4.25% 30 Year Fixed Rate
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Program Rate APR
30-Yr fixed 4.750 % 0.7 to 1
15-Yr fixed 3.750 % 0.7 to 1
5/1 ARM 3.125 % 0.7 to 1
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Benefits of a Refinance

With interest rates as low as they are today, getting a new mortgage or refinancing an existing one could be a great way to save a lot of money each month. Prior to starting the process of getting a new loan, there are several things that you should do to get a good idea of what interest rate you will be charged.

Prior to starting the mortgage refinance process, you should first try and figure out how much a mortgage refinance could benefit you. To determine what your new payment will be, you should use a refinance mortgage rates calculator. A refinance mortgage rates calculator will take your loan information, including your loan balance, expected interest rate, and amortization period to determine what your new payment will be. A more advanced calculator could also help you predict your mortgage rate by factoring in your credit score range, down payment, and income level. Based on the information provided, you could find out how much money you could end up saving each month.

While residential mortgage rates are extremely low, compared to their historical averages, tightened lending standards has made qualifying for the loans much harder than it was a few years ago. In order to qualify for the lowest residential mortgage rates available, you will need to have a very good credit score. Banks use your credit score to determine how likely it is that you will pay back the loan as agreed. If you have a low credit score, banks will assume that there is a more likely chance that you will default on your loan. Since banks are taking on additional risk by lending to someone with a low score, they will charge you a higher rate to compensate themselves or deny you a loan altogether.

Beyond your credit score, banks will also consider your down payment when factoring your interest rates. Since housing prices have declined over the past few years, many borrowers now have underwater mortgages. Since this means that the bank will lose money if the borrower defaults, banks now want their borrowers to have a significant down payment in order to qualify for the lowest possible interest rates. In general, getting the best rates will require a 20% down payment. Anything less than that will result in receiving a higher rate and having to pay private mortgage insurance.