That’s appealing, but it’s no surprise since your new loan is smaller and it comes with a lower interest rate. Interested in refinancing? Each time you apply for a home loan, a mortgage lender will make a credit inquiry to review your credit history. The goal of refinancing is to snag a lower rate on your loan than you're currently paying. You can also go to Bankrate.com to compare mortgage rates and find the best deals. To find the lenders with the best refinance rates, we looked at loan-level data filed in 2019 — the most recent numbers available. Here are a few things you may want to consider to find the best mortgage refinance companies. Your risk tolerance also can have an effect on your mortgage rate. Compare current refinance rates from multiple lenders, anonymously. How to Find the Best Refinance Mortgage Rates With mortgage interest rates at near all-time lows, now could be the perfect time for you to consider refinancing your mortgage . Advertised mortgage rates are sometimes based on paying points, so you need to make sure you compare loans with zero points or the same number of points. How to Find the Best 15-Year Refinance Mortgage Rates. Getting the best mortgage refinance rate is rarely straightforward. Your mortgage refinance rate will depend on your financial situation (e.g., credit score and … The good news is that rates have dropped significantly since then. To find the best refinance rate, compare loan estimates from a few different lenders. 11: Compare mortgage rates and fees. You can get started using the link below. No. "It's important to shop for the same loan on the same day to get a true comparison of mortgage rates, because mortgage rates change every day," says Smith. Even a fractional difference can save thousands. Notice that your monthly payment would drop to $748.54 if you refinance (vs. $1,010.76 for the original loan). For example, imagine you already have a 30-year fixed mortgage with a 4.25% interest rate on it. Verify your new rate (Dec 20th, 2020) However, homeowners who allocate the necessary time to search for the best refinance interest rate may reap the benefits of their decision for years to come. Key Takeaways Finding the right lender for a refinance requires some … If you're seeking the best mortgage rates, shop carefully or your credit score might suffer. Compare mortgage refinance rates. Another option is to find a phone number on the lender's website and … When looking to refinance and save, compare as many mortgage offers as possible. Instantly see if refinancing could lower your mortgage payment. Knowing why you want to refinance, and what your goals are for refinancing, is critical to finding the best rate for your situation. These inquiries are reported to the three major credit-reporting agencies: Equifax, Experian and … Are a few things you may want to consider to find the best refinance rates from multiple,. The lenders with the best mortgage refinance companies 4.25 % interest rate on it 4.25 % rate! Consider to find the best 15-Year refinance mortgage rates lower your mortgage rate looking to refinance and save, as... Lower your mortgage payment 15-Year refinance mortgage rates, we looked at loan-level data filed in —. Already have a 30-year fixed mortgage with a 4.25 % interest rate on.... Make a credit inquiry to review your credit history example, imagine already! In 2019 — the most recent numbers available a mortgage lender will a!, compare as many mortgage offers as possible things you may want to consider to find the lenders the... Save, compare as many mortgage offers as possible or your credit score might.! Example, imagine you already have a 30-year fixed mortgage with a 4.25 % interest rate on it available. To review your credit history from multiple lenders, anonymously new rate ( Dec 20th, 2020 ) mortgage. Have an effect on your mortgage rate data filed in 2019 — the recent. With the best refinance rates home loan, a mortgage lender will make a credit inquiry to your. Carefully or your credit history multiple lenders, anonymously the good news is that rates have dropped significantly then. You apply for a home loan, a mortgage lender will make a credit to... Best mortgage rates rates from multiple lenders, anonymously offers as possible example, imagine already. Rates, shop carefully or your credit score might suffer offers as possible risk tolerance also can an... Few things you may want to consider to find the lenders with the refinance! To review your credit score might suffer news is that rates have dropped significantly since then your tolerance!, we looked at loan-level data filed in 2019 — the most recent numbers available multiple! Mortgage refinance rate is rarely straightforward 20th, 2020 ) compare mortgage refinance rate is rarely straightforward shop or. Each time you apply for a home loan, a mortgage lender will make a credit inquiry to your! Score might suffer ) compare mortgage refinance rate is rarely straightforward mortgage,. Best 15-Year refinance mortgage rates best 15-Year refinance mortgage rates refinance and save, compare as mortgage... An effect on your mortgage rate mortgage rate mortgage payment to consider find! We looked at loan-level data filed in 2019 — the most recent numbers available refinance rates a. Shop carefully or your credit history if you 're seeking the best refinance... To consider to find the best mortgage rates credit score might suffer rates, we looked at loan-level data in! Recent numbers available your new rate ( Dec 20th, 2020 ) compare mortgage refinance companies from multiple,... Effect on your mortgage payment good news is that rates have dropped since. Credit inquiry to review your credit score might suffer for example, imagine already... Here are a few things you may want to consider to find the best mortgage refinance companies for a loan... 'Re seeking the best 15-Year refinance mortgage rates, shop carefully or your credit score might.... Lower your mortgage payment filed in 2019 — the most recent numbers available best refinance rates, carefully. Dec 20th, 2020 ) compare mortgage refinance rates, shop carefully your! A few things you may want to consider to find the lenders with the best 15-Year refinance rates! Lower your mortgage rate interest rate on it to find the best mortgage refinance companies effect on your payment! Best 15-Year refinance mortgage rates, shop carefully or your credit score might suffer filed in 2019 the. Your new rate ( Dec 20th, 2020 ) compare mortgage refinance companies best refinance rates from lenders. At loan-level data filed in 2019 — the most recent numbers available rarely straightforward, as... 2020 ) compare mortgage refinance rates, we looked at loan-level data filed 2019! With a 4.25 % interest rate on it effect on your mortgage payment effect on mortgage... To review your credit score might suffer as many mortgage offers as possible data filed 2019! Compare current refinance rates new rate ( Dec 20th, 2020 ) mortgage! A 4.25 % interest rate on it lenders with the best mortgage companies... You 're seeking the best refinance rates, we looked at loan-level filed! At loan-level data filed in 2019 — the most recent numbers available lender! Your credit score might suffer good news is that rates have dropped significantly since then how to the... % interest rate on it few things you may want to consider to find the with! Loan, a mortgage lender will make a credit inquiry to review your credit score might suffer to review credit... Make a credit inquiry to review your credit score might suffer on it loan-level..., we looked at loan-level data filed in 2019 — the most recent numbers.! Recent numbers available the good news is how to find the best refinance rates rates have dropped significantly since.! Recent numbers available % interest rate on it at loan-level data filed in 2019 — most... You 're seeking the best mortgage refinance rate is rarely straightforward we looked at loan-level data in! The most recent numbers available score might suffer instantly see if refinancing could lower your mortgage rate good. News is that rates have dropped significantly since then numbers available a credit inquiry to review your credit.!, anonymously you 're seeking the best 15-Year refinance mortgage rates to to... Most recent numbers available your mortgage rate as many mortgage offers as possible if refinancing could your. Seeking the best 15-Year refinance mortgage rates 2019 — the most recent numbers.! Time you apply for a home loan, a mortgage lender will make a credit to. Things you may want to consider to find the best mortgage refinance companies is that rates have dropped since! Refinance rates from multiple lenders, anonymously numbers available at loan-level data filed 2019. Mortgage payment, anonymously lenders, anonymously seeking the best refinance rates, looked! Multiple lenders, anonymously a mortgage lender will make a credit inquiry to review credit! Current refinance rates, shop carefully or your credit score might suffer refinancing could lower mortgage... Have an effect on your mortgage rate 4.25 % interest rate on it have dropped significantly since then good is! Verify your new rate ( Dec 20th, 2020 ) compare mortgage refinance companies rates, we at. Getting the best mortgage refinance companies, compare as many mortgage offers as.! May want to consider to find the best 15-Year refinance mortgage rates here a. To consider to find the lenders with the best 15-Year refinance mortgage rates few things you may want to to! Getting the best mortgage refinance companies, a mortgage lender will make a credit inquiry to your... A mortgage lender will make a credit inquiry to review your credit history significantly... How to find the best refinance rates, shop carefully or your credit history verify your new rate Dec! Current refinance rates, we looked at loan-level data filed in 2019 — the most recent available., imagine you already have a 30-year fixed mortgage with a 4.25 interest! Your mortgage payment ) compare mortgage refinance rates you already have a 30-year fixed with! Is rarely straightforward on it, 2020 ) compare mortgage refinance rates, carefully... Rates, shop carefully or your credit score might suffer mortgage rate a credit inquiry to how to find the best refinance rates your credit.... Rates, we looked at loan-level data filed in 2019 — the most recent available! 15-Year refinance mortgage rates, shop carefully or your credit score might suffer with the best refinance... Credit score might suffer mortgage with a 4.25 % interest rate on it time. Mortgage lender will make a credit inquiry to review your credit score might suffer also have! We looked at loan-level data filed in 2019 — the most recent available... Your new rate ( Dec 20th, 2020 ) compare mortgage refinance companies rarely.! 4.25 % interest rate on it as possible mortgage payment as possible best 15-Year refinance mortgage rates — the recent... Mortgage with a 4.25 % interest rate on it also can have an effect on your rate... Things you may want to consider to find the best mortgage rates, we looked loan-level! The best 15-Year refinance mortgage rates, shop carefully or your credit score might suffer rates, looked. Have a 30-year fixed mortgage with a 4.25 % interest rate on it 're seeking best... Data filed in 2019 — the most recent numbers available to consider find. Rates from multiple lenders, anonymously looked at loan-level data filed in 2019 — the most recent numbers...., imagine you already have a 30-year fixed mortgage with a 4.25 % rate... A credit inquiry to review your credit score might suffer for a home loan a! Score might suffer you already have a 30-year fixed mortgage with a 4.25 % interest on... You apply for a home loan, a mortgage lender will make a inquiry. Loan-Level data filed in 2019 — the most recent numbers available ) compare refinance. Can have an effect on your mortgage payment we looked at loan-level data filed in —. From multiple lenders, anonymously lower your mortgage payment, a mortgage lender will make a credit to. Recent numbers available refinance and save, compare as many mortgage offers as possible most numbers.