Refinance
Refinancing replaces your current mortgage with a new one, either to change the rate or the term, or to draw on equity. Whether it is worth doing depends on the costs, which we set out first.
Homeowners who want a different rate or term, or who want to draw on the equity they have built.
What a lender will ask for
- Details of the mortgage you hold now, including the balance, the rate and how long is left to run.
- Equity in the property. How much you need depends on the program and on whether you are taking cash out.
- Income a lender can verify, and a credit history the lender reviews, much as with a purchase.
- An appraisal in most cases, so the lender can establish the property's current value.
What it offers
- A rate-and-term refinance can change what you pay each month, or how long you pay it for.
- A cash-out refinance draws on equity you have already built, for a purpose you choose.
- The same comparison across multiple wholesale lenders, so the new loan is not simply the one your current servicer offers.
What to weigh up
- Refinancing has closing costs. We work out how many months it takes for the monthly change to cover them, and whether you are likely to still hold the loan by then.
- Starting a new thirty year term after several years of payments can raise the total interest you pay, even when the monthly figure falls.
- A cash-out refinance increases what you owe against the property.
- Refinancing may reduce your payment, subject to review. Nothing is certain until a lender has assessed your file.
Related loan programs
- Home equity loans and HELOCsHomeowners who want to borrow against their equity and keep their current first mortgage.
- Conventional loanBuyers and homeowners with steady, documented income and a good credit history.
- Reverse mortgageOlder homeowners with substantial equity who want to draw on it and stay in their home.
Start with a pre‑qualification request
Tell us what you want to do and where, and we come back with options compared across multiple wholesale lenders. A pre-qualification request starts it, and nothing is a commitment until a lender has reviewed your file.