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Rapid Refinance helps homeowners achieve their goals with rapid speed.
Take 2 minutes to
answer a few questions
Receive instant offers
from top lenders
Choose the best refinancing
offer for you!
Mortgage interest rates are at historic lows right now, making it the right time to refinance for many homeowners.
Save thousands in interest charges
Reduce your monthly payments
Fix in a low interest rate
While refinancing isn’t for everyone, there are some easy questions you can answer to decide if it’s right for you.
Refinancing can make sense for a variety of homeowners because it can help you achieve so many goals. It’s about more than just saving money on your mortgage. At the same time, you can:
Find answers to the most common questions about mortgage refinancing in our FAQ
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Since this loan is a first mortgage instead of a second, it offers lower interest rates than home equity loans and HELOCs. First mortgages have some of the lowest rates possible on consumer financing, so it’s a cost-effective way to get cash. Even better, if you refinance at the right time, you can lower the interest rate compared to your original mortgage. This way, you save money as you pay off your home.
Mortgage interest is often tax-deductible, meaning you can lower your tax liability each year by deducting the interest you’ve paid. If you’re using part of the money you cash out to pay off other debts, you get a tax break in addition to lower APR. No other debt offers this kind of interest deduction.
With a mortgage, you know what to expect. You enjoy fixed monthly payments because it’s an installment loan. This offers advantages over financing like HELOCs, where the payments increase significantly after the 10-year draw period.
If you use the equity you receive to pay off things like credit card debt, you will decrease your credit utilization ratio. This measures the amount of credit card debt you have relative to your total limit. Paying off debt with equity may lead to a credit score boost. The trick is not to run up new balances!
Unlike basic refinancing where your balance remains the same, a cash-out refinance modifies your mortgage. The principal is higher because it includes the equity you cashed out. So you have more mortgage debt to pay off. If you are nearing retirement, this can put you at a disadvantage. Owning your home free and clear as you retire gives you more security.
Refinancing is not cheap. Closing costs amount to 2-5% of the new mortgage. If you get a $200,000 mortgage, the costs may total up from $4,000 to $10,000. Make sure that the equity you’re taking out AND the interest rate savings you may get are worth that cost.
If you borrow up to 90% of your equity (or anything over 80%) then you will need to pay private mortgage insurance (PMI). The lender will require this until you make enough payments to reach 80% CLTV.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Consectetur adipiscing elit.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Consectetur adipiscing elit.
Since this loan is a first mortgage instead of a second, it offers lower interest rates than home equity loans and HELOCs. First mortgages have some of the lowest rates possible on consumer financing, so it’s a cost-effective way to get cash. Even better, if you refinance at the right time, you can lower the interest rate compared to your original mortgage. This way, you save money as you pay off your home.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique.
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