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Hey Reddit, we’re Lower.com 👋 

One in four of your neighbors refinanced just this year.

Here’s what’s up.
Backed by the same investor as

If your rate is 4%, refinancing now would save you at least $215/month.

There’s no reason to put it off—it’s time to refi. 

The rate you have now isn’t special. It’s losing you money. 

Dump the dud. Rates are lower now than when you bought your home, so why pay more when you could pay less? You have more options now, too. You can take cash out for kitchen renovations, or consolidate never-ending credit card bills. You can even refinance to a lower rate AND take cash out. That’s a win-win.

I now have an extra $1,230 per month…

I am paying off two cars, the rv, and credit cards. My mortgage was extended by 4 years and went from 912 per month to 954 per month (42 dollars). My actual minimum payments on my loans equaled to $1,272 per month. So you read that right. I now have an extra $1,230 per month and I have a new hero, his name is Brendan Flaherty, and he works at Lower.com.”

Fred
5 Stars!
TrustPilot Review

No out-of-pocket costs now. All the savings now… and every day after. 

Yep, there are closing costs any time you refinance, but a good deal saves you more than you pay. (That’s the name of the game.) PLUS, with Lower, all of your costs are rolled into your newly refinanced loan. So nothing out-of-pocket. You’ll be saving more than what you’re paying. How’s that for ROI?

Lower.com provided excellent service…

I was considering other lenders and I conveyed that to my loan officer. He told me what he could do (which was to provide a lower rate with lower closing costs), when it would happen, and everything worked out perfectly. I will definitely use Lower.com again in the future.

JM
5 Stars!
TrustPilot Review

Refinancing now is like a cheat code. It’s just so easy.

It’s. All. From. Your. Phone. Our all-digital process makes everything easy. Just snap a photo and upload your docs. Sign online. No need for paper. No hoops to jump through. Simple, right? You’ll be saving in no time. 

Lower was amazing…

Chris was amazing. [Lower] not only had the best rate in town, but they had the best process. Everything was via hellosign, so I was able to get all the paperwork completed anywhere. Plus Chris was available with a quick phone call, text or email.

Sean
5 Stars!
TrustPilot Review

Smart homeowners refinance.

Every month you put off refinancing, you’re missing out on huge savings. You don’t have to (and don’t want to) wait until you have no other choice. Your home’s an asset that’s supposed to build your wealth—and refinancing helps you do just that. Our advice? Refinance now, then invest that extra money or pay monthly expenses that matter most. 

Smoothest transaction EVER…

Listen to me! If you are wanting to refinance for any reason (ie. lower rate, cash out equity, etc) you must call Andy Brickner with Lower! I did a refinance for a lower rate and to take out some equity for home improvements. By far the easiest and smoothest transaction I have ever had to do regarding real estate financing!…

Gema E.
5 Stars!
TrustPilot Review

Such a good time to refinance, the government is practically begging you.

You used to be right, but not anymore. Gov lowered requirements, killed fees, waived appraisals. Practically begging you to Refi.

Best Experience Purchasing First Home…

…Kat gave me different loan options fitting my credit score & profile and eventually the best rate compared to all other online lenders and other local banks and credit unions. All approvals and signatures were digital, very easy and quick…

Waleed H.
5 Stars!
TrustPilot Review

Waiting for lower rates means missing out now.

Mortgage rates have literally never been lower in the last 5,000 years, and have been considered low for most of our lifetime. (They were a whopping 16% in 1983.) Holding out for a potential extra .25% just postpones your saving to later. And if rates DO drop lower? You can always refinance again in the future. Plus, with Lower, you get Free Refi for Life. (No lending fees on future refinances for life.)

Found out I could get a way better rate…

I originally set out to get a small loan to install a solar array on my home. Jake took a look at what I was asking and saw that I was really overpaying on my mortgage vs where I could be. We went ahead and refinanced and also got the money for the solar upgrade…

Michael C.
5 Stars!
TrustPilot Review

Other Redditors may be asking the same questions you are. 

18
r/explainlikeimfive
Posted by u/Bumbling_Bear
Other

ELI5: How does refinancing work?

I'm a first time homeowner (well, I will be on Friday), and my husband has tried to explain to me how refinancing works, but it feels more like magic than an actual thing. He's from the mortgage business, so I'm sure he knows what he's talking about, but I just don't get it.

How do you get money out of redoing a loan? How can you use that money to pay for repairs or additions? Is there any reason you wouldn't refinance?

Ok, you’re 5. You borrowed $20 from your mom to open a lemonade stand and she’s charging you $2 in interest every week you haven’t paid her back in full (nice one, mom). But Sally down the street is only paying $1 per week.

You also want to pay $1, so you refinance your loan. Refinancing pays off what’s left of your initial loan, then gives you a new loan with a new interest rate that amounts to $1/week. This is considered a standard “rate/term refinance” because you’re simply changing your interest rate.

Now, here’s where a cash-out option comes in. Let’s say you want to add a bigger, better sign to your lemonade stand that costs $5. You don’t have the whole $5, but you do have a very valuable asset—your lemonade stand, which is now worth $30. (Lemonade stands, so hot right now.) So you decide to do a cash-out refinance.

A cash-out refinance works just like your rate/term refinance in that you get a new interest rate, but you also get to take cash out. Let’s say you still owe $10 on your original loan. The new loan you get when you refinance will pay off that $10, plus add an additional $5 to use for your sign upgrade.

Of course, the amount you pay every week may go up, but your interest rate will be lower than what you’d pay if you took out a personal loan that wasn’t connected to your lemonade stand.

18
r/explainlikeimfive
Posted by u/SpikeKintarin
Housing

ELI5: Refinancing a mortgage. What are the benefits? How can I do this?

My wife and I have been thinking of refinancing our home (in an attempt to lower our payments, along with other bills) and we're not sure where to start or what the benefits in doing this would be.

I've only heard that it's useful for getting your interest rate down, but is there anything else that can be done with refinancing?

Want to lower your payment? A rate/term refinance (the most common) is your best bet to get a lower rate and pay less per month. Other refinancing options can get you cash out, eliminate mortgage insurance, make changes to your escrow collection, and more. Whatever your savings goals, we’ve got you.


Chat with a loan advisor who can show you all of your best loan options.

18
r/personalfinance
Posted by u/vdubplate
Debt

Should I refinance now while refi rates are low or wait for them to get lower?

So I'm currently in the process of refinancing from a 30-year to a 15-year going from 4.25 to ideally 3% my question is should I refinance now or should I wait to see how low rates will drop I'm seeing right now 2.8% does anybody think these rates will go lower and also do you have any tips for where I could go to get the best rate? I've gotten rates from now for lenders and there's a lot of shady business that goes into this where they promised you one rate and then they try to charge you fees which bring the APR up but they do it in a shady way.

Without going full fortune-teller mode, we can accurately say rates now (Fall 2021) are at all-time lows, and they have been for some time. And that’s a great reason to refinance. They could go lower, or they could go higher, but moving from a 4.25% to a 3% is a huge leap. Plus, you can always refinance again in the future.


To avoid the bait and switch, make sure you’re requesting “Locked” loan estimates from lenders. If they’re “Floating,” then the rate and fees could be different when the interest rate is locked, or promised.

18
r/personalfinance
Posted by u/lmans19
Housing

Are there closing costs on a refinance? (USA)

We purchased a home with a conventional 30-year mortgage about 2 years ago. With interest rates so low, we'd like to refinance..preferably with the same bank. Are there closing costs associated with a refinance such as underwriter fees, assessments, etc? Thanks in advance!

Yes. There are fees associated with any refinance—some you have control over, and some you don’t. As with any refinance, state and government charges will be standard for your area or transaction type.


When you refinance once at Lower.com, you get Free Refi for Life. That means you can refinance again and we’ll cover all of the lender-based costs, like application, origination, and underwriting fees. Pretty cool, right?


You can learn more about Free Refi for Life at lower.com/refinance.

What you need to know.

We’re Lower.

Dedicated Loan Advisor

Your mortgage expert helps you go from exploring your options to saving big time.

No Credit Check

Your credit’s important, so we don't do a hard pull until you're absolutely ready.

16,000+ Reviews

Lower rates. Super easy process. Best (refinance) experience of your life.

Apply now

Are you in?

John S.
5 Stars!
Google Review

Fast and simple!

"The refinance of our house was fast and simple. The overall process was very simple, easy, and best of all, Mackenzie got us a great rate. Dropping our interest rate by almost 2%.

Chris
5 Stars!
LendingTree Review

Great job!

"Robert Warne at Lower did a great job on my refinance and got me the best interest rate out of several lenders."

Suzanne B.
5 Stars!
LendingTree Review

Our situation was unique...

"Lionel was extremely responsive anytime we had questions. Our situation was unique and he handled it extremely well! Very seamless transaction to refinance home and lower rate."

Chris
5 Stars!
LendingTree Review

Great job!

"Robert Warne at Lower did a great job on my refinance and got me the best interest rate out of several lenders."

Shalette
5 Stars!

Better than the competitors I've worked with and fast!

The process was easy. Arianna Graves worked very fast to get my loan closed in record timing! I was very impressed with the time. They're rates were excellent!

John S.
5 Stars!
Google Review

Fast and simple!

"The refinance of our house was fast and simple. The overall process was very simple, easy, and best of all, Mackenzie got us a great rate. Dropping our interest rate by almost 2%.

Gong
5 Stars!
LendingTree Review

Lower was the lowest interest rate

"After speaking with my previous lender and probably five other lenders, Lower was the only one who came back with the lowest interest rate."

Chris
5 Stars!
LendingTree Review

Great job!

"Robert Warne at Lower did a great job on my refinance and got me the best interest rate out of several lenders."

Suzanne B.
5 Stars!
LendingTree Review

Our situation was unique...

"Lionel was extremely responsive anytime we had questions. Our situation was unique and he handled it extremely well! Very seamless transaction to refinance home and lower rate."

Marchelle B.
5 Stars!
Google Review

Lower really cares

"I was very happy with Lower and the entire refinancing experience. You can tell Lower really cares about the customer and wants to make the experience as good as possible for the customer."

Gong
5 Stars!
LendingTree Review

Lower was the lowest interest rate

"After speaking with my previous lender and probably five other lenders, Lower was the only one who came back with the lowest interest rate."

Robert
5 Stars!
LendingTree Review

The Best!

"The entire process was quick and simple. they offered the BEST rates, BEST overall payment, LOWEST monthly payment (and closing costs).... GO WITH THESE GUYS if you are refinancing"

J.
5 Stars!
Google Review

I was approved!

"My score wasn't the best but Adam was pretty confident he could work something out and this was after being told no by other lenders. I didn't get my hopes up but to my surprise I was approved!"

Cristhtian P.
5 Stars!
Google Review

Amazing job!

"What really made me decide to give my business to Lower.com was the amazing job Andi did while working with me from the first call up until closing day."

Shalette
5 Stars!

Better than the competitors I've worked with and fast!

The process was easy. Arianna Graves worked very fast to get my loan closed in record timing! I was very impressed with the time. They're rates were excellent!