Why Refinance a Mortgage | Wells Fargo

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Why Refinance a Mortgage

Thinking about refinancing?

If you’re considering refinancing your current mortgage, we can help you understand your options.


We’re here for you. Get the latest COVID-19 assistance information. Due to the current environment, some loan refinancing options may be temporarily unavailable. Contact us

If you have enough equity in your home, refinancing can offer flexibility. 

  • Tap into your equity – with a cash-out refinance, you can use the available equity in your home to pay for home improvement projects or pay off high-interest loans or credit cards.
  • Take advantage of lower rates – if you get a lower interest rate, your monthly payment may go down and free up cash you can use to meet other financial goals. It may also mean you’ll pay less interest over the life of your loan.
  • Change your loan term – if you want to pay off your loan sooner, you can shorten your loan term. While it’s likely you’ll pay less interest over the life of your loan, your monthly payment may go up. 

    You can also lower your monthly payment by refinancing to a longer-term loan. While this will lower your monthly payment and free up some cash each month, you may pay more interest over the life of the loan.
  • Convert an adjustable rate mortgage (ARM) to a fixed-rate mortgage – enjoy payments and rates that don’t change over time.   

If you’re ready to apply online, let’s go

Apply Now

Call 1-877-937-9357 or find a mortgage consultant in your area

Before you refinance your mortgage

  • Know the score. Check your credit score before you apply. Your credit history and credit score are key factors in determining your interest rate and the amount you may be able to borrow.
  • Understand the costs of refinancing. You’ll have to pay closing, origination, and other loan fees. 
  • Keep in mind that you’re starting over. Refinancing replaces your existing loan with a new one. If your new loan has the same term as your original mortgage, you may end up paying more interest over the long run.

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Calculate mortgage refinance rates and payments

Use our home lending rate and payment calculator.

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If you are a service member on active duty, prior to seeking a refinance of your existing mortgage loan, please consult with your legal advisor regarding the relief you may be eligible for under the Servicemembers Civil Relief Act or applicable state law.