Refinance Your Mortgage
& Save Thousands
Lower your interest rate, reduce your monthly payment, shorten your loan term, or access your home's equity. Our AI finds you the best refinance rate from 50+ lenders.
Refinance Options
Choose the refinance type that fits your financial goals.
Rate & Term Refinance
Replace your current mortgage with a new one at a lower rate or different term. No cash out.
- Lower your interest rate
- Reduce monthly payment
- Switch from 30-yr to 15-yr
- Remove PMI at 20%+ equity
Cash-Out Refinance
Replace your mortgage with a larger one and receive the difference as cash. Access your equity.
- Access home equity as cash
- Consolidate high-interest debt
- Fund home improvements
- Cover major expenses
Streamline Refinance
Simplified refinance for FHA and VA loans. Less documentation, faster closing, lower costs.
- Minimal documentation
- No appraisal needed (usually)
- Lower closing costs
- Faster processing
Should You Refinance? The Break-Even Analysis
Refinancing Makes Sense When:
- Your current rate is 0.75%+ higher than today's rates
- You plan to stay in your home 3+ more years
- You want to switch from ARM to fixed rate
- You have 20%+ equity and want to drop PMI
- You need cash for home improvements or debt payoff
- You want to shorten your loan term (30→15 years)
Consider Waiting If:
- -The rate difference is less than 0.5%
- -You plan to sell within 1-2 years
- -Your credit score has dropped significantly
- -You've recently changed jobs or income sources
- -Closing costs exceed your break-even timeline
- -You're extending your loan term significantly
How Refinancing Works with Slate Financial
Apply Online
Tell us about your current mortgage and goals. 60 seconds.
AI Rate Match
Our AI compares 50+ lenders to find your best refinance rate.
Lock Your Rate
Choose your terms and lock in your rate.
Close & Save
We handle the paperwork. Start saving immediately.
Complete Guide to Mortgage Refinancing
Refinancing your mortgage means replacing your current home loan with a new one, typically to get better terms. Whether you want a lower interest rate, smaller monthly payment, or access to your home equity, refinancing can be a powerful financial tool when done at the right time.
Understanding Refinance Closing Costs
Refinancing typically costs 2-5% of the loan amount in closing costs, including origination fees, appraisal fees, title insurance, and recording fees. On a $300,000 loan, expect $6,000-$15,000 in closing costs. Some lenders offer no-closing-cost refinances with slightly higher rates. Calculate your break-even point to ensure refinancing makes financial sense.
Cash-Out Refinance: Accessing Your Equity
A cash-out refinance lets you borrow more than you owe on your current mortgage and receive the difference as cash. Most lenders allow you to borrow up to 80% of your home's value. For example, if your home is worth $500,000 and you owe $300,000, you could potentially cash out up to $100,000. Common uses include home renovations, debt consolidation, and college tuition.
When to Refinance: The 0.75% Rule
A common rule of thumb is to refinance when you can reduce your interest rate by at least 0.75%. However, the true answer depends on your closing costs, how long you plan to stay in your home, and your break-even timeline. Our AI can calculate your exact savings scenario in seconds.
See How Much You Could Save
Get a personalized refinance quote in 60 seconds. Our AI compares 50+ lenders to find your best rate. No credit impact.
Get Refinance Quote