Learn about the HARP program and how it worked... and the Streamline Refinance program that replaced it.
How to refinance your mortgage
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Thinking about refinancing? HSH.com has everything you need to help you get your refinance underway. We can help you determine whether refinancing is right for your situation, show you how to compare and minimize refinancing costs, provide you with strategies to achieve your goals and even help you locate lenders to handle your new mortgage. Using our articles, tools and calculators, you can feel confident that you are getting the best possible deal for your situation.
5 stages of a refinance
Should I refinance?
Should I refinance?
“Should I refinance?,” or “Does a refinance make sense for me?” may be the first questions you ask yourself when considering a refinance. But they’re just the first. You may also be wondering:
- Will my refinance save me money?
- Do I have to refinance with my current lender?
- What if I can’t refinance?
To the answers to these questions and more, be sure to read "Does a mortgage refinance make sense?"
How to refinance
How to refinance
Now that you have decided to refinance your mortgage, you need to know how. The refinance process can be divided into three phases:
No. 1: Preparing your refinance documentation
No. 2: Defining the purpose of your refinance
No. 3: Shopping around for the best deal
Click here to learn more: “How to refinance your mortgage”
What does a refinance cost?
What does a refinance cost?
There’s no such thing as a free refinance. Just as with a purchase mortgage, you will have to pay closing costs when refinancing your home loan. Keep in mind, of course, that the more it costs you to refinance, the longer it will take to recoup the closing costs, so there may be some finite limits on what you want to pay.
There are three ways to pay refinancing fees and costs:
- Pay them in cash
- Pay them out of pocket
- Add them onto your existing mortgage balance (known as a “low cash-out” refinance) or have your lender pay them in exchange for a slightly higher interest rate
Click here to read “What does a refinance cost?”
12 ways to get the lowest mortgage refinance rates
12 ways to get the lowest mortgage refinance rates
- Raise your credit score
- Lower your debt
- Increase your home equity
- Organize your financial documentation
- Save cash for closing costs
- Start online
Click here to read “12 ways to get the lowest mortgage refinance rates”
8 common refinance mistakes
8 common refinance mistakes
With mortgage rates below 4 percent, it's still a great time to refinance your mortgage. But you want to make sure you avoid simple mistakes so you get the savings that you want.
- Failing to do your basic homework
- Opening new credit accounts and running up debt
- Having a low credit score
- Refinancing with your current lender without rate shopping
Click here to read “8 common refinance mistakes”
Refinance tools
Our TriRefi calculator will show you the best way to pay for your refinance.
PreFi: Prepayment can bring equivalent or even greater savings than refinancing.
Tell us the rate you want your loan to be and we'll tell you the prepayment needed to achieve it.
The classic "breakeven scenario" calculator to see if refinancing can save you money.
Common refinance questions
While there may be a "no cost" refinance option available to you, this doesn't mean your refinance will be free.
Many homeowners think they need a big chunk of equity to refinance. But in fact, it's possible to refinance with very little equity or even none at all.
Search for more answers here
What is HARP and do I qualify for a HARP loan?
Streamline Refinance Program to Replace HARP
The HARP refinance program for troubled or underwater homeowners came to an end in late 2018, but a new streamline refinance program has taken its place.
My mortgage was modified under HAMP. Can I refinance under HARP?
We wish the answer to your question was simple and straightforward, but...
See more of our refinance information here
Should I refinance?
- Should I Refinance My Mortgage?
Refinance Calculator - 7 reasons to refinance now
- What is a rate and term refinance?
- Is it a good idea to do a cash out refinance?
- Should I prepay, refinance or both?
- Does a mortgage refinance make sense?
- Should I do a ‘consolidation refinance’?
- 3 reasons you shouldn’t wait to refinance your mortgage
- Why I decided not to refinance
- Why hasn't everyone refinanced?
- Refinance: Is It Right for You?
- Should I continue to prepay my mortgage or refinance?
- To get savings, is it better to prepay or refinance my mortgage?
- Should you refinance an adjustable-rate mortgage?
- Is refinancing a good idea for me?
- Should I refinance my Home Equity Line of Credit?
- 10 Reasons You Haven't Refinanced Your Mortgage, and How to Change That
- Refinancing Your Jumbo Mortgage May Be Easier Today
How To Refinance
- How to refinance your condo
- Three steps to refinancing your mortgage
- How to refinance a second property
- How much equity do I need to refinance?
- How to refinance when you are self-employed
- What is HARP and do I qualify for a HARP loan?
- My mortgage was modified under HAMP. Can I refinance under HARP?
- I've got an FHA mortgage but poor credit. Can I refinance?
- How to refinance when your home is listed for sale
- Should I refinance with a bank, direct lender or credit union?
- Piggyback for Conforming Refinance?
- Up in ARMs: Should you refinance out of your adjustable-rate mortgage?
- Can I refinance an underwater ‘kiddie condo’?
- Cash-in refinance can save homeowners money
- Trouble refinancing? Bring cash to the table
- Refinancing savings without refinancing your mortgage
- Refinancing Manufactured Housing: Get a Better Interest Rate
- Modular home loan refinancing
- Can I refinance my manufactured home?
- Who should refinance your mortgage?
- Mortgage Refinance Checklist: What You Need to Refinance Your Home Loan
What does a refinance cost?
Refinance mortgage rates
Refinance Mistakes
Refinance Timing
- How do I know when it's time to refinance?
- I have 3 years left on my loan, should I refinance?
- With a five-year time window, should I refinance?
- After just two years, should I refinance again?
- Two years into a 20-year mortgage. Should I accept this refinance offer?
- We've got a six-year old mortgage. Should we refinance?
- Is it worth refinancing this mortgage?
Refinancing Strategies
- Refinance into an Adjustable Rate Mortgage (ARM)
- Will a low-rate refinance prevent you from selling?
- Retire with your mortgage or refinance?
- Refinancing for Younger and Older Borrowers
- 4 ways to get your spouse to say 'I do' to a refinance
- Turned down for a refinance -- now what?
- Wrap your renovation costs into a refinance
- What Happens to your Mortgage in a Divorce?
- Refinancing Your Construction Loan
- A kinder way to refinance your mortgage
- Is it worth shortening my loan term?
- Can I lower my interest rate without refinancing?
Financial trouble and refinancing
- Underwater Solution: Value Gap Refinance
- I have lots of equity, but bad credit. Can I refinance?
- In bankruptcy, how soon can I refinance?
- How quickly can you refinance after a bankruptcy?
- We filed bankruptcy 2.5 years ago. Can we refinance?
- Underwater after a bankruptcy 3.5 years ago. Can I refinance?
- I have equity, but am behind on a number of payments. Can I refinance?
Refinancing problems and issues
- Could your second mortgage ruin your refinance?
- Can I get copies of checks from a past refinance?
- Will shopping around for a refinance affect my credit?
- My bank doesn't lend 'Non-QM' mortgages and I can't refinance. What can I do?
- Can I refinance with an LTV above 80 percent?
- Why is refinancing such a hassle?
- I'm struggling with my payment. Can I refinance?
General Refinance
Refinance How To
Ready to Refinance?
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