See today’s refinance rates.
Refinancing might make sense for you if interest rates are lower than when you took out your home mortgage.
Refinancing a home loan basically means you’re swapping your current mortgage for a new one – usually with a new principal loan balance and interest rate. The new mortgage pays off your previous one so you’re left with just one loan and one monthly payment. By refinancing your mortgage you might be able to lower your interest rate, decrease your monthly payments or change terms.
Rate-and-term refinance
A rate-and-term refinance may help you lower your monthly mortgage payment or allow you to pay off your home sooner.
Cash-out refinance
A cash-out refinance is a great way to get new mortgage terms and borrow funds for one-time expenses.
A home loan refinance means replacing your existing loan with a new one that has more favorable terms. The process of refinancing a mortgage is very similar to securing your first mortgage. Most people refinance a primary home or investment property to take advantage of lower rates, get lower monthly payments or tap into their home equity.
If you have an existing U.S. Bank first mortgage, a U.S. Bank Smartly® Checking account or an existing Gold or Platinum Checking Package, you may be eligible for a client credit5 of 0.25% of the loan amount deducted from the closing costs of your new first mortgage, up to a maximum of $1,000.6
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A home equity loan or a home equity line of credit might be just what you’re looking for. They’re great ways to pay for things like home improvements, tuition, big events and more.