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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.

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

  • Tap into your home equity — With a cash-out refinance, you can use the available equity in your home to pay for home improvement projects or other major expenses.
  • 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.   

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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 costs, origination fees, 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.

Explore Loan Options

Refinance Calculator

Mortgage interest rates can vary based on your circumstances. Use our refinance calculator to get customized refinance rates and monthly mortgage payments.

Home Mortgage FAQs

If I have a Wells Fargo mortgage and want to refinance, will I have to pay closing costs again?

Yes. There are costs related to processing any new loan application; they can include fees paid to third parties, such as an appraiser, the title company, and other closing expenses.

How are interest rates determined?

Interest rates are influenced by the financial markets and can change daily – or multiple times within the same day. The changes are based on many different economic indicators in the financial markets. View our current interest rates.

What is an origination charge?

The origination charge is the amount charged for services performed on the initial loan application and loan processing. This includes all charges (other than discount points) that lenders and brokers involved in the transaction will receive for originating the loan. It includes any fees for application, processing, underwriting services, and payments from the lender for origination. Learn more about closing costs.

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If you are a service member on active duty, an eligible spouse, partner, or dependent, or currently receiving SCRA benefits, please consult with your legal advisor prior to seeking a refinance of your existing mortgage loan. In some cases, a refinance may impact your eligibility for benefits under the Servicemembers Civil Relief Act or applicable state law.

Loan-to-value ratio (LTV)

The amount you owe on your loan divided by your home's original value, which is either the price you paid for it or the appraised value at closing, whichever is less. This number is always expressed as a percentage.

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