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Mortgage Refinance Rates
If your rate is higher than 7%, it may be time to refinance your home loan rate. We are a family owned mortgage lender in Memphis, TN built to offer our clients the best mortgage refinance rates and five- star service.
On average, our mortgage refinance rates are .326% lower than the national average. This equates to $23,836 in life of loan interest savings. See details on rate savings calculation here.
Today's best 30 year fixed refinance rate.
Today's best 15 year fixed refinance rate.
Become our customer and we will make you a fan.
"amazing in my home refinancing process"
Travis and Chase were both amazing in my home refinancing process. Anything I needed they were both on top of it immediately.
"easiest and best experience I've had"
I've financed or refinanced 12 times now in my life and this was the easiest and best experience I've had. They had the best rates and by far were the most available lender I have worked with - answering questions day or night.
"a real person answers the phone every time"
Our refinance process was incredibly quick (less than 3 weeks) and easy, they even sent a mobile notary to our home for the closing. We're pleased with the rate we got on our loan, and the customer service was excellent -- a real person answers the phone every time!
30 Year Fixed Mortgage Refinance
If your current rate is higher than the current mortgage interest rates, it may be time for a refinance.
If your goal is to lower your monthly mortgage payment, a 30 year fixed rate home loan refinance provides you the opportunity to lower your interest rate and to reset your payments based on a 30 year term.
If you don't want to reset back to 30 years, then look at matching the new loan term to the current amount of years left on your loan. You can get even get as exact as the total number of years and months left. So if you have had a 30 year loan for 2.5 years, you could refinance with a 27.5 year term on your new loan.
Typically, you will want to reduce your interest rate by at least 1% to justify the time and cost of refinancing. In some cases, it might make sense to refinance with a smaller reduction in rate if the costs are minimal. See our No Cost Refinance for strategies to reduce refinancing costs.
15 Year Fixed Mortgage Refinance
If rates are low enough, it may be time to refinance and shorten your loan term to a 15 year fixed rate mortgage.
Depending on your current rate and loan balance, reducing your term to a 15 or 10 year term may increase your monthly payment but could save you tens of thousands in overall interest over the life of the loan.
Switching to a shorter term can be a financial commitment so you will want to make sure you are comfortable with the potentially higher payment. If a 15 year mortgage payment stresses your monthly budget, a 20 year fixed rate mortgage may be right for you. Most people generally think about 30 or 15 year terms when it comes to fixed rate mortgages, but a 20 mortgage can be a good alternative.
Another alternative to a 15 or 10 year term is to commit to making additional principal payments on your own. You can always shorten your term by paying extra. So if it makes sense to refinance rate-wise, but committing to a higher payment is worrisome, go ahead and refinance to the lower rate, stay on a term that is comfortable, but make a plan to pay extra on a regular basis to pay off your loan faster.
Refinance Closing Costs
You need to factor in closing costs anytime you refinance. While a lower rate and/or payment is appealing, you will want to make sure the costs justify the savings and fit into your overall financial and life plan.
To help justify a refinance, you always need to consider the breakeven point. This is a simple formula - divide the hard cost of the refinance by the monthly savings. For example, if it cost you $3,000 to refinance into a new loan that saves you $150/month, then you will recoup your cost in 20 months. If you plan to keep the home (and loan more specifically) for more than 20 months, you will save money. But if you plan to sell or payoff the loan within 20 months, you would lose money by refinancing.
To get into a little further detail, only include the hard cost of the refinance. Make sure to exclude prepaid or escrow items for real estate taxes and homeowners insurance since those are expenses related to your ownership, not refinance costs.
Also, if you are increasing or decreasing the number of months left on your current loan, make sure to focus on the interest savings more than the actual payment savings. Payment savings may be a priority for you, which is fine, but your real savings comes with the interest portion of the loan. You can compare the current interest portion of your payment to the interest portion of the new payment. Since the interest portion decreases each month, you may want to compare these numbers over a period of time that makes sense to you, either the entire loan term if you plan to keep the loan/home long term or a shorter period if you have plans to payoff or sell before loan maturity.
No Closing Costs Refinance
A no closing cost refinance can be a great strategy to lower your interest rate without adding costs to your loan balance or paying costs out of pocket at closing.
If lower rates are available but you are unsure how long you may keep the loan or your home, a no closing cost refinance can be a great solution. Instead of paying closing costs or rolling them into your new loan balance, you can opt for a slightly higher interest rate and receive a lender credit that is applied to your closing costs.
For example, if you are able to refinance to 5.0% for $3,500 in closing costs, you may be able to refinance to 5.25% and receive a $3,500 lender credit to cover those closing costs. This works because a lender originating a loan at 5.25% when rates are 5.0% will be able to sell the higher rate loan for more money. They can simply give that additional revenue back to you in the form of a lender credit at closing.
If you opt for a no closing cost refinance, you will be taking a slightly higher rate than what might be available, but your breakeven point goes to 0, giving you net savings from month one.
A human experience with online ease.
1. Consultation
Our 10 minute consultation is quick and casual. Help us understand your goals so we can put you on the right path.
2. Application
Apply online or over the phone. We will give you a same day preapproval and get the loan process started.
3. Processing and Underwriting
Our loan process blends electronic document submission and automated updates with a human touch. We are always available to answer your questions.
4. Closing
Electronically sign some of the forms before closing, and then meet us at the closing attorney to sign the notarized documents.
Our Approved States
We are located in the heart of Memphis, Tennessee and proudly serve our hometown of Memphis and the surrounding areas. Being a local mortgage lender, we are able to provide the best mortgage at the lowest rate to the communities and neighborhoods where we work and live.
By investing in the best technology and committing to the highest levels of service, we are able to deliver our hometown service across a wider geographic footprint with no sacrifices. Home buyers and homeowners in the states listed here can also get the best rate and experience our five star service.
Colorado
Florida
Georgia
Mississippi
Tennessee
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