortgage refinance could help you achieve your financial goals, whether you want to make long-term savings on interest, free up funds by lowering your monthly payments, or access the equity in your home. Securing a lower interest rate or more favourable terms for your situation may be a smart financial move.
Does refinancing hurt your credit?
Refinancing can temporarily lower your credit score due to a hard inquiry on your credit. Making your monthly payments on time during the transition to your new loan terms and once your refinance is complete can minimize the impact and potentially improve your 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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Pennsylvania Mortgage Refinance Calculator
Pennsylvania Mortgage Refinance Calculator
By SoFi Editors | Updated November 21, 2025
Refinancing your mortgage can be a powerful move when managing your finances. Refinancing offers opportunities to lower your monthly payments, shorten your loan term, or access the equity in your home. If you’re considering a mortgage refinance, using a mortgage refi calculator can help you to understand the potential benefits and costs of a refinance, and determine whether refinancing your current mortgage is the right choice for your financial situation.
Key Points
• Using a Pennsylvania mortgage refinance calculator is helpful when you want to estimate potential savings and costs.
• Refinancing your mortgage is typically worthwhile if you can secure a reduction of at least 0.5% in your interest rate.
• Calculating your break-even point using a mortgage refinance calculator is useful for determining whether the savings from refinancing will outweigh the initial mortgage refinancing costs.
• Purchasing mortgage points to lower your interest rate is an optional upfront expense that you should consider in the context of your long-term financial strategy.
• Extending the term of your loan may lower your monthly payments. However, it will also increase the total interest paid over the life of the loan.
• Building your credit score may significantly improve your chances of securing a lower interest rate and more favorable loan terms when refinancing.
Pennsylvania Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the principal amount you still owe on your home loan. It’s used for determining how soon you can refinance a mortgage.
• Current/New interest rate: Interest is the percentage of the loan amount that the lender charges in exchange for lending you the money. The difference between your current and potential new interest rate factors into whether refinancing will save you money over the long term.
• Remaining/New loan term: The remaining loan term refers to the number of months left to repay your existing mortgage. A new loan term may be either shorter or longer, which will affect your monthly payments and total interest paid.
• Points: Mortgage points are optional upfront fees that you can pay to lower your interest rate. Each point typically costs 1% of the loan amount and can reduce your interest rate by about 0.25%.
• Other costs and fees: These include origination, appraisal, and attorney fees. They typically range from 2% to 5% of the loan amount and should be factored into your cost-benefit analysis.
• Monthly payment: Your monthly mortgage payment consists of both a percentage of the principal amount and interest on the loan.
• Total interest: Total interest is the cost paid to the lender over the loan repayment term, excluding the principal. Compare the total interest for your existing and potential new mortgage before you make the decision to refinance.
How to Use the Pennsylvania Mortgage Refinance Calculator
Use the Pennsylvania home refi calculator to estimate potential savings and your break-even point.
Step 1: Enter Your Remaining Loan Balance
Input the precise remaining loan balance (the amount you still owe on your current mortgage) into the calculator.
Step 2: Add Your Current Interest Rate
You can find this on your mortgage statement or by contacting your lender.
Step 3: Estimate Your New Interest Rate
Estimate your new interest rate by comparing current mortgage rates or by reviewing offers from different lenders. A lower rate can reduce your total costs.
Step 4: Select Your Remaining Loan Term
Input the number of years left on your current mortgage.
Step 5: Choose a New Loan Term
Select a new loan term, which can be from 10 to 30 years. A shorter term reduces the total interest you’ll pay, while a longer term lowers your monthly payments.
Step 6: Enter Any Points You Intend to Purchase
Enter the number of points you plan to purchase. You’ll be able to see how they affect your monthly payments.
Step 7: Estimate Your Other Costs and Fees
Estimate your other costs and fees. These can comprise application fees, lawyer’s charges, and appraisal costs. Then, enter them into the calculator to assess how they affect potential savings.
Step 8: Calculate Your Break-Even Point
Calculate the break-even point, which is the number of months required to begin reaping the benefits of refinancing. Knowing the break-even point could help you determine if refinancing makes sense for you.
Benefits of Using a Mortgage Refinance Payment Calculator
Using a refi mortgage calculator can help you evaluate whether refinancing might lower your monthly payment or interest rate. The calculator provides a detailed comparison of your current and potential new mortgage, showing how different interest rates and loan term lengths can affect your monthly payments and total interest. You may realize significant savings with even a slight reduction in your interest rate, especially if you have a larger mortgage.
A mortgage refinance calculator is also a good starting point in determining how to refinance a mortgage. It will help you consider your reason for refinancing, whether it’s to lower your interest rate, switch to a different type of mortgage loan (such as a fixed-rate loan), or access home equity with a cash-out refinance.
What Is the Break-Even Point in Refinancing?
The break-even point is the time it takes to recoup the closing costs on your refinance through monthly savings. 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 saves you $100 a month and your closing costs are $2,500, it would take 25 months to cover those costs and start seeing savings. If you plan to sell the house within two years, refinancing may not be the right strategy. Similarly, you may not want to refinance your current loan if the interest saved in the refi is a negative number.
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 Pennsylvania
Refinancing in Pennsylvania can incur closing costs ranging from 2% to 5% of the loan amount. Fixed fees include the application (up to $500), credit report ($25 to $75), appraisal ($600 to $2,000), recording charges ($25 to $250), and attorney’s fees ($500 to over $1,000). Percentage-based costs include origination (0.5% to 1%), title search/insurance (0.5% to 1%), points, and mortgage insurance. Cash-out refinances often have higher closing costs. Sometimes you can reduce your refi costs by comparison shopping, negotiating fees, and maintaining a good credit score.
Obtaining a no-closing-cost refinance is possible with some lenders, but remember that these loans often carry a higher interest rate.
Refinancing a jumbo loan may also come with higher costs.
Tips on Reducing Your Mortgage Refinance Payment
Assessing how you can lower your monthly payment before beginning the refinancing process is very helpful. It’s advisable to:
• Build your credit score to secure better interest rates.
• Extend the term of your loan to lower monthly payments, though this increases the total interest you’ll pay.
• Shop around for the best rates and terms from different lenders.
• Obtain a lower homeowners insurance rate by increasing your deductible, bundling policies, or making home upgrades.
The Takeaway
Refinancing your mortgage can be a great way to manage your finances, but it requires careful consideration. A mortgage refinance calculator is helpful for estimating potential savings and understanding the financial impact of different refinance scenarios. Assess your financial goals, the length of time you plan to stay in your home, and the break-even point before you make your decision.
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 Pennsylvania?
Refinancing in Pennsylvania typically costs 2% to 5% of the new loan amount. These costs comprise fixed fees, such as application, credit report, and appraisal fees, as well as percentage-based costs, including origination and title insurance. Compare offers and negotiate with lenders to secure the best rates.
How much does it cost to refinance a $300,000 mortgage?
Refinancing a $300,000 mortgage can cost between $6,000 and $15,000 — or 2% to 5% of the new loan amount — including both fixed and percentage-based fees. Use our mortgage refinance calculator to estimate how much you might save and the break-even point.
Do you have to put 20% down to refinance?
You don’t need to put 20% down when refinancing, but having at least 20% equity in your home may be required. You can do some simple math to see if you meet this equity goal. First, subtract the balance you owe on your mortgage principal from your home’s estimated value. Divide the answer by your home’s value to yield the percentage of equity.
At what point is it not worth it to refinance?
Refinancing may not be worth it if your break-even point is longer than you plan to stay in your home. For example, if you have $6,000 in closing costs and save $200 per month, your break-even point is 30 months. The upfront costs may outweigh your savings if you intend to move before that.
What month is best to refinance?
The best time to refinance depends on current mortgage rates and economic trends. Historically, rates tend to be lower in January or February, but it’s often safest to watch current rates and ensure your financial stability before you apply.
Which bank is best for refinancing?
Selecting the best bank for your refinance depends on several factors, including your financial goals and refinancing needs. Compare offers from multiple lenders, and look for transparency, competitive rates, and positive customer reviews.
What credit score do you need for refinancing?
Conventional refinancing typically requires a minimum credit score of 620. However, higher scores might help you secure better rates and terms. Check your credit score, and work on improving it by addressing whatever issues you can. These measures can include paying bills on time, reducing credit card balances, and correcting errors on your credit report.
What are the advantages of refinancing your home?
Refinancing may offer a lower interest rate, which can reduce monthly payments and total interest. It can also provide payment stability if you switch from an adjustable-rate to a fixed-rate mortgage. A cash-out refinance allows borrowers to access additional funds for various purposes, such as home improvements or debt consolidation.
Does refinancing hurt your credit?
A hard credit inquiry might temporarily lower your score, but consistent payments may offset this. It’s usually best to shop for rates within a short period to minimize the effect of repeated credit inquiries.
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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