Mortgage Refinance
Refinancing your mortgage can lower your rate, reduce your monthly payment, shorten your loan term, or give you access to cash. Compare competing refi offers in minutes — no obligation, no credit impact.
Check My Refi Rate — FreeA mortgage refinance replaces your existing home loan with a new one — ideally at a lower rate, different term, or to extract equity. Lendspedia matches you with lenders who compete for your refi business, so you don't have to take the first offer you're given.
Or Shorten Your Term
Refinancing from a 30-year to a 15-year mortgage can save tens of thousands in interest while building equity faster.
Most homeowners with at least 20% equity and a 620+ credit score can refinance at competitive rates.
Conventional refi typically requires 620+. FHA refi can go lower. VA IRRRL has minimal credit requirements if you're already in a VA loan.
Conventional refi requires at least 20% equity to avoid PMI. FHA and VA programs have more flexible equity requirements.
Lenders verify your debt-to-income ratio. Most require a DTI below 43–50%, including the new mortgage payment.
The right reason to refinance depends on your goals — here are the most common.
Even a 0.5% rate reduction can save $100+ per month on a $300,000 mortgage — that's $36,000 over a 30-year term.
Extending your term or securing a lower rate lowers your required monthly payment — freeing up cash flow for other priorities.
A cash-out refinance replaces your mortgage with a larger one and gives you the difference in cash — useful for renovations, debt payoff, or investments.
Refinancing from 30 to 15 years typically raises your payment modestly but saves dramatically on total interest paid over the life of the loan.
Refinance rates vary significantly by lender — comparison shopping is essential.
Borrowers who compare at least three lenders save an average of $3,000+ over the life of their loan vs. accepting the first offer.
Freddie Mac, 2023On the same day, two lenders can quote rates 0.5% apart for the same borrower. That's $100+/month on a $300K loan.
Consumer Financial Protection BureauNearly 8 in 10 homeowners accept the first refi quote they receive — missing out on meaningful long-term savings.
CFPB Mortgage Insight ReportCurrent loan type, home value, outstanding balance, and your refi goal — takes about 3 minutes.
Our algorithm ranks lenders by fit — not who pays us most. You see offers from multiple licensed lenders competing for your loan.
Side-by-side rate, term, and payment comparison. No obligation at any stage — move forward only when you're ready.
"Dropped from 7.1% to 6.3% on my 30-year. Saves me $220 a month. The whole process took under 4 weeks and Lendspedia made finding the right lender effortless."
"Did a cash-out refi to renovate my bathroom and kitchen. Increased my home's value by more than the loan amount. Matched me with the perfect lender in 2 days."
"Refinanced from 30 to 15 years. My payment went up $180 but I'm saving $90,000 in interest and will own my home in 12 years. Best financial decision I've made."
A general rule: if you can lower your rate by at least 0.75% and plan to stay in the home long enough to recoup closing costs (typically 2–3 years), refinancing is likely worth it.
Closing costs average 2–5% of the loan amount. Some lenders offer no-closing-cost refis that roll costs into the rate. Your matched lender will provide a full Loan Estimate.
Most refinances close in 30–45 days. FHA Streamline and VA IRRRL refis can close faster, sometimes in 2–3 weeks.
Yes. FHA borrowers can use the FHA Streamline Refi (reduced documentation) or refinance into a conventional loan once they reach 20% equity to eliminate MIP.
No. Lendspedia uses a soft credit inquiry only — no score impact. A hard pull only occurs when you formally apply with a lender, which is your decision.
Takes 3 minutes. Compare refi offers from competing licensed lenders — no obligation, no credit impact from checking.