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Mortgage Refinancing FAQs

Mortgage Refinancing FAQs

Have questions about refinancing your mortgage? Here are responses to some of the most common questions we hear.

If you have questions or would like to speak with a home loan expert about your specific situation, call 877-535-4021, Monday through Friday, 8:00 a.m. to 9:00 p.m. ET, and Saturday, 8:00 a.m. to 4:00 p.m. ET.

Is now the time to refinance your mortgage?It depends on your situation, including your current interest rate and how long you intend to stay in your house. Refinancing may make sense if you can lower your interest rate by at least ½ of 1%.

To get an estimate of what your new mortgage payment might be if you refinanced, or how long it would take you to recoup the closing costs, run the numbers for yourself using our Mortgage Refinancing Calculator.

How much of my home equity can I use?

If you qualify, you can use up to 80% of the appraised value of your home to make home improvements. The equity you can use is based on the value of your home and how much you currently owe, and is subject to applicable state laws.

What will it cost me to refinance?Just like when you got your original loan, you’ll have closing costs associated with refinancing, such as origination or appraisal, processing, and title company fees. You may have the option of rolling these costs into the loan amount to reduce the amount you pay out of pocket. Use

our Mortgage Refinancing Calculator to get an estimate of how long it will take to break even by weighing the closing costs against your monthly savings.

Ready to start the mortgage process?

Call 877-535-4021
Mon.–Fri., 8 a.m.–9 p.m. ET; Sat., 8 a.m.–4 p.m. ET

 Charles Schwab Bank

In order to participate, you must agree that the lender, Quicken Loans, may share your information with Charles Schwab Bank.

Nothing herein is or should be interpreted as an obligation to lend. Loans are subject to credit and property approval. Other conditions and restrictions may apply. Hazard insurance may be required. Program terms and conditions are subject to change.

Charles Schwab Bank and Charles Schwab & Co., Inc. are separate but affiliated companies and subsidiaries of The Charles Schwab Corporation. Investment products are offered by Charles Schwab & Co., Inc. (member SIPC). Charles Schwab & Co., Inc. does not solicit, offer, endorse, negotiate or originate any mortgage loan products and is neither a licensed mortgage broker nor a licensed mortgage lender. Home lending is offered and provided by Quicken Loans, Inc, Equal Housing Lender. Quicken Loans Inc., is not affiliated with The Charles Schwab Corporation, Charles Schwab & Co., Inc. or Charles Schwab Bank. Deposit and other lending products are offered by Charles Schwab Bank, Member FDIC and an Equal Housing Lender.

Quicken Loans is licensed in all 50 states Quicken Loans Nationwide Mortgage Licensing System #3030. Restrictions may apply. Equal Housing Lender. Lending services provided by Quicken Loans Inc., a subsidiary of Rock Holdings Inc.


Category: Refinance mortgage

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