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At Guaranteed Rate, we love saving people money. And a great way to save money on your home loan is to refinance for a lower interest rate. When you’ve locked in a rate for your mortgage previously and then later see interest rates drop, you may want to refinance in order to save yourself money in the long run.

Just a small drop in interest rates can lower your monthly payment significantly. For example, say you bought your home for $300,000 with a 5% (APR 5.08%) interest rate and now carry a remaining balance of $275,000. Your monthly payment would be around $1,476. If the interest rates fell to 4.5% (APR 4.58%) and you refinanced, you could potentially have a monthly payment of $1,340, saving you $136 per month. That could be up to $8,160 in mortgage payments over the next five years!

But, before you refinance, there are a few things to think about, so we put together an e-book that will answer some important questions about refinancing. Download “Time to Refinance Your Mortgage? The Five Most Important Questions to Answer” for free.

Also, become better acquainted with your borrowing rights, and costs and fees related to mortgage financing with our new Know Before You Owe regulation (KBYO)  pocket guide – or TRID as it’s known in the industry.

You can get started on your home loan refinance now by applying online or calling us at 1-866-934-7283.

Check out how low our interest rates are in comparison to our competitors’ then see how much you could be saving by refinancing your home loan by going to our Refinancing Calculator.

What Do I Need To Refinance?

To qualify for a refinance, you’ll see a lot of similarities compared to when you qualified for your first home loan. You’ll need a lot of the same paperwork you provided when you originally bought the loan.

As part of the refinance process, you’ll likely need to have another appraisal of your home to confirm the current value of your home. An appraisal can make or break your refinancing deal, so make sure you know how to ensure a successful appraisal.

Refinancing Tips

Make sure that your credit score is good enough to get you the lowest interest rate you desire. Your credit score has a big impact on your home loan interest rate and this will ultimately determine how much lower your payments will be.

To ensure that you refinance with the best interest rate, make sure you talk to your home loan expert about whether and when to lock your rate. See why it’s important to lock your interest rate.

Before refinancing your mortgage, check to see if you have any prepayment penalties that exist on your current mortgage. Some mortgages have penalties for early repayment, including early repayment for the purpose of refinancing. If you do have a pre-payment penalty on your current home loan, be sure to include that fee in your calculations to refinance your mortgage.

Why Trust Guaranteed Rate With My Refinance?

Guaranteed Rate was founded on the idea of building a mortgage company that’s focused on serving the best interest of our customers. And with a consistent 95 percent customer satisfaction rating, we are living up to it!

Our straightforward business model means a quick mortgage process, with the right products and low rates available to our customers.

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