Mortgage refinance rates are historically low, and many homeowners could save by refinancing to a lower mortgage rate. At the same time, mortgage lenders are less willing to take on risk because of market uncertainty prompted by the coronavirus.
Credit standards also may be tougher amid the COVID-19 crisis, but homeowners who qualify for refinancing can take advantage of not only savings but also the chance to tap home equity.
This guide can help you understand how mortgage refinancing works and how you can qualify with the right lender. What you’ll learn:
- Are mortgage refinancing rates going down?
- How does mortgage refinancing work?
- How much does refinancing cost?
What Are the Best Mortgage Refinance Lenders of 2020?
Before You Apply
- Mortgage types: ARMs, conventional, FHA, jumbo, refinance and USDA
- Minimum FICO credit score: 600
- Maximum loan amount: $3 million
- Better Business Bureau rating: A+