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What Is Refinancing?

Refinancing allows you to take the balance owed on your home loan and treat it like a brand-new home loan. You do similar paperwork and pay most of the same sorts of fees and closing costs as when you initially financed. Once completed, you have a completely new mortgage and the old one is gone.

There are several reasons a homeowner might wish to refinance. The most obvious is to lower their monthly house payments by treating their balance like a new loan. By the time a borrower qualifies for refinancing, they’ve been paying on their original mortgage for at least a few years and their balance should be lower than when they began. Rebooting the loan for the same number of years as when they began (30 is typical, but 15 or 20-year mortgages are not unusual) means stretching out that balance over a longer time period – hence, lower payments.

Another common reason to pursue refinance mortgage loan options is changing interest rates. If the original mortgage was set up on a fixed rate of interest and market rates have dropped, it might be worth paying the additional paperwork costs to refinance at the new, lower rates. Homeowners whose credit ratings have improved dramatically since initially setting up their mortgage might find a similar benefit. The interest rates for which they qualify now might be substantially better than those they could lock in a decade prior.

A different approach to refinancing is to shorten the amount of time remaining on the loan. While this may seem counterintuitive, improved finances or lower interest rates may make it possible for the homeowner to pay off the property more quickly than if they continue to follow the existing schedule. This may mean higher monthly payments, but if they can afford them, it means less interest paid over the life of the loan. It also means greater financial flexibility once the house is paid in full and the property truly and completely their own.

Some homeowners who refinance home loan mortgages take out extra funds. The new amount borrowed is added to the balance of the previous loan so that the borrower is essentially rolling their new loan into their refinancing, meaning it will be repaid as part of their new mortgage payment at the same rates and terms as their new house payment. This is called “cash out refinance” or “cash out refinancing,” as opposed to – you guessed it – “no cash out refinance” or “no cash out refinancing.”

Requirements and Expectations

Ideally, your home’s value holds steady or increases as you pay off your mortgage. There are no guarantees this will happen, however. Market forces beyond your control may lead to a general drop in housing prices or a reduction of home values in your neighborhood or region. Unless you have sufficient equity in your home, you won’t be approved for a refinance loan. (Equity is the percentage of your property you actually “own” based on its total value and how much you’ve paid on the principal already.) Before you shop mortgage lenders, do the math for yourself. If you can’t claim at least 20% equity in your home, it will be difficult refinance.

Your debt-to-income ratio matters as well. Essentially, this is the total amount you owe to all parties divided by your income over a period of time. If your income has gone down or your debt has gone up since your initial mortgage, you may find it difficult to get a refinance loan – at least on terms which would make it worthwhile.

Also considered are your employment history, your monthly income, and any investments or savings to which you’d have access if for some reason it became difficult to make your house payments. Many lenders won’t approve a home loan – refinanced or otherwise – which would result in a monthly payment above 38% of your gross income.

Finally, of course, there’s your credit score. If your primary reason for refinancing is to lock in lower interest rates, you may find that lenders expect a fairly high score in order to do so. While borrowers with a score of 620 or better can often secure mortgage refinancing, the best rates are typically reserved for those with scores of 750 or higher. That doesn’t mean you should give up if rejected by the first lender to which you apply, or if you’re not offered the terms you believe you deserve. There are too many options in the 21st century not to explore at least three or four before determining your best course of action.

Defining Features

The world of mortgages and refinancing has its own unique terminology. Here are a few of the terms you’ll want to know before you begin – although you should absolutely feel free to ask as many questions of potential lenders as you need in order to feel comfortable.

“Adjustable Rate Mortgage” (ARM) – Interest is the cost of borrowing money. With an “adjustable-rate mortgage,” the interest rate you pay may change based on overall market rates. The most typical mortgages lock in the initial rate for five years, then re-evaluate based on markets once per year after that.

“Break-Even Point” – The primary goal of any no cash out refinance is to save money, but refinancing costs money up front through closing costs and other fees. You “break even” when your monthly savings finally add up to enough to cover the initial costs of refinancing. This may be a few years or longer, but you should know your “break-even point” precisely before signing off on the new loan.

“Equity” – the amount of the value of your home to which you may legally lay claim based on payments you’ve made towards the principle of the loan.

“Fixed Rate Mortgage” – Interest is the cost of borrowing money. With a “fixed-rate mortgage,” it remains the same throughout the loan, so that monthly payments remain predictable and you know exactly when your final payment will be do.

“Foreclosure” – If you are unable or unwilling to make your mortgage payments, the lender has the right to take your home and sell it in an effort to recoup their losses. It’s a tedious process, and most lenders would much rather work out payment arrangements with you, but they will follow through if necessary in order to maintain credibility with future borrowers.

“Points” – These are prepaid finance charges which then allow a lower interest rate on the rest of the loan.

“Private Mortgage Insurance” (PMI) – If the lender is concerned you may be unable to make your payments at some point, especially if the value of your property is likely to drop below the balance on your loan along the way, they may require you to pay for private mortgage insurance. While it may sometimes be rolled into the loan so that you don’t have to pay for it all up front, doing so adds to the amount on which you’re paying interest.

Loanry® is here to help you get your Mortgage Refinanced


Why Loanry?

Nothing about buying or refinancing a home is particularly easy or convenient – nor should it be. But researching your refinance mortgage loan options is much easier than it was a generation ago. Thanks to the internet, you can learn the terminology, compare your options, and apply to be connected with suitable lenders from pretty much any connected device – whenever and from wherever you choose.

There’s no need to take off work or worry about how you’re dressed or which paperwork you might be missing. If you’re in a hurry, so are we. If you’re trying to take things a step at a time or deal with your refinancing here and there when you can, we’re with you. That’s the beauty of a 24/7 online world – it’s there when you need it and doesn’t bother you when you close the screen or set down your device.

Whether you’re interested in refinancing with traditional mortgage terms, need to know more about bad credit refinance loans, or simply need some basic mortgage shopping tips, Loanry and the rest of the family is here for you whenever and wherever you choose. You don’t even have to worry about whether or not you should dig out those high heels or your best tie.


The decision to refinance a mortgage can mean you’re having trouble making your monthly payments or that you’re making strategic changes with an eye towards the future. Either way, doing something is better than doing nothing – and you’re doing something.

Financial security and improved credit scores aren’t usually high on the list of why people buy homes. They are, first and foremost, places to live and to provide for and protect those in our care. But that doesn’t change the fact that buying a home is for many of us the single largest purchase we’ll ever make in our lives. It’s often our greatest source of wealth in our later years. In short, whatever our primary motivation for buying or refinancing, it’s a big deal in terms of our financial future.

That’s why refinancing is so important. By locking in better rates, or making your monthly payments more manageable, or even using the “cash out” option to consolidate other debts or pay down outstanding bills, you’re working towards a stronger financial future. Every credit card you pay off, every bill you renegotiate, every payment you make on time, builds a stronger credit history and nudges your three-digit credit score upwards. Those things may not seem to matter when you’re juggling other bills and working long hours and caring for little people and otherwise trying to make sense of this crazy world – but they do. Eventually, you’re going to want to borrow again. It might be time for a different car or truck, or a wedding, or to put something through school. The decisions you’re making right now, and every day going forward, determine how difficult or easy those things will be, and how much they’ll cost you in fees and interest payments. Like exercise or healthy eating or studying or paying attention to your significant other, little choices add up quickly and have big impacts.

That’s a good thing. You’re moving the right direction. Keep going, and let us know if we can help. We can’t make it all easy, but that doesn’t mean it has to always be so hard. And you definitely don’t have to figure it out alone.


One of our primary goals here at Loanry and across in the family is to provide more than connections to lenders or information about what they offer. We’re building a “content mall” filled with finance “stores” to cover just about every aspect of personal or small business finance. Whether you’re looking to learn more about crafting an effective budget, the different sorts of small business loans, or what you need to do to be better prepared for tax season, it’s all here in plain, simple English and freely accessible from wherever you like, whenever you like. You can visit to check your credit score or learn more about what sorts of things are likely to show up in a credit report, or for tips on lowering your utility costs or your monthly cable TV payments.

There’s also Accury, Budgetry, Cashry, Debtry, Loanry, Taxry, and, of course, Wealthry, each focused on some aspect of helping you take better control of your financial world. We have thousands of informational posts live already, and hundreds of videos on our YouTube channel covering many of the same topics. You can even follow us on pretty much any social media platform just to help you stay up-to-date.

Along with our informational pages, Goalry offers a range of online tools to help you find a lender or compare different types of loans. In order to further this goal, a single ID and password gets you access to the entire Goalry family and makes it easier to coordinate your information across the “mall.” Our goal is to help you meet your goals.


Did You Hear?

“The best way to keep children home is to make the home atmosphere pleasant--and let the air out of the tires.”

Dorothy Parker (American author and humorist)

Educate Yourself

Asking the Right Questions

Most of us don’t buy very many homes over the course of our lives. We certainly don’t refinance more than once or maybe twice – not under normal circumstances, at least. That means that more often than not, the terminology isn’t entirely familiar and the processes aren’t particularly comfortable. We probably have more questions than we actually ask because everyone else involved in the process seems to know so much. They should – they do these things every day!

We can’t make it go as fast as you’d probably like or make it as easy as most of us wish it could be, but we can help you anticipate the sorts of situations you’re likely to encounter, the questions you’re likely to be asked, and the terminology you’ll need to know in order to keep up along the way. It’s never about us telling you what to do; it’s about you making the most informed decisions possible. Given that opportunity, we suspect you’ll do just fine.

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Reasons for Refinance Loans

It's the 21st century and you have more options than ever before. What are some great reasons to refinance NOW?

Reduce Your Monthly Payments

If you’re having difficulty making your house payment every month, refinancing can stretch out the remaining balance and lower those payments. While this means paying a little more in the long run, it’s far better than falling behind on your home loan.

Pay Off Your Home More Quickly

If you can handle a higher house payment, refinancing can shorten the time remaining on your mortgage, reducing the total interest you’ll pay and bringing financial flexibility closer. Depending on interest rates, your credit score, and other factors, shortening the loan may not even raise your payment as much as you’d think.

Improve the Terms of Your Loan

If interest rates have dropped, it may be worth refinancing to take advantage of them. You might wish to change from a fixed-rate mortgage to an adjustable-rate mortgage – or the reverse. If your credit has improved or your income gone up substantially, you may be able to eliminate private mortgage insurance of otherwise reduce your total costs.

Debt Consolidation

A “cash out” refinance may give you enough low-interest capital to pay off high interest credit cards, outstanding medical or legal expenses, or other problematic debt. You’ll then be able to pay down the new loan in one more manageable monthly payment.

Finance Home Improvement

Many people use a second mortgage to make major improvements to the home itself. You might increase living space, update the kitchen, or otherwise renovate to raise your home’s value and increase its livability.

Finance Home Improvement

Many people use a second mortgage to make major improvements to the home itself. You might increase living space, update the kitchen, or otherwise renovate to raise your home’s value and increase its livability.

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We are a marketing lead generator and advertising service designed to provide you with quick and convenient access to third-party lenders.


We are a marketing lead generator and advertising service designed to provide you with quick and convenient access to third-party lenders.


We are a marketing lead generator and advertising service designed to provide you with quick and convenient access to third-party lenders.


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