Ready to buy a home and have at least a 620 credit score? You may qualify for a conventional loan with as low as a 3% down payment.
Take time to explore all of our different loan options.
If you live in a high-cost area or need a mortgage that exceeds conforming loan limits, a jumbo loan might be the right product for you.
Certain buyers may benefit from a USDA loan depending upon their income or the home’s location. Another bonus: No down payment is needed.
ARMs often start out with lower interest rates than fixed-rate loans. You may want to consider an ARM if you believe your income may grow as the interest rate and payment increases.
If making a down payment is difficult or your credit has taken some hits, consider an FHA loan. These flexible government loans could be a budget-friendly option.
If you’re a veteran, servicemember or surviving spouse, you could get qualified for a mortgage with fewer requirements and no down payment.
Homeowners choose to refinance for a variety of reasons: to navigate financial crisis, secure lower interest rates or change the length of their loans. Refinancing can be used as a tool to save you money and potentially lower your mortgage payments. Apply and see how 30-year refinance rates can benefit you.
What is a 30-Year Refinance?
A 30-year refinance is the act of replacing an existing mortgage loan with a new loan likely with more favorable terms. To do this, a borrower takes out a new mortgage loan to pay off their existing mortgage. With new 30-year mortgage refinance rates, a borrower potentially can secure a lower monthly payment and can save money.
Pros and Cons of 30-Year Refinance Rates and Terms
There are many reasons a homeowner may choose to or not to refinance:
- Lower, more affordable monthly payments
- Greater flexibility
- Put money toward savings
- Qualify for higher loan amounts
- Option to pay extra each month
- Predictable monthly mortgage payment
- Pay more in interest over the life of the loan
- Slower to build home equity
- Payments for a longer period of time
Reasons to Choose a 30-Year Refinance
A 30-year refinance is a good thing to consider if your current interest rate is higher than the current 30-year refinance rates available. Refinancing to secure a lower interest rate or refinancing a current adjustable-rate mortgage to a fixed-rate mortgage could potentially save you money.