Oklahoma Mortgage Refinance Calculator
Oklahoma Mortgage Refinance Calculator
By SoFi Editors | Updated November 20, 2025
Refinancing your mortgage in Oklahoma may present an opportunity to save money, adjust your loan terms to better suit your financial situation, or even access the equity you’ve built up in your home over time.
Whether you’re focused on lowering your monthly mortgage payments or accelerating the payoff of your mortgage to save on interest, an Oklahoma mortgage refi calculator can help you make a well-informed decision. Simply enter the details on your current home loan, and compare those numbers with what you would pay on a new, refinanced loan. The calculator will show your new estimated monthly payments and how much you could save in interest over time.
Keep reading for more on how to use the Oklahoma mortgage refinance calculator and whether refinancing is right for you.
Key Points
• The Oklahoma mortgage refinance calculator can help you estimate potential savings and costs associated with refinancing your home loan.
• The break-even point will help determine if the savings from refinancing will outweigh the initial costs associated with refinancing.
• Purchasing mortgage points can lower your interest rate and monthly payments, but the upfront cost must be considered against long-term savings.
• Refinancing costs typically range from 2% to 5% of the new loan amount.
• A higher credit score, ideally 740 or above, can lead to more favorable refinancing terms and lower interest rates.
Oklahoma Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the principal amount you still owe on your existing home loan.
• Current/New interest rate: Interest is the cost of borrowing money, expressed as a percentage of the loan amount. Your current interest rate is what you’re now paying on your loan, and it could be fixed or variable. The new rate can significantly impact your monthly payments and total interest paid over the loan’s life.
• Remaining/New loan term: The remaining loan term is the number of months left to pay off your current mortgage. The new loan term is the duration of the refinanced loan. Shortening the term can save on interest, while extending it can lower monthly payments.
• Points: Mortgage points are optional upfront fees paid to the lender to reduce the interest rate. Each point costs 1% of the loan amount and typically lowers the rate by 0.25%.
• Other costs and fees: These can include origination, appraisal, and attorney fees. They typically range from 2% to 5% of the new loan amount.
• Monthly payment: Your monthly payment includes the principal and interest on the loan amount. Comparing your current payment to the estimated payment after refinancing can help you determine if refinancing is right for you.
• Total interest: Total interest is the cost you pay to the lender over the life of the loan, excluding the principal. Comparing total interest paid on your current and potential refinanced loans helps determine long-term savings.
How to Use the Oklahoma Mortgage Refinance Calculator
To use the Oklahoma mortgage refinance calculator, input your remaining loan balance, current and new interest rates, and current and new loan terms. The calculator provides a comprehensive estimate of potential savings and associated costs. Here’s exactly how to use it.
Step 1: Enter Your Remaining Loan Balance
Start by entering your remaining loan balance into the Oklahoma mortgage refi calculator. This is the principal amount you still owe on your current home loan.
Step 2: Add Your Current Interest Rate
Enter your current interest rate into the mortgage refinance calculator. This rate will be compared against current mortgage rates to determine potential savings.
Step 3: Estimate Your New Interest Rate
Interest rates are influenced by factors like credit score, market conditions, and the type of mortgage loan. A lower rate can reduce monthly payments and total interest paid.
Step 4: Select Your Remaining Loan Term
Enter your remaining loan term, the time left to pay off your current mortgage. This information helps calculate potential savings from refinancing.
Step 5: Choose a New Loan Term
Select a new loan term to see how it affects your monthly payments and total interest. Shorter terms save on interest but increase monthly payments. Longer terms lower monthly payments but increase total interest.
Step 6: Enter Any Points You Intend to Purchase
Enter the number of points you plan to purchase. Points are upfront fees that lower your interest rate. Consider the long-term savings versus the upfront cost.
Step 7: Estimate Your Other Costs and Fees
Estimate other costs and fees, such as lender fees, appraisal fees, and title insurance. These costs can range from 2% to 5% of the new loan amount.
Step 8: Calculate Your Break-Even Point
Calculate the break-even point to determine when your savings from the new mortgage will cover the initial costs. Subtract your new monthly payment from your current payment and divide the closing costs by the monthly savings.
Benefits of Using a Mortgage Refinance Payment Calculator
Housing costs can be a large part of your budget. A refinance calculator helps assess if mortgage refinancing can lower your monthly payment or interest rate, potentially saving money. The calculator also indicates if refinancing leads to higher costs, helping you decide wisely.
Inputting various interest rates and loan terms helps you understand how refinancing impacts your payments and total interest. Lower payments offer immediate relief, while reduced interest saves long-term. Even small interest rate reductions, like a quarter percentage point, can create savings.
Refinancing from a 30-year to a 15-year loan accelerates mortgage payoff and reduces total interest. If you have an adjustable-rate mortgage (ARM) and worry about rate increases, a mortgage calculator compares your expenses to a fixed-rate mortgage.
Recommended: How Soon Can You Refinance a 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 for the savings from your new mortgage to outweigh the initial costs.
To find this point, subtract your estimated monthly payment after refinancing from your current mortgage payment. Then, divide the closing costs by the monthly savings. For example, if refinancing a mortgage saves you $100 a month, and your total closing costs are $2,500, it would take 25 months to cover those costs and start to see savings. If you plan to sell your home before reaching the break-even point, refinancing may not be worthwhile. If the interest saved in the refinance shows a negative number, that’s a sign it might not make sense to refinance your current loan.
There is one exception to this rule: a cash-out refinance, where you’re tapping into your home equity rather than looking to save money on interest. Cash-out refinances typically don’t save money, since the new loan amount is larger than the current loan amount.
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 Oklahoma
Mortgage refinancing costs are typically 2% to 5% of the new loan. Fixed costs include 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/insurance (0.5%-1%), points, and mortgage insurance. Some refinance fees, like title insurance, aren’t always required.
While “no-closing-cost refinance” promotions are eye-catching, they’re a bit misleading, since many lenders will increase your interest rate to cover the cost of closing fees. Make sure to read the fine print before signing. Comparison shop, negotiate with lenders, and maintain a 740+ credit score to lower your costs.
Recommended: How and When to Refinance a Jumbo Loan
Tips on Reducing Your Mortgage Refinance Payment
In order to reduce your mortgage refinance payment, you can:
• Build up your credit score to secure better rates.
• Extend the term of your loan to lower monthly payments.
• Eliminate private mortgage insurance by having 20% equity in the home.
• Shop for a lower homeowners insurance rate by increasing your deductible or bundling policies.
The Takeaway
Using an Oklahoma refinance calculator is a powerful tool for homeowners assessing the financial impact of refinancing. It helps estimate potential savings, including monthly payment reductions and total interest savings, by comparing current and new loan terms.
However, it’s important to consider mortgage refinancing costs, which can range from 2% to 5% of the new loan amount. Factors such as credit score, home equity, and future financial plans should also be taken into account.
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 Oklahoma?
Refinancing your mortgage in Oklahoma involves closing costs of 2% to 5% of the new loan amount. Common costs include origination, credit report, title search, and escrow fees. Some fees, like title insurance and inspection, may not be required for refinances.
How much does it cost to refinance a $300,000 mortgage?
Refinancing a $300,000 mortgage can cost $6,000 to $15,000, or 2% to 5% of the loan amount. Common costs include loan application fees, credit report fees, home appraisal fees, recording fees, and attorney fees.
Do you have to put 20% down to refinance?
You don’t need to put 20% down to refinance, but having 20% equity can secure better terms and avoid private mortgage insurance (PMI).
At what point is it not worth it to refinance?
Refinancing may not be worth it if you’ll sell your home before the break-even point, which is when your savings cover the closing costs. For example, if closing costs are $4,800 and you save $200 per month, the break-even point is 24 months.
What month is best to refinance?
Historically, fall and winter months have lower interest rates due to decreased demand. Monitor market trends and use a refinance calculator to estimate savings and costs. Ensure the timing aligns with your financial goals.
Which bank is best for refinancing?
The best bank for refinancing depends on your needs. Compare rates and terms from multiple lenders, and consider factors like reputation, customer service, and special programs.
What credit score do you need for refinancing?
Most lenders require a minimum credit score of 620 for refinancing. A higher score, ideally 740 or above, can secure better terms and lower interest rates. Check your credit report for errors and build your score before applying.
What are the advantages of refinancing your home?
Advantages of refinancing can include lower interest rates, reduced monthly payments, and switching from adjustable to fixed rates. A cash-out refinance allows you to access home equity for various needs.
Does refinancing hurt your credit?
Refinancing can temporarily lower your credit score due to a hard inquiry, but the impact is usually minimal and recoverable. Long-term benefits, like reduced debt and lower monthly payments, can build your credit score. Shop around and apply with multiple lenders within a short period to minimize the impact.
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-Q425-100
Get prequalified in minutes for a SoFi Home Loan.
Ohio Mortgage Refinance Calculator
Ohio Mortgage Refinance Calculator
By SoFi Editors | Updated November 20, 2025
Refinancing your home loan can help you save money, adjust your loan terms, or access your home equity. The Ohio mortgage refinance calculator helps you compare your current and potential new loan terms and makes it easier to see the financial impact of refinancing. This guide will help you understand how you can use the estimates of monthly payments, total interest, and break-even point provided by the calculator to determine if refinancing is the right choice for your financial situation.
Key Points
• Determining if refinancing is worth it can be made easier by using the Ohio mortgage refinance calculator to estimate your monthly payments, total interest, and break-even point.
• Performing a cash-out refinance can provide extra funds for your home improvements or debt consolidation, but it comes with higher closing costs and should be carefully considered.
• Extending the loan term can lower your monthly payments but increase the total interest paid over the life of the loan, while reducing the term can do the opposite.
• Purchasing mortgage points reduces your interest rate, but the upfront cost must be weighed against long-term savings.
• Improving your credit score can help you secure better refinancing terms and lower interest rates, the effect of which can be assessed using the mortgage refinance calculator.
Ohio 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 value determines how soon you can refinance a mortgage and allows the calculator to estimate your potential savings.
• Current/New interest rate: Interest is the percentage of the loan amount charged by the lender. The refi calculator helps you compare your current interest rate with a new rate by estimating potential savings.
• Remaining/New loan term: The loan term is the duration over which you will repay your mortgage. The calculator can help you compare current and new loan terms to understand the impact on your monthly payments and total interest.
• Points: Mortgage points are upfront fees paid to reduce your interest rate. Each point costs 1% of the loan amount and can decrease your interest by 0.25%, which could result in substantial savings over the loan term.
• Other costs and fees: Refinancing involves various costs, such as origination, appraisal, and attorney fees. These can range from 2% to 5% of the loan amount.
• Monthly payment: Your monthly payment includes the principal and interest amounts. The calculator can help you assess the financial impact of refinancing by comparing your current and new monthly payments.
• Total interest: Total interest is the cost you pay to the lender over the duration of the loan. The calculator can help you estimate the total interest for your current and new loans, allowing you to identify potential long-term savings.
How to Use the Ohio Mortgage Refinance Calculator
To use the Ohio refi mortgage calculator, input the details of your current and desired home loan. The calculator will estimate your new monthly payments, total interest and break-even point to help you see your potential savings and costs so you can make an informed decision about whether refinancing will be beneficial.
Step 1: Enter Your Remaining Loan Balance
Enter your remaining home loan balance, which 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. Your interest rate depends on market conditions, your credit history, and the type of mortgage loan you choose.
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. A lower rate can reduce your monthly payment or total interest.
Step 4: Select Your Remaining Loan Term
Enter the number of years left on your current mortgage into the refi calculator to estimate the total interest you’ll pay if you don’t refinance your home loan.
Step 5: Choose a New Loan Term
Select a new loan term, anywhere from 10 to 30 years. A shorter term can save on interest,
while a longer term can offer lower monthly payments.
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%. Use the refi mortgage calculator to assess if purchasing points will be beneficial.
Step 7: Estimate Your Other Costs and Fees
Estimate other costs and fees, such as application fees, appraisal fees, and attorney fees. Input these into the calculator to assess their impact on your potential savings.
Step 8: Review Your Break-Even Point
The calculator will tell you your break-even point, which is the number of months required for any savings on your monthly payment to offset the closing costs 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 the Ohio mortgage refinance calculator can help you identify how changing your loan terms could save you money by reducing your monthly payment or total interest. Inputting different rates and terms can help you determine how to refinance a mortgage to meet your financial goals. Lower monthly payments can free up funds, while a reduced interest rate or shortening your loan term can lead to substantial savings over the duration of the loan. Even a small decrease in your interest rate can lead to significant long-term savings.
What Is the Break-Even Point in Refinancing?
One of the most important things the refinance calculator estimates is the break-even point, which is the number of months it will take for the savings from your new mortgage to cover the closing costs of refinancing. The home refi calculator computes this point by subtracting your estimated monthly payment after refinancing from your current mortgage payment, then dividing the closing costs by this value.
For instance, if mortgage refinancing saves you $100 a month and your total 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 before this point, refinancing may not be the right strategy for you. If you don’t see any savings or are getting a negative number, it might not make sense to refinance 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 Ohio
Mortgage refinancing costs are typically 2% to 5% of the loan amount. Fixed costs include 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.
To reduce your refinancing costs, maintain a good credit score, compare offers from different lenders, and remember that some fees, such as title insurance, are negotiable. Some lenders offer a no-closing-cost refinance, but be aware that this may come with a higher interest rate to cover the closing costs and may not be more cost-effective.
Recommended: How to Refinance a Jumbo Loan
Tips on Reducing Your Mortgage Refinance Payment
Before beginning the refinancing process, you can minimize your monthly mortgage refinance payment by:
• Improving your credit score to help you secure a lower interest rate.
• Extending the term of your loan, but remember this may cost you more in interest.
• Appealing your property tax if you think you’re paying too much.
• Shopping for a lower homeowners insurance rate by bundling policies, increasing your deductible, or making your home more secure or storm-resistant.
The Takeaway
Refinancing your mortgage can be a powerful tool that helps you manage your finances effectively, but it’s important to assess the associated costs before proceeding. A refinance calculator helps estimate your potential savings and costs, allowing you to make an informed decision. Whether you’re looking to lower monthly payments, pay off your loan faster to reduce the total interest you’ll pay, or access your home equity for other purposes, the calculator can help you determine the financial impact of 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 Ohio?
The cost to refinance a mortgage in Ohio typically ranges from 2% to 5% of the total new loan amount. Costs include application fees, credit reports, appraisals, and title insurance. Use the Ohio mortgage refinance calculator to estimate these costs.
How much does it cost to refinance a $250,000 mortgage?
The cost to refinance a $250,000 mortgage can range from $5,000 to $12,500, which is 2% to 5% of the loan amount. Fees include loan origination, appraisals, and title insurance. The mortgage refinance calculator can help you estimate your total costs and potential savings.
Do you have to put 20% down to refinance?
You do not need a 20% down payment to refinance, but having at least 20% home equity means you are more likely to secure the best rate available. To calculate your equity percentage, subtract the balance you owe on your mortgage principal from your home’s estimated value, and then divide this amount by your home’s value.
At what point is it not worth it to refinance?
Refinancing might not be worthwhile if the break-even point is too far in the future. For example, let’s say you intend to stay in your home for four years. If closing costs were $5,000 and you saved $100 on your monthly payments, it would take 50 months to break even — so you would not see the benefits of your savings. Evaluate the break-even point estimated by the calculator against your financial plans to decide whether refinancing is the right strategy.
What month is best to refinance?
The best month to refinance can vary based on prevailing mortgage rates. Rates often tend to be lower during the fall and winter months, making these periods more favorable for refinancing. Monitor the market, use the refinance calculator, and ensure you are financially stable before applying.
Which bank is best for refinancing?
Choosing the best bank for refinancing depends on your specific needs and financial situation. Compare interest rates, loan terms, and closing costs from multiple lenders, and also consider their reputation, particularly for customer service, to find a bank that suits you.
What credit score do you need for refinancing?
A minimum credit score of 620 is typically required for conventional loans, but a higher score can help you secure better terms and lower interest rates. Check your credit report for errors and take steps to improve your score as much as possible before applying.
What are the advantages of refinancing your home?
Refinancing can offer several advantages, including decreased total interest or reduced monthly payments. Through a cash-out refinance, you can access home equity for home improvements or debt consolidation. Use the mortgage refinance calculator to determine if refinancing aligns with your financial goals.
Does refinancing hurt your credit?
Refinancing can have a temporary impact on your credit score due to a hard inquiry. However, this impact is usually short-lived. Consistently making timely payments on your new loan can help restore and improve your credit score over time.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
SOHL-Q425-099
Get prequalified in minutes for a SoFi Home Loan.
New Jersey Mortgage Refinance Calculator
New Jersey Mortgage Refinance Calculator
By SoFi Editors | Updated November 20, 2025
If you’re a New Jersey homeowner considering refinancing your home loan, our New Jersey mortgage refinance calculator can support you as you make your decision. Refinancing may enable you to save money, adjust your loan terms to better suit your current situation, or access the equity you’ve built in your home. Mortgage calculators, along with your own research, can help provide a clear picture of the overall financial impact of a mortgage refinance.
Key Points
• Using a New Jersey mortgage refinance calculator can help you assess the financial impact of refinancing, including potential savings and costs.
• The break-even point is generated by the mortgage refinance calculator and will help you determine if the savings from refinancing will outweigh the initial expenses.
• A mortgage refinance calculator can help you estimate the total interest savings over the life of the loan, which is important for long-term financial planning.
• Mortgage refinancing costs in New Jersey typically range from 2% to 5% of the new loan amount, including lender fees, appraisal fees, and attorney fees.
• Purchasing mortgage points can lower your interest rate, but the upfront cost may not be worthwhile if you plan to sell soon.
• A home refi calculator can help you evaluate the impact of extending or shortening your loan term on your monthly payments and total interest costs.
New Jersey Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the amount of principal you still owe on your current home loan. It excludes any accrued interest.
• Current/New interest rate: The interest rate is the cost your lender adds to the principal amount of borrowed funds, expressed as a percentage of the loan amount. A lower interest rate could result in substantial savings on both monthly payments and total interest.
• Remaining/New loan term: The loan term is the duration over which you’ll repay your mortgage. Shortening the term can lower total interest costs, while extending it can reduce monthly payments.
• Points: Mortgage points are optional upfront fees that can 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 fees, appraisal fees, and attorney fees.
• Monthly payment: Your monthly payment includes interest on your mortgage as well as a portion that goes toward the principal. It can be affected by changes in interest rates and loan terms.
• Total interest: Total interest is the cost you pay to the lender over the term of the loan. It excludes the principal amount you borrowed.
How to Use the New Jersey Mortgage Refinance Calculator
Using the mortgage calculator is easy. Follow the steps to produce an estimate of potential savings and costs. The break-even point calculation will help you decide if refinancing is financially feasible.
Step 1: Enter Your Remaining Loan Balance
Start by entering your remaining loan balance into the New Jersey mortgage refinance calculator. This figure represents the principal amount you still owe on your home loan. You may want to refer to your current mortgage statement to get the precise amount.
Step 2: Add Your Current Interest Rate
Adding your current interest rate into the home refi calculator helps estimate your current monthly payment and total interest costs, which you can then compare with potential new rates and terms. Your interest rate will depend on market conditions, your credit history, and the type of mortgage loan you choose.
Step 3: Estimate Your New Interest Rate
Research the current mortgage rates in your area and enter an estimate of your new interest rate into the calculator. The result will show you the potential savings from refinancing, especially if rates have dropped since you purchased your home.
Step 4: Select Your Remaining Loan Term
Check your mortgage statement for the number of years remaining on your current mortgage and add it to the data in the refinance calculator. The calculator estimates the total interest you’d pay if you kept your current mortgage.
Step 5: Choose a New Loan Term
Select a new loan term (from 10 to 30 years) that works with your financial objectives. A longer term can lower monthly payments, while a shorter term can reduce total interest paid over the loan’s term.
Step 6: Enter Any Points You Intend to Purchase
Points can lower your interest rate, but they come with an upfront cost. The mortgage refinance calculator helps you assess whether purchasing points would make good financial sense.
Step 7: Estimate Your Other Costs and Fees
Fees such as origination, credit report, home appraisal, and attorney’s fees are all included in the refinancing costs. Closing costs can range from 2% to 5% of the loan amount.
Step 8: Review Your Break-Even Point
The mortgage calculator will generate your break-even point. Refinancing could be a smart financial move if you plan to stay in your home after this point.
Benefits of Using a Mortgage Refinance Payment Calculator
Housing is one of the most significant expenses in your monthly budget. Using a mortgage refinance calculator can help you evaluate whether refinancing can lower your monthly payment or interest rate, potentially saving you a significant amount of money. The refinance calculator provides a detailed comparison of your current and potential new mortgage, showing how different interest rates and loan terms could change your monthly payment and total interest paid.
You can experiment with various new interest rates and loan terms (e.g., switching from a 30-year to a 15-year mortgage) to see how they would affect your finances. The tool can also flag situations where refinancing might not be beneficial, such as when, based on current mortgage rates, the interest savings are minimal or when the closing costs outweigh the potential savings.
Recommended: How to Refinance a Mortgage
What Is the Break-Even Point in Refinancing?
The break-even point is the number of months it will take to recoup the closing costs associated with refinancing. To find this, the refi calculator subtracts your estimated monthly payment after refinancing from your current mortgage payment and then divides the closing costs by the monthly savings. For example, if refinancing saves you $250 a month and your closing costs are $11,000, it will take 44 months to break even. If you plan to sell your home soon, refinancing may not be the best strategy. The calculator can also indicate if the interest savings are negative, which suggests that refinancing may not be a good option at this time.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Typical Closing Costs for a Refinance in New Jersey
Refinancing in New Jersey incurs costs typically ranging from 2% to 5% of the new loan amount. These include fixed fees, such as application, credit report, appraisal, recording, and attorney’s fees. Percentage-based costs can comprise origination, title search/insurance, and points. Some lenders offer no-closing-cost refinance options, but these programs often come with a higher interest rate. Compare lenders, negotiate, and maintain a good credit score to save on closing costs.
Keep in mind that refinancing a jumbo loan typically carries higher costs.
Tips on Reducing Your Mortgage Refinance Payment
You may be wondering how you can reduce your regular mortgage payments. Some tips to accomplish this include:
• Improve your credit score to secure better interest rates.
• Extend the term of your loan to lower monthly payments.
• Appeal your property tax to potentially reduce your overall monthly payment.
• Shop for a lower homeowners insurance rate or try bundling your policies to decrease your monthly costs.
The Takeaway
Refinancing your mortgage can be a great way to manage your housing costs, but it’s important to understand both the costs and benefits. Learning how soon you can refinance a mortgage is also relevant to your decision. Consider the figures provided by the refi mortgage calculator, such as the break-even point, loan term, and interest rate. They’ll help you assess the long-term financial impact of a refi and be sure that your savings will outweigh the costs.
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 New Jersey?
You can expect your closing costs to range from 2% to 5% of the new loan amount. Refinancing in New Jersey may include costs for credit reporting, origination, title search, and escrow fees. Some expenses that were involved when you first purchased your home, such as title insurance and inspection, may not be required for refinancing.
How much does it cost to refinance a $550,000 mortgage?
Refinancing a $550,000 mortgage usually involves closing costs ranging from 2% to 5% of the loan amount, which translates to between $11,000 and $27,500.
Do you have to put 20% down to refinance?
A 20% down payment isn’t required for refinancing. However, lenders generally prefer that you have at least 20% equity in your home.
At what point is it not worth it to refinance?
A mortgage refinance may not be worthwhile if the break-even point is too far in the future or if the interest rate reduction is minimal. The refi calculator can estimate your break-even point.
What month is best to refinance?
The best time to refinance depends on market conditions and your financial circumstances. Historically, rates are lower during the fall and winter months, when home-buying activity is typically lower. However, it’s always advisable to check current rates.
Which bank is best for refinancing?
Selecting the best bank for refinancing depends on your financial goals and the specific loan terms you’re considering. Compare interest rates, loan terms, and closing costs from multiple lenders to find the best deal, but don’t forget to consider the lender’s reputation and customer service record.
What credit score do you need for refinancing?
A credit score of at least 620 is generally required for conventional refinancing, but higher scores can generally secure better rates and terms. Get a copy of your credit score and address any errors while doing what you can to pay down debt before applying.
What are the advantages of refinancing your home?
Advantages may include securing a lower interest rate, switching to a fixed-rate mortgage, or accessing home equity via a cash-out refinance.
Does refinancing hurt your credit?
Refinancing can temporarily lower your credit score due to a hard inquiry, but the impact is usually minimal and short-lived. Maintaining consistent payments on your new mortgage can help sustain a healthy credit score.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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Nevada Mortgage Refinance Calculator
Nevada Mortgage Refinance Calculator
By SoFi Editors | Updated November 20, 2025
Refinancing your home loan can be a strategic move to save money over the long term, reduce monthly payments to free up cash flow, or access home equity for large projects. A mortgage refinance calculator is a powerful tool that can help you assess the financial impact of refinancing by estimating the potential savings and costs involved. This article will explore how to use a Nevada refinance calculator to help you make an informed decision about your financial future.
Key Points
• A mortgage refinance calculator helps estimate the financial impact of refinancing, including potential savings and costs, making it a valuable tool for informed decision-making.
• Refinancing costs typically range from 2% to 5% of the new loan amount, including application fees, appraisal costs, and loan origination fees.
• A cash-out refinance allows you to borrow more than your current mortgage balance, providing extra funds for other financial needs, but it often comes with higher closing costs.
• A reduction in your interest rate, even by 0.50%, can lead to savings in monthly payments or total interest over the life of the loan.
• The break-even point, which you can estimate with the help of a refi calculator, is the time needed to recoup the closing costs through monthly savings.
Nevada Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the principal amount still owed on your home loan, excluding accrued interest. This is an important factor in determining how soon you can refinance a mortgage.
• Current/New interest rate: Interest is the percentage of the loan amount charged by the lender. Current mortgage rates fluctuate based on market trends and borrower qualifications, but a lower new interest rate can reduce monthly payments or total interest paid.
• Remaining/New loan term: The remaining loan term is the time left to pay off your current mortgage, and the new loan term is the duration of the refinanced mortgage. Shorter terms reduce total interest but result in higher monthly payments, while longer terms do the opposite.
• Points: Mortgage points are optional upfront costs that allow you to prepay interest and lower your interest rate. Each point costs 1% of the loan amount and can reduce the rate by 0.25%.
• Other costs and fees: Other mortgage refinancing costs and fees include origination, appraisal, and attorney fees. These typically range from 2% to 5% of the new loan amount and should be factored into your refinancing decision.
• Monthly payment: Your monthly payment covers the principal and interest on your home loan. A home refi calculator helps estimate the new payment amount, which can be lower if you secure a better interest rate or extend the loan term.
• Total interest: Total interest is the cost paid to the lender over the life of the loan, excluding the principal. Comparing total interest costs can help determine if refinancing will save you money in the long run.
How to Use the Nevada Mortgage Refinance Calculator
To estimate your potential refinance savings and costs, input your remaining loan balance, current and new interest rates, and loan terms into our Nevada mortgage refinance calculator. Once you find the break-even point, you can use this information to evaluate your options, taking into account your financial goals and the length of time you plan to stay in your home.
Step 1: Enter Your Remaining Loan Balance
To start assessing the financial impact of refinancing, enter your remaining loan balance. This figure is the principal amount left on your current home loan. If you’re unsure of the exact amount, check your most recent mortgage statement or contact your lender.
Step 2: Add Your Current Interest Rate
Input your current interest rate so you can compare it with a new rate to determine your potential savings. If your current rate is higher than the general market rate, refinancing may be beneficial.
Step 3: Estimate Your New Interest Rate
Based on your credit score and other financial factors, select a new interest rate. A lower rate can reduce monthly payments or total interest paid. For example, you can use the calculator to see the impact of a 0.50% reduction.
Step 4: Select Your Remaining Loan Term
Select your remaining loan term, representing how much time you have left to pay off your current mortgage. Compare this with the new loan term to see if the results align with your financial goals.
Step 5: Choose a New Loan Term
Choose a new loan term to see how it affects your monthly payments and total interest. A shorter term reduces interest but makes payments higher, while a longer term does the opposite.
Step 6: Enter Any Points You Intend to Purchase
If you plan to purchase any mortgage points, be sure to include them to assess the upfront costs and potential long-term savings. Each point costs 1% of the loan amount and can lower the interest rate by 0.25%.
Step 7: Estimate Your Other Costs and Fees
To get a complete picture of refinancing expenses, estimate other costs and fees, such as origination and appraisal fees. These typically range from 2% to 5% of the new loan amount.
Step 8: Review Your Break-Even Point
Your break-even point will determine when you’ll recoup the closing costs through monthly savings. If you intend to stay in your home beyond this point, refinancing may be a smart financial move.
Benefits of Using a Mortgage Refinance Payment Calculator
When you’re exploring how to refinance a mortgage, a refinance calculator can help you weigh the closing costs against your potential savings. By inputting different interest rates and loan terms, you can see how refinancing might change your monthly payment or total interest.
A small reduction in the interest rate can result in noticeable savings, especially for larger mortgages. This may be of particular interest if you’re looking to refinance a jumbo loan. Switching to a shorter loan term can help you pay off your mortgage faster and save on interest, making it a strategic move if you’re looking to build equity more quickly.
What Is the Break-Even Point in Refinancing?
The break-even point is the time it will take for your monthly savings to cover the closing costs of your refinance. The refi calculator subtracts your estimated monthly payment after refinancing from your current payment, then it divides the closing costs by your monthly savings. For example, if refinancing saves you $100 a month and your closing costs are $2,500, it will take 25 months to break even.
The refinance calculator can help you identify if the difference in interest is positive or negative. If you plan to sell your home in the near future, refinancing may not be beneficial.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Typical Closing Costs for a Refinance in Nevada
Refinancing a mortgage in Nevada involves closing costs, typically 2% to 5% of the new loan. These costs include fixed fees, including application, credit report, appraisal, recording, and attorney fees, as well as percentage-based costs such as loan origination, title search/insurance, and mortgage points. Depending on the type of mortgage loan, some fees, such as title insurance, may be waived.
You can reduce costs by shopping around and maintaining a strong credit score (740+), and watch out for prepayment penalties. If you’re considering a cash-out refinance, remember it’s likely to have higher closing costs due to a larger loan amount.
Recommended: No-Closing-Cost Refinance
Tips on Reducing Your Mortgage Refinance Payment
When you’re preparing to start the refinancing process, there are a few ways to minimize your monthly mortgage payment. Consider these steps:
• Improve your credit score to secure a lower interest rate.
• Extend the term of your loan to lower monthly payments, bearing in mind this could increase the total interest paid over time.
• Appeal your property tax to potentially reduce your overall annual tax bill.
• Shop for a lower homeowners insurance rate to decrease your premium.
The Takeaway
Refinancing your mortgage can offer significant financial benefits, but you have to evaluate both the costs and savings. A refinance calculator can help you estimate your potential monthly savings, total interest paid, and break-even point. Consider your long-term financial goals, the specific type of refinance, and current market conditions to determine if refinancing is the right move for you.
SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.
A mortgage refinance could be a game changer for your finances.
FAQ
How much does it cost to refinance your mortgage in Nevada?
Refinancing costs in Nevada typically range from 2% to 5% of the new loan amount. These include application fees, credit report fees, appraisal fees, and other associated expenses.
How much does it cost to refinance a $450,000 mortgage?
Refinancing a $450,000 mortgage in Nevada can cost between $9,000 and $22,500. A mortgage refinance calculator can help you weigh the upfront expenses against your potential savings to decide if refinancing will be beneficial.
Do you have to put 20% down to refinance?
No, you don’t need to put 20% down to refinance. However, lenders often require you to have at least 20% equity in your home to be eligible for refinancing. To determine your equity position, subtract the balance you owe on your current mortgage principal from your home’s estimated value. Divide this amount by your home’s value to get your percentage equity.
At what point is it not worth it to refinance?
Refinancing may not be worth it if you plan to move within a few years or if the interest rate reduction is minimal. Pay particular attention to the break-even point, which tells you when the cumulative savings will outweigh the initial costs.
What month is best to refinance?
The best month to refinance depends on prevailing mortgage rates and your financial situation. Rates tend to be lower in fall and winter, but monitor market trends and compare them to your goals to figure out the optimal time.
Which bank is best for refinancing?
The best bank for refinancing depends on your financial needs, so you should compare multiple lenders to find the best deal. Consider factors such as reputation, rates and terms offered, customer service, and transparency.
What credit score do you need for refinancing?
A minimum credit score of 620 is typically required for conventional loans, but higher scores can secure better terms and lower interest rates. Improve your score by paying bills on time and reducing credit card balances, and aim for a score of 740+ to access the best rates.
What are the advantages of refinancing your home?
Refinancing can secure a lower interest rate, reduce your monthly payments, or minimize the total interest paid. It can also help you access home equity and shorten the loan term.
Does refinancing hurt your credit?
Refinancing can temporarily lower your credit score due to a hard inquiry, but the impact is usually minimal and recoverable. It can improve your score in the long term if it leads to lower monthly payments and better debt management.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
SOHL-Q425-092
Get prequalified in minutes for a SoFi Home Loan.
Nebraska Mortgage Refinance Calculator
Nebraska Mortgage Refinance Calculator
By SoFi Editors | Updated November 20, 2025
Refinancing your home loan can allow you to save money, adjust your loan terms, or access home equity to achieve your financial goals. However, it’s important to understand how it may affect your finances before you move forward with the process. A mortgage refinance calculator is a useful tool that estimates your potential savings and costs, which can help you determine whether a refinance is the right strategy for your situation.
Key Points
• A mortgage refinance calculator can help homeowners determine how to refinance a mortgage and make informed financial decisions.
• The break-even point is important for figuring out whether the savings from a mortgage refinance will recover the costs within a reasonable timeframe.
• Homeowners should consider the impact that different loan terms will have on their monthly payments.
• Purchasing points can reduce the interest rate from a mortgage refinance; you can use a refinance calculator to assess how it will affect your upfront costs.
• A higher credit score (700 or above) may help you secure an interest rate that significantly lowers your monthly payments.
Nebraska Mortgage Refinance Calculator
Calculator Definitions
• Remaining loan balance: The remaining loan balance is the principal amount left on your current mortgage and impacts how soon you can refinance a mortgage.
• Current/New interest rate: Interest is the percentage of the loan amount charged by the lender. Obtaining a new interest rate that is lower than your current rate can reduce your monthly payments.
• Remaining/New loan term: The remaining loan term is the time left on your current mortgage, while the new loan term is the duration over which you will pay the refinanced loan. Shortening a loan term can save you money on interest but will increase your monthly payments.
• Points: Mortgage points are optional upfront fees that you can pay to reduce your interest rate. Each point costs 1% of the loan amount and can lower your rate by 0.25%.
• Other costs and fees: A mortgage refinance may incur origination fees, appraisal fees, attorney fees, and other closing costs. These costs typically range from 2% to 5% of the new loan amount.
• Monthly payment: Your monthly mortgage payment includes the principal and interest. Use the refinance calculator to compare your current payment with your new estimated payment.
• Total interest: Total interest is the cost paid to the lender over the life of the loan. Compare the total interest of your existing home loan with the projected interest after a mortgage refinance to determine your potential savings.
How to Use the Nebraska Mortgage Refinance Calculator
Enter your current loan information and potential new loan terms into the Nebraska mortgage refinance calculator to estimate your possible savings and costs. The calculator will provide information about your new monthly payments, total interest, and break-even point.
Step 1: Enter Your Remaining Loan Balance
Input your remaining loan balance, the principal amount you have left on your current mortgage.
Step 2: Add Your Current Interest Rate
Enter your current interest rate to compare it with potential new rates. Your interest rate depends on market conditions, your credit history, and the type of mortgage loan you have.
Step 3: Estimate Your New Interest Rate
Type in the new interest rate, determined by comparing different lenders and researching current mortgage rates. Lower rates can reduce monthly payments or total interest paid.
Step 4: Select Your Remaining Loan Term
Enter the amount of time you have left on your current mortgage so the calculator can estimate the total interest you’ll pay if you keep your current loan.
Step 5: Choose a New Loan Term
Select a new loan term to see how this could help you meet your financial goals. Shorter terms can reduce total interest paid but increase monthly payments, while longer terms can lower monthly payments but increase the total interest paid.
Step 6: Enter Any Points You Intend to Purchase
Add any points you plan to purchase. Each point costs 1% of the loan amount and lowers the interest rate by 0.25%. The mortgage calculator will help you identify whether the benefits of purchasing points outweigh the upfront costs.
Step 7: Estimate Your Other Costs and Fees
Input all other mortgage refinancing costs, such as lender fees, appraisal fees, and title insurance, to estimate your total expenses and see how they may impact your savings.
Step 8: Review Your Break-Even Point
The calculator computes the break-even point by dividing the total closing costs by your monthly savings. Refinancing may be beneficial if you intend to stay in your home for longer than this point.
Benefits of Using a Mortgage Refinance Payment Calculator
Using a mortgage refinance calculator can help you assess whether refinancing aligns with your financial needs and goals. It allows you to compare your current mortgage with a potential new one and shows how different interest rates and loan terms will affect your monthly payments, total interest, and break-even point. Even a small reduction in your interest rate can yield significant savings.
With the calculator, you can also see whether it is possible for you to access home equity with a cash-out refinance or test how switching to a different loan will impact your mortgage payoff. For example, decreasing your term from 30 years to 15 years could reduce the total interest paid over the life of the loan and create long-term savings, while increasing your term could reduce monthly payments and free up funds for other purposes.
What Is the Break-Even Point in Refinancing?
The break-even point is the time it takes to recoup the closing costs of refinancing through your monthly savings. The calculator estimates this by subtracting your estimated new monthly payment from your current mortgage payment, then dividing the total closing costs by this value.
For example, if you are saving $100 a month and your closing costs are $2,500, it will take you 25 months to offset those costs and start seeing savings. If you plan to sell your home before reaching this point, refinancing may not be the right strategy for you. If you don’t see any savings or are getting a negative number, it might make sense to keep your current loan.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Typical Closing Costs for a Refinance in Nebraska
In Nebraska, a mortgage refinance typically costs 2% to 5% of the new loan amount. Fixed costs include application fees (up to $500), credit reports ($25-$75), appraisals ($600-$2,000, which may be waived in some cases), recording fees ($25-$250), and attorney fees ($500-$1,000+).
Percentage-based costs include origination fees (0.5%-1%), title search and insurance (0.5%-1%), and points (1% of the mortgage amount per point), and mortgage insurance (the cost of which varies depending on the type of mortgage loan you choose). Refinancing may not require certain purchase-related fees, such as title insurance and inspection fees.
Shopping around, negotiating with lenders, and maintaining a strong credit history can help you secure a lower interest rate and better terms. Some lenders offer no-closing-cost refinances, but be aware that these often have increased interest rates to cover the closing costs so may not be more cost-effective.
Recommended: How and When to Refinance a Jumbo Loan
Tips on Reducing Your Mortgage Refinance Payment
Before beginning the refinance process, it may be beneficial to minimize your monthly mortgage payment. To do this, try to:
• Build up your credit score to secure a lower interest rate.
• Extend the term of your loan to reduce monthly payments, but remember this will likely cost you more in interest in the long term.
• Appeal your property tax to see if you can lower your annual tax bill if you think you’re paying too much.
• Shop around for a lower homeowners insurance rate by increasing your deductible, bundling policies, or making your home more secure or storm-resistant.
The Takeaway
Refinancing your mortgage can be a smart financial move, but it’s important to assess the potential costs of this decision before you proceed. A home refi calculator can help you estimate your savings, both monthly and over the life of the loan.
Whether your financial goals involve seeing long-term savings, freeing up funds, or accessing your home equity, you should understand the financial impact of changing your home loan. The information the calculator provides, including monthly payments, total interest, and the break-even point after refinancing, can help you evaluate whether proceeding with a mortgage refinance will benefit you in the long-term.
SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.
A mortgage refinance could be a game changer for your finances.
FAQ
How much does it cost to refinance your mortgage in Nebraska?
Refinancing your mortgage in Nebraska involves closing costs that range from 2% to 5% of the new loan amount. These can include application fees, credit report fees, appraisal fees, and title search and insurance. Compare rates from multiple lenders to reduce your total expenses.
How much does it cost to refinance a $300,000 mortgage?
The closing costs from refinancing a $300,000 mortgage can range from $6,000 to $15,000, or 2% to 5% of the loan amount. These costs include application fees, appraisal fees, and title insurance. Using a refi calculator can help you estimate your potential costs and savings and determine your break-even point.
Do you have to put 20% down to refinance?
You don’t need to make a 20% down payment, but you are often required to have at least 20% equity in your home to avoid private mortgage insurance.
At what point is it not worth it to refinance?
If the break-even point is too far in the future relative to how long you intend to stay in your home, refinancing might not be worthwhile. Consider your long-term plans, and use a refi mortgage calculator to weigh your financial goals against your estimated break-even point to determine whether a refinance will be beneficial for you.
What month is best to refinance?
The best month to refinance can vary based on interest rates and your financial circumstances. The fall and winter generally offer lower rates due to the housing market slowing, but you should monitor market trends and ensure you are financially stable before proceeding.
Which bank is best for refinancing?
The best bank depends on your financial needs and refinancing goals. Compare interest rates, loan terms, and closing costs, from multiple lenders to find the offer that works best for you. You should also consider their reputation, particularly for customer service.
What credit score do you need for refinancing?
Credit score requirements for mortgage refinancing vary. Most lenders require a score of at least 620 to refinance a conventional loan, but a score of 700 or above can help you secure better rates and terms. Check your credit report to ensure it is free from errors and do what you can to improve your score before applying.
What are the advantages of refinancing your home?
A mortgage refinance can lower your monthly payments or reduce the total interest you’ll pay. It can also allow you to switch mortgage types and change the loan term to suit your financial goals, whether you want to shorten the term to save on interest or increase it to free up funds on a monthly basis. Through a cash-out refinance, you may also be able to access your home equity.
Does refinancing hurt your credit?
Refinancing can temporarily lower your credit score due to a hard inquiry. Making consistent, timely payments on your new mortgage can minimize this impact and ensure your credit score recovers or possibly even improves over time.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
SOHL-Q425-091
Get prequalified in minutes for a SoFi Home Loan.
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