Refinance Your Mortgage

How to Refinance Your Mortgage

In order to refinance your mortgage, you need to replace the original mortgage with a new one. Then your new mortgage loan will pay off your old one, so you can start paying off the current one. This is a good option for people looking for a lower rate, better monthly payment, shorter loan term, and more.

How Trusted House Finance Can Help

Refinancing your mortgage can be a time consuming and sometimes daunting task. That’s why it’s important to find the right company and the right option for you. At Trusted House Finance, we help you every step of the way. Plus we offer personalized advice to help you get the best refinancing rate, which can save you tons of money in the long run.

Why You Should Refinance:

  • Get a better interest rate
  • Reduce your monthly payment
  • Shorten the term of your loan
  • Take out cash (equity) from your home
  • Switch to a fixed rate from a variable rate

Cash-Out vs. Traditional Refinancing

There are two options to choose from when it’s time to refinance: cash-out and traditional. A cash-out refinance is when you take out more money than you own on your mortgage in order to get some extra cash. A traditional refinance is when you obtain a new rate and term by refinancing your original mortgage loan.

When You Should Use a Cash-Out Refinance:

  • Pay off your debt
  • Buy a car
  • Pay for college
  • Work on home repairs

When You Should Use a Traditional Refinance:

  • Lower your interest rate
  • Lower your monthly payment
  • Shorten the term of your loan
  • Switch to a fixed rate from a variable rate

Mortgage Refinance Checklist

The following items are necessary when you decide to refinance your mortgage:

  • Social security card
  • Photo ID
  • Pay stubs
  • W-2s
  • Income tax forms
  • Retirement accounts
  • Investments
  • Bank, loan, and credit card statements
  • Child support/alimony payments
  • Homeowners insurance
  • Credit score

Cost of a Mortgage Refinance

The total estimated cost of a mortgage refinance should be somewhere between $2,000 and $5,000. However, not all states charge the same fees and closing costs, but it’s important to keep in mind that fees are a large part of refinancing. There’s an application fee, loan origination fee, document preparation fee, appraisal fee, and more. For more information of the cost of a mortgage refinance, check out our mortgage refinance calculator.

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