Refinance
Lower your rate, shorten your term, or unlock your equity
Whether you want to cut your monthly payment by hundreds, pay off your home faster, or pull cash from your equity for a major expense -- we search 200+ lending programs to find the refinance that saves you the most.
Check my refinance rate3 min | No credit impact$100M+
Funded
200+
Lending programs
50
States licensed
5 min
To apply online
Two ways to refinance
When does refinancing make sense?
Refinancing is not always the right move. Here are the specific situations where the numbers typically work in your favor.
Your rate is 1%+ higher than today's rates
A one-percent reduction on a $400,000 loan saves roughly $240 per month -- over $86,000 across a 30-year term. Even a 0.75% drop is worth evaluating.
You have built 20%+ equity and still pay PMI
Private mortgage insurance typically costs $100-$300 per month. Refinancing to a new loan at 80% LTV or less eliminates PMI entirely and lowers your effective payment.
You want to shorten your loan term
Switching from a 30-year to a 15-year mortgage often comes with a lower rate. You pay off your home faster and save tens of thousands in total interest.
You need cash for a major expense
A cash-out refinance lets you tap equity at mortgage rates (far lower than credit cards or personal loans) for renovations, debt consolidation, education, or business investment.
Your ARM is about to adjust
If you have an adjustable-rate mortgage nearing its reset date, refinancing into a fixed rate locks in predictable payments before your rate climbs.
Your financial situation has improved
Higher income, better credit, or lower debt since your original loan may qualify you for significantly better terms -- even if market rates have not changed much.
Rate and Term vs Cash-Out vs HELOC
Not sure which option fits your situation? Here is how the three most common equity strategies compare side by side.
| Feature | Rate and Term Refi | Cash-Out Refi | HELOC |
|---|---|---|---|
| Purpose | Lower your rate or change your loan term | Access your home equity as cash | Revolving credit line secured by equity |
| Loan structure | New mortgage replaces the old one | New, larger mortgage replaces the old one | Second lien; original mortgage stays |
| Interest rate | Fixed or adjustable | Fixed or adjustable (slightly higher than rate/term) | Typically variable; some fixed options |
| Cash at closing | No | Yes -- lump sum at closing | Draw as needed during draw period |
| Closing costs | 2-5% of loan amount | 2-5% of loan amount | Often lower; some lenders waive them |
| Best when you need | A lower monthly payment or shorter term | A large, one-time sum for a specific purpose | Flexible, ongoing access to funds |
| Max LTV | Up to 97% (conventional) | Up to 80-90% depending on program | Up to 95% CLTV |
How refinancing with Best Finance works
1
Check your new rate
Complete our online application in about 3 minutes. We pull your current loan details, run a soft credit check (no score impact), and show you what rates and terms you qualify for. You will see your estimated savings before committing to anything.
2
Choose the right option
Your loan consultant compares rate-and-term, cash-out, and other programs across 200+ lending partners. You will receive a side-by-side breakdown of monthly payment, total interest, closing costs, and break-even timeline so you can make a confident decision.
3
Close and start saving
Upload documents from your phone, e-sign disclosures online, and track every milestone from your dashboard. Most refinances close in 21-30 days. Your old loan is paid off automatically -- you just start making payments on the new, better one.
Why refinance with Best Finance
200+ lending programs
We are not limited to one bank's products. We search across 200+ programs to find the refinance option that saves you the most money.
Break-even analysis included
We calculate exactly when your savings will exceed closing costs so you can see whether refinancing makes financial sense for your timeline.
No hidden fees
Transparent pricing from the start. Your Loan Estimate shows every cost -- lender fees, title charges, and third-party expenses -- with no surprises at closing.
Rate lock with float-down
Lock your rate when you are ready. If rates drop before closing, ask about our float-down option to capture the improvement.
Close in as few as 21 days
Our digital-first process eliminates the paperwork delays common with traditional lenders. Upload, sign, and track everything online.
Expert support 7 days a week
Your dedicated loan consultant is available evenings and weekends. Text, call, or email -- whatever works best for you.
See how much you could save
Check your personalized refinance rate in minutes -- no credit impact, no obligation.
Check my refinance rateFrequently asked questions
How do I know if refinancing is worth it?+
What does a refinance cost?+
Will refinancing affect my credit score?+
Can I do a cash-out refinance to consolidate debt?+
How long does a refinance take?+
Can I refinance if I am self-employed?+
See how much you could save
Check your refinance rate in minutes with no impact to your credit.
Check my refinance rate