Rate-and-term refinance
Swap your current rate or loan length for a better one. The most common way to lower your monthly payment.
Whether it's funding a big dream or lowering your monthly payment, refinancing can help you get there faster.
No impact on your credit score · One question at a time
Refinancing replaces the mortgage you have with a new one — usually to get a lower rate, a lower monthly payment, a different term, or cash from the equity you’ve built.
The new loan pays off the old one, and you start making payments on the new terms. We compare refinance offers from multiple lenders, so you can see what you’d save before you commit to anything.
Pick the goal that matters most. We'll find the loan that gets you there.
Swap your current rate or loan length for a better one. The most common way to lower your monthly payment.
Borrow against your home equity and take the difference in cash for renovations, tuition or a big purchase.
Move from a 30-year to a 15- or 20-year loan and pay your home off years sooner, with less interest overall.
Built up 20% equity? Refinancing out of an FHA loan or PMI can take that monthly cost off your bill.
Trade an adjustable-rate mortgage for a fixed rate, so your payment stops moving with the market.
Roll high-interest credit cards or loans into your mortgage and replace several payments with one.
Lower payment, cash out or pay off faster? Answer a few quick questions, one at a time. No impact on your credit score.
We shop your refinance across multiple lenders and show you what you’d save, side by side.
A licensed loan specialist helps you lock your rate and walks you through closing.
Jordan went above and beyond to get my loan closed. He explained the entire process to me in layman terms and made sure I was kept in the loop at all times.
Jordan and his team were a well oiled machine. Each member played their role professionally and timely. I have gone through the mortgage process several times and this one ranks in the top.
Social Mortgage is a great company with great service if you want to close.
Still wondering? Call 216-306-0225 and talk to a person.
Compare your monthly savings with the closing costs. Divide the costs by the savings to get your break-even point in months. If you plan to stay in the home longer than that, refinancing usually pays off.
Closing costs typically run 2% to 6% of the loan amount and cover things like the appraisal, title and lender fees. Some lenders let you roll the costs into the loan or take a slightly higher rate in exchange for lower fees.
It depends on the loan. Many rate-and-term refinances need at least 3%–5% equity, while cash-out refinances usually require you to keep 20% equity in the home after the cash comes out.
Getting options from us doesn’t affect your score. When you formally apply, the lender runs a credit check, which can cause a small, temporary dip.
Most refinances close in 30 to 45 days, depending on the appraisal, your documents and the lender.
Yes. Government loans have their own streamlined refinance options, and you can also refinance into a conventional loan to drop mortgage insurance once you have enough equity.
Tell us your goal and a licensed specialist will come back with refinance offers from multiple lenders — side by side, no obligation.
“Jordan and his team were a well oiled machine. Each member played their role professionally and timely.”
– Tracey Kirksey