Learn how to refinance your way to a lower interest rate

Quick and Easy

Quick and Easy

Refinancing your mortgage is very straight forward with our help

Save for a new home

Save for a new home

Most home owners take advantage of refinance to improve or purchase a house

Record Low rates

Record Low rates

Interest rates are hitting record letters every day. Act now and save big.

Take advantage of record low interest rates

No matter your reason for wanting to refinance The Home Funnel will work with you and your current lender to lower your rates and help you save thousands on your home mortgage payments.

Common Reasons why you Refinance

Here are six solid scenarios in which a mortgage refinance may be a great plan.

Lower your interest rate

Known as a “rate-and-term” refinance, this is the most popular reason homeowners refinance a home loan. Homeowners with a higher interest rate on their current loan may benefit from a refinance if

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Your credit has improved

Your credit score is a significant factor in determining your mortgage rate. Generally speaking, the higher your credit score is, the lower the interest rate you’ll receive.

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Consolidate high-interest debt

If you have a hefty amount of high-interest debt on credit cards or personal loans, a cash-out refinance can help improve your cash flow and save you money in the long term.

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Your home has increased in value.

When you get a cash-out refi, you take out a new mortgage that’s larger than what you previously owed, and you receive the difference in cash.

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Eliminate mortgage insurance

If you have a home loan with private mortgage insurance, a refinance could help lower your monthly costs. This is especially true if you have a loan insured by the Federal Housing Administration.

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Switch from ARM to Fixed-rate

If you currently have an adjustable-rate mortgage, now may be the perfect time to refinance into a fixed-rate loan. Interest rates are low now.

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Start with your zip code to compare all cash-out refinance options in your area

Start with your zip code to compare all HARP refinance options in your area

Start with your zip code to compare all HELOC refinance options in your area

Start with your zip code to compare all streamline refinance options in your area

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Very helpful fully explaining the different plans. Cash value is accessed via policy loans, which accrue interest and reduce cash value our valuable items.

Maria Marlin Retired Govt Officer, ON, Canada
Client Logo

Very helpful fully explaining the different plans. Cash value is accessed via policy loans, which accrue interest and reduce cash value our valuable items.

Maria Marlin Retired Govt Officer, ON, Canada

What Refinance Options Do you Have?

Quickly learn about your refinance options

The rate-and-term refinance loan is the most popular refinancing loan. It is used to pay off the original mortgage, which is then replaced with a new loan.

A cash-out refinance loan works best if you’re in need for some extra cash. It is only used when homes are worth more than what is owed on the existing mortgage. This type of loan replaces your mortgage by paying it off. It then refinances the current mortgage and allows you to keep the difference of the two mortgages in cash.

A fixed-rate mortgage loan sets a monthly payment during the time of the loan. The monthly principal and interest payment are typically higher than a long-term loan. It also protects from increasing interest rates.

In a cash-in refinance loan, you bring in cash to lower the mortgage balance and future interest payment. By using a cash-in refinance loan, you improve your loan-to-value (LTV) ratio. This makes it easier for future approval. Cash-in refinance loan also allows you to reach the 20% equity threshold, saving thousands of future dollars on insurance payments.

An adjustable-rate refinance mortgage loan has a fixed interest rate for about 5-7 years. After that period, its rate adjusts based on the conditions of the market. This loan often includes an interest rate cap, limiting how high your interest rate can increase. It gives you some flexibility, especially if you are planning to refinance again in a few years.

This refinance loan is sponsored the US Department of Housing and Urban Development (HUD). It is intended to assist low-income homeowners in refinancing their home. While there are requirements to become eligible for HARP, the program allows those who qualify to refinance up to 125% of the value of their home. Read our article about HARP.

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