Consider Refinancing - Wells Fargo

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Consider Refinancing


Whether you need to lower your monthly payments, or you’d like to pay less interest over time, refinancing your loan may be a good option. You may be able to qualify for a lower rate, or a shorter or longer loan term, depending on your situation. Explore refinancing options today to find out if they might be right for you.

What kind of loans can I refinance?

Personal loans

See if you may qualify for a lower rate if your credit has improved.

Home loans

Explore how refinancing your home mortgage could help lower monthly payments, shorten your loan term, or reduce your interest rate.

Student loans

Refinance and consolidate one or more federal and/or private student loans into a single loan, and you may qualify for a lower rate or a reduced monthly payment by extending the term of the loan. The payment reduction may come from a lower interest rate, a longer loan term or a combination of both. By extending the loan term you may pay more in interest over the life of the loan.

At Wells Fargo, any credit worthy individual can serve as a cosigner. However, a cosigner is not required in order to apply.

How can I get additional funds when refinancing?

When you have a loan against your home and if there is sufficient equity, you may have the option to receive additional funds with a cash-out refinance. With this cash-out refinancing option, you refinance your original loan into a new loan with a higher amount that allows you to access your home's equity that's provided to you after the loan closes. Those funds borrowed against your equity can be used for large purchases or other purposes.

Understand what changes when you refinance a loan

If your new refinance loan has a lower rate but the same term (length as your your original loan), you may have lower monthly payments. However, if you refinance with a longer repayment period than what was remaining on your original loan, you may lower your monthly payment, but you may also increase the total amount or interest you pay over time. Keep in mind that you may be able to always pay off the loan faster by making more than the minimum monthly payment – however, check with your lender first, as some may charge an early payment fee. For more details, review the total cost of borrowing money.

Need help with multiple loans?

If you'd like to refinance but you have more than one loan, consider consolidating multiple debts into one loan under a new rate, payment and term. 

Consider debt consolidation