Mortgage Calculator with Current Rates – Calculate Mortgage Payments with Ease from, mortgage refinancing calculator.#Mortgage


Mortgage Calculator

Calculate your monthly mortgage payment using the free calculator below. A house is the largest purchase most of us will ever make so it’s important to calculate what your mortgage payment will be and how much you can afford. Estimate your monthly payments and see the effect of adding extra payments.

Choose a lender below and lock in your estimated payment of $ or less

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Use this calculator to determine how much mortgage you can afford to take out based on your income and expenses.

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Mortgage Basics

This step-by-step guide will help you understand the sometimes-difficult journey to homeownership.

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Top 10 mortgage tips for 2016

Thinking about buying a house? These tips will help you find the best mortgage for you.

Helpful Calculators & Tools

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Amortization Calculator

How much of your monthly payment will go towards the principal and how much will go towards the interest. View Calculator

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About our Mortgage Rate Tables

About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our “Advertisers”). Other lenders’ terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a “Next” button that can be used to click-through to the Advertiser’s own website or a phone number for the Advertiser.

Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.

Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertiser’s phone number when you click-through to their website. In addition, credit unions may require membership.

Loans Above $424,100 May Have Different Loan Terms: If you are seeking a loan for more than $424,100, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.

Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.

Consumer Satisfaction: If you have used Bankrate.com and have not received the advertised loan terms or otherwise been dissatisfied with your experience with any Advertiser, we want to hear from you. Please click here to provide your comments to Bankrate Quality Control.

Mortgage Calculator Help

Using an online mortgage calculator can help you quickly and accurately predict your monthly mortgage payment with just a few pieces of information. It can also show you the total amount of interest you’ll pay over the life of your mortgage. To use this calculator, you’ll need the following information:

The dollar amount you expect to pay for a home.

The down payment is money you give to the home’s seller. At least 20% down typically lets you avoid mortgage insurance.

If you’re getting a mortgage to buy a new home, you can find this number by subtracting your down payment from the home’s price. If you’re refinancing, this number will be the outstanding balance on your mortgage.

Mortgage Term (Years)

This is the length of the mortgage you’re considering. For example, if you’re buying new, you may choose a mortgage loan that lasts 30 years. On the other hand, a homeowner who is refinancing may opt of a loan that lasts 15 years.

Estimate the interest rate on a new mortgage by checking Bankrate’s mortgage rate tables for your area. Once you have a projected rate (your real-life rate may be different depending on your overall credit picture) you can plug it into the calculator.

Mortgage Start Date

Select the month, day and year when your mortgage payments will start.

Mortgage Calculator: Alternative Use

Most people use a mortgage calculator to estimate the payment on a new mortgage, but it can be used for other purposes, too. Here are some other uses:

1. Planning to pay off your mortgage early.

Use the “Extra payments” functionality of Bankrate’s mortgage calculator to find out how you can shorten your term and net big savings by paying extra money toward your loan’s principal each month, every year or even just one time.

To calculate the savings, click “Show Amortization Schedule” and enter a hypothetical amount into one of the payment categories (monthly, yearly or one-time) and then click “Apply Extra Payments” to see how much interest you’ll end up paying and your new payoff date.

2. Decide if an ARM is worth the risk.

The lower initial interest rate of an adjustable-rate mortgage, or ARM, can be tempting. But while an ARM may be appropriate for some borrowers, others may find that the lower initial interest rate won’t cut their monthly payments as much as they think.

To get an idea of how much you’ll really save initially, try entering the ARM interest rate into the mortgage calculator, leaving the term as 30 years. Then, compare those payments to the payments you get when you enter the rate for a conventional 30-year fixed mortgage. Doing so may confirm your initial hopes about the benefits of an ARM — or give you a reality check about whether the potential plusses of an ARM really outweigh the risks.

3. Find out when to get rid of private mortgage insurance.

You can use the mortgage calculator to determine when you’ll have 20 percent equity in your home. This percentage is the magic number for requesting that a lender wave private mortgage insurance requirement.

Simply enter in the original amount of your mortgage and the date you closed, and click “Show Amortization Schedule.” Then, multiply your original mortgage amount by 0.8 and match the result to the closest number on the far-right column of the amortization table to find out when you’ll reach 20 percent equity.


Mortgage Refinancing Options, Citizens Bank, refinancing a mortgage.#Refinancing #a #mortgage


Mortgage Refinancing

Explore options for refinancing your loan.

If you re looking to lower your interest rate or shorten your loan term, refinancing your home loan may help you get into a better financial position for your changing life circumstances.

Another way to lower your interest rate.

If you’re refinancing and have a Citizens checking account you could save even more.

Fixed-Rate Mortgage Details

When you refinance into a fixed-rate mortgage, your interest and principal payments won’t change for the life of the loan. Fixed-rate mortgages offer more stability in monthly payments than an ARM. To estimate your rate, use our Custom Rate Quote tool.

*Rates listed above are for conforming refinance loans, are effective as of

#ProductLine=Mortgage|Brand=citizensbank|ProductAttribute=RATE_UPLOAD_DATE# and subject to change at anytime. Rates include a 0.125 percentage point reduction which requires a Citizens Bank consumer checking account set up at time of loan origination with automatic monthly payment deduction. One offer per property. Not applicable to Bond or CRA loans. Other restrictions may apply.

Adjustable-Rate Mortgage (ARM)

When refinancing your home, our adjustable-rate mortgage (ARM) is ideal if you plan to stay in your home for a shorter period of time or have a higher tolerance for rate variability. ARMs generally offer initial interest rates that are lower than most fixed-rate mortgages. The initial interest rate on an ARM starts out fixed for a set number of years, then becomes variable. After that, the rate or payment will go up or down each year as the market index changes. To estimate your refinance rate. Use our Custom Rate Quote tool.

*Rates listed above are for conforming refinance loans, are effective as of

#ProductLine=Mortgage|Brand=citizensbank|ProductAttribute=RATE_UPLOAD_DATE# and subject to change at anytime. Adjustable rate mortgages (ARMs) have interest rates that are subject to increase after loan closing. Rates include a 0.125 percentage point reduction which requires a Citizens Bank consumer checking account set up at time of loan origination with automatic monthly payment deduction. One offer per property. Not applicable to Bond or CRA loans. Other restrictions may apply.

Jumbo Mortgage

A jumbo mortgage is required if you need to borrow an amount that exceeds the conforming loan limits. The current limit for a single-family home in the U.S. is $424,100 in most places. To estimate your rate, use our Custom Rate Quote tool.

*Rates listed above are for portfolio jumbo refinance loans, are effective as of

#ProductLine=Mortgage|Brand=citizensbank|ProductAttribute=RATE_UPLOAD_DATE# and subject to change at anytime. Adjustable rate mortgages (ARMs) have interest rates that are subject to increase after loan closing. Rates include a 0.125 percentage point reduction which requires a Citizens Bank consumer checking account set up at time of loan origination with automatic monthly payment deduction. One offer per property. Not applicable to Bond or CRA loans. Other restrictions may apply.

10-Year First Lien Position Home Equity Loan

You may qualify for an even lower home equity rate with a First Lien Position Home Equity Loan. This product is for borrowers with no other mortgages or liens on the property, or who intend to pay off an existing first mortgage with a new home equity loan. Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan.

#Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_FIRST_LIEN_APR_OTHER#

  • Typically no closing costs
  • Close in about 30 to 45 days
  • Interest may be tax deductible; consult your tax advisor
  • Minimum loan amount of $50,000
  • Save 0.25 percentage points off your home equity interest rate with a Citizens Bank checking account **
  • Maximum loan-to-value (LTV) of 80%

Rates listed above include all discounts and are effective as of #ProductLine=Mortgage|Brand=citizensbank|ProductAttribute=RATE_UPLOAD_DATE# and are subject to change at any time. For important additional information including how to obtain these rates, see full disclosures below**.

Learn more about this topic

Popular Questions:

Home Loan Originator NMLS Status

Our home loan originators are registered with the Nationwide Mortgage Licensing System and Registry (NMLS). Check your loan originator s status here.

Existing Mortgage Customers

Find information about your existing mortgage account, payment options and ways to contact us.

#Json=Label_Lookup|Brand=citizensbank|ApplyToParentElement=|TargetElementType=|TargetElementId=|Key=Personalize your experience.#

Validating Zip Code

Refinancing a mortgage

Personalize your experience by providing your ZIP Code. We ll show you products available in your area.

Enter a ZIP Code

Please enter a valid ZIP Code

Please enter a valid ZIP Code

The zip code you entered is served by Citizens One, the brand name for Citizens Bank’s lending business outside of our 11‑state branch footprint. Under the Citizens One brand we offer Auto Loans, Credit Cards, Mortgages, Personal Loans and Student Loans. To learn more, please visit:

Thank you for your interest in Citizens Bank

The zip code you entered is served by Citizens One, the brand name for Citizens Bank’s lending business outside of our 11‑state branch footprint. Under the Citizens One brand we offer Auto Loans, Credit Cards, Mortgages, Personal Loans and Student Loans. To learn more, please visit:

Want more information on products in those locations?

May We Suggest

Featured Products

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Featured Products

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Products You Viewed

Customer Service

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Company

Legal and Website Information

Citizens Bank is a brand name of Citizens Bank, N.A. (NMLS ID# 433960) and Citizens Bank of Pennsylvania (NMLS ID# 522615).

Citizens Bank corporate headquarters: One Citizens Plaza, Providence, RI 02903 Refinancing a mortgageRefinancing a mortgage

Mortgages are offered and originated by Citizens Bank, N.A. All loans are subject to approval.

** First Lien Position : The following rates are our best rates for a 10-year term. As of #Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_date# , #Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_FIRST_LIEN_APR_OTHER# APR is available for qualifying properties in CT, DE, MA, MI, NH, NJ, OH, PA, RI and VT ( #Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_FIRST_LIEN_APR_NY# APR in NY) with a loan-to-value (LTV) of 80% or less for loans of $50,000 or more with auto-deduction from Citizens Bank consumer checking account and a 10-year term. An equity loan of $50,000 with a 10-year term at #Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_FIRST_LIEN_APR_NY# APR results in 120 monthly payments of #Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_FIRST_LIEN_APR_REPAYMENT# . Payment examples do not include escrow for property related taxes and insurance that must be paid separately. Single family residence, condo, 2- to 4-unit multi-family homes, and primary/secondary vacation homes held in first lien position only. First lien position home equity loans are only available to customers who do not have an existing mortgage or equity loan on the property or are planning to pay off an existing mortgage or equity loan with this new loan. First lien position home equity loans are only available for a 10-year term. All Annual Percentage Rates (APRs) assume payment by auto-deduction from Citizens Bank consumer checking account. Rate and terms may change at any time. Offer subject to change without notice. Not available for homes currently for sale. Homes previously listed for sale must be off the market for at least ninety days prior to application. Property cannot be an investment property, co-op, mobile home or manufactured housing (mobile homes – including those on own land, on permanent foundation, and including single and double wide). Property insurance required. Flood insurance may be required. All accounts and services subject to individual approval. Consult your tax advisor regarding deductibility of interest.


How Does Refinancing Work, The Truth About, refinancing mortgage.#Refinancing #mortgage


How Does Refinancing Work?

Refinancing mortgage

Fundamental mortgage Q A: “How does refinancing work?”

When you refinance your mortgage, you are essentially trading in your old loan for a fresh one with a new interest rate and term. And possibly even a new balance.

You may elect to receive a new mortgage from the same bank that held your old loan previously, or refinance your loan with an entirely different lender.

It s certainly worth your while to shop around if you re thinking about refinancing, as your current lender may not have the best deal.

Regardless, the bank or mortgage lender that grants you the new mortgage essentially pays off your old mortgage with a new mortgage, thus the term refinancing.

In a nutshell, most borrowers choose to refinance their mortgage either to take advantage of lower interest rates or to cash in on equity accrued in the home.

Two Main Types of Refinancing

There are two main types of refinancing; rate and term refinancing and cash-out refinancing (click the links to get in-depth explanations of both).

Rate and Term Refinancing

Original mortgage: $300,000 loan, 30-year fixed @6.25%

New mortgage: $300,000 loan, 15-year fixed @4.50%

To put it simply, a rate and term refinance is basically the act of trading in your old mortgage(s) for a new shiny one without raising the loan amount.

In my example above, the refinancing results in a shorter-term mortgage with a lower interest rate. Two birds, one stone. It will be paid off faster and with less interest. Magic.

Reasons for carrying out this type of refinancing include securing a lower interest rate, moving out of an adjustable-rate mortgage into a fixed-rate mortgage (or vice versa), going from an FHA loan to a conventional loan, or consolidating multiple loans into one. And in our example, to reduce the term as well (if desired).

Lately, a large number of homeowners have been going the rate and term refi route to take advantage of the unprecedented record low mortgage rates available. They ve been able to refinance into shorter-term loans like the 15-year fixed mortgage without seeing much of a monthly payment increase thanks to the sizable rate improvement.

Obviously, it has to make sense to the borrower to execute this type of transaction, as you won’t be getting any cash in your pocket (directly) for doing it, but you will pay closing costs and other fees that must be considered.

So be sure to find your break-even point before deciding to refinance your current mortgage rate. This is essentially when the refinancing costs are recouped via the lower monthly mortgage payment.

If you don t plan on staying in the home/mortgage for the long-haul, you could be throwing away money, even if the interest rate is significantly lower.

Original mortgage: $300,000 loan, 30-year fixed @6.25%

New mortgage: $350,000 loan, 30-year fixed @4.75%

Now let s discuss a cash-out refinance, which involves exchanging your existing loan for a larger mortgage in order to get cold hard cash.

This type of refinancing allows homeowners to tap into their home equity, which is the value of the property less any existing mortgages or liens.

Cash out refinancing puts money in the pockets of homeowners, but has its drawbacks because you’re left with a larger outstanding balance to pay back as a result (and there are also the closing costs, unless it s a no cost refi).

With a cash-out refinance, you wind up with cash, but also a higher monthly mortgage payment in most cases. In our example, the monthly payment actually goes down thanks to the substantial rate drop, and the homeowner gets $50,000 to do with as they please.

While that may sound great, many homeowners who serially refinanced over the past decade have found themselves underwater, or owing more on their mortgage than the home is currently worth, despite buying properties on the cheap years ago.

All that said, only pull cash out when absolutely necessary, because it must be paid back at some point. It s not free money.

Refinancing May Not Be Necessary

Despite what the banks and lenders might be chirping about, refinancing isn t always the winning move for everyone. In fact, it could actually cost you money if you don t take the time to crunch the numbers.

Instead of borrowing more than you need, or resetting your mortgage, do the math first to determine the best move for your unique situation.

One alternative to refinancing your existing home loan is to instead take out a second mortgage, often in the form of a home equity line of credit.

This keeps the first mortgage intact if you’re happy with the associated interest rate and loan term, but gives you the power to tap into your home equity (get cash) if and when necessary.


FHA Mortgage, home mortgage refinancing.#Home #mortgage #refinancing


home mortgage refinancing

FHA mortgages have always been the alternative to risky subprime mortgages. The underwriting guidelines for FHA mortgages are very flexible and as a result when your personal loan officer takes your applications and tries to approve it they will receive a response from their underwriting system on if you are Approved, Approved with Conditions, or Not approved.

Also no matter what your score you can get the same rate as someone with excellent credit who also applies for an FHA loan which means no matter what your credit grade you will be saving money.

Being approved with conditions can be as simple as making one of your credit cards current, or maybe a line of credit is still reporting after being closed. There can be a multitude of reasons and the situation is different for everyone. This is essentially your path to homeownership. Your loan officer will inform you on the conditions and it is up to you to meet them.

FHA has released guidelines on credit scores – with a 580 score considered to the be the minimum for approval without conditions. You can still get approved for a mortgage below 580 down to a 500 score but you would need to put a much greater downpayment and possibly resolve any issues around federal debt such as student loans that need to be made current before you can enjoy any FHA financing.

It is also important to note that many banks often have their own specific guidelines for FHA products. We try to match you with the best lenders that can help you.

In the lending industry anything below 640 is considered adverse or bad credit. Since we work with FHA loan officers which have access to these products that lend below 640 we are showing you a path to homeownership even if you have bad credit. There are limits on how bad your credit can be – for anyone below a 500 score there are no options until you can improve your credit.

For more information on how you best get a mortgage with bad credit ask your personal FHA loan officer about your path to homeownership.

Get started Now

Home mortgage refinancing

Home mortgage refinancing Home mortgage refinancing Home mortgage refinancing


FHA Mortgage, refinancing home mortgage.#Refinancing #home #mortgage


refinancing home mortgage

FHA mortgages have always been the alternative to risky subprime mortgages. The underwriting guidelines for FHA mortgages are very flexible and as a result when your personal loan officer takes your applications and tries to approve it they will receive a response from their underwriting system on if you are Approved, Approved with Conditions, or Not approved.

Also no matter what your score you can get the same rate as someone with excellent credit who also applies for an FHA loan which means no matter what your credit grade you will be saving money.

Being approved with conditions can be as simple as making one of your credit cards current, or maybe a line of credit is still reporting after being closed. There can be a multitude of reasons and the situation is different for everyone. This is essentially your path to homeownership. Your loan officer will inform you on the conditions and it is up to you to meet them.

FHA has released guidelines on credit scores – with a 580 score considered to the be the minimum for approval without conditions. You can still get approved for a mortgage below 580 down to a 500 score but you would need to put a much greater downpayment and possibly resolve any issues around federal debt such as student loans that need to be made current before you can enjoy any FHA financing.

It is also important to note that many banks often have their own specific guidelines for FHA products. We try to match you with the best lenders that can help you.

In the lending industry anything below 640 is considered adverse or bad credit. Since we work with FHA loan officers which have access to these products that lend below 640 we are showing you a path to homeownership even if you have bad credit. There are limits on how bad your credit can be – for anyone below a 500 score there are no options until you can improve your credit.

For more information on how you best get a mortgage with bad credit ask your personal FHA loan officer about your path to homeownership.

Get started Now

Refinancing home mortgage

Refinancing home mortgage Refinancing home mortgage Refinancing home mortgage


Mortgage Refinancing Options, Citizens Bank, refinancing your mortgage.#Refinancing #your #mortgage


Mortgage Refinancing

Explore options for refinancing your loan.

If you re looking to lower your interest rate or shorten your loan term, refinancing your home loan may help you get into a better financial position for your changing life circumstances.

Another way to lower your interest rate.

If you’re refinancing and have a Citizens checking account you could save even more.

Fixed-Rate Mortgage Details

When you refinance into a fixed-rate mortgage, your interest and principal payments won’t change for the life of the loan. Fixed-rate mortgages offer more stability in monthly payments than an ARM. To estimate your rate, use our Custom Rate Quote tool.

*Rates listed above are for conforming refinance loans, are effective as of

#ProductLine=Mortgage|Brand=citizensbank|ProductAttribute=RATE_UPLOAD_DATE# and subject to change at anytime. Rates include a 0.125 percentage point reduction which requires a Citizens Bank consumer checking account set up at time of loan origination with automatic monthly payment deduction. One offer per property. Not applicable to Bond or CRA loans. Other restrictions may apply.

Adjustable-Rate Mortgage (ARM)

When refinancing your home, our adjustable-rate mortgage (ARM) is ideal if you plan to stay in your home for a shorter period of time or have a higher tolerance for rate variability. ARMs generally offer initial interest rates that are lower than most fixed-rate mortgages. The initial interest rate on an ARM starts out fixed for a set number of years, then becomes variable. After that, the rate or payment will go up or down each year as the market index changes. To estimate your refinance rate. Use our Custom Rate Quote tool.

*Rates listed above are for conforming refinance loans, are effective as of

#ProductLine=Mortgage|Brand=citizensbank|ProductAttribute=RATE_UPLOAD_DATE# and subject to change at anytime. Adjustable rate mortgages (ARMs) have interest rates that are subject to increase after loan closing. Rates include a 0.125 percentage point reduction which requires a Citizens Bank consumer checking account set up at time of loan origination with automatic monthly payment deduction. One offer per property. Not applicable to Bond or CRA loans. Other restrictions may apply.

Jumbo Mortgage

A jumbo mortgage is required if you need to borrow an amount that exceeds the conforming loan limits. The current limit for a single-family home in the U.S. is $424,100 in most places. To estimate your rate, use our Custom Rate Quote tool.

*Rates listed above are for portfolio jumbo refinance loans, are effective as of

#ProductLine=Mortgage|Brand=citizensbank|ProductAttribute=RATE_UPLOAD_DATE# and subject to change at anytime. Adjustable rate mortgages (ARMs) have interest rates that are subject to increase after loan closing. Rates include a 0.125 percentage point reduction which requires a Citizens Bank consumer checking account set up at time of loan origination with automatic monthly payment deduction. One offer per property. Not applicable to Bond or CRA loans. Other restrictions may apply.

10-Year First Lien Position Home Equity Loan

You may qualify for an even lower home equity rate with a First Lien Position Home Equity Loan. This product is for borrowers with no other mortgages or liens on the property, or who intend to pay off an existing first mortgage with a new home equity loan. Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan.

#Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_FIRST_LIEN_APR_OTHER#

  • Typically no closing costs
  • Close in about 30 to 45 days
  • Interest may be tax deductible; consult your tax advisor
  • Minimum loan amount of $50,000
  • Save 0.25 percentage points off your home equity interest rate with a Citizens Bank checking account **
  • Maximum loan-to-value (LTV) of 80%

Rates listed above include all discounts and are effective as of #ProductLine=Mortgage|Brand=citizensbank|ProductAttribute=RATE_UPLOAD_DATE# and are subject to change at any time. For important additional information including how to obtain these rates, see full disclosures below**.

Learn more about this topic

Popular Questions:

Home Loan Originator NMLS Status

Our home loan originators are registered with the Nationwide Mortgage Licensing System and Registry (NMLS). Check your loan originator s status here.

Existing Mortgage Customers

Find information about your existing mortgage account, payment options and ways to contact us.

#Json=Label_Lookup|Brand=citizensbank|ApplyToParentElement=|TargetElementType=|TargetElementId=|Key=Personalize your experience.#

Validating Zip Code

Refinancing your mortgage

Personalize your experience by providing your ZIP Code. We ll show you products available in your area.

Enter a ZIP Code

Please enter a valid ZIP Code

Please enter a valid ZIP Code

The zip code you entered is served by Citizens One, the brand name for Citizens Bank’s lending business outside of our 11‑state branch footprint. Under the Citizens One brand we offer Auto Loans, Credit Cards, Mortgages, Personal Loans and Student Loans. To learn more, please visit:

Thank you for your interest in Citizens Bank

The zip code you entered is served by Citizens One, the brand name for Citizens Bank’s lending business outside of our 11‑state branch footprint. Under the Citizens One brand we offer Auto Loans, Credit Cards, Mortgages, Personal Loans and Student Loans. To learn more, please visit:

Want more information on products in those locations?

May We Suggest

Featured Products

Featured Products

Featured Products

Products You Viewed

Products You Viewed

Customer Service

Community

Company

Legal and Website Information

Citizens Bank is a brand name of Citizens Bank, N.A. (NMLS ID# 433960) and Citizens Bank of Pennsylvania (NMLS ID# 522615).

Citizens Bank corporate headquarters: One Citizens Plaza, Providence, RI 02903 Refinancing your mortgageRefinancing your mortgage

Mortgages are offered and originated by Citizens Bank, N.A. All loans are subject to approval.

** First Lien Position : The following rates are our best rates for a 10-year term. As of #Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_date# , #Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_FIRST_LIEN_APR_OTHER# APR is available for qualifying properties in CT, DE, MA, MI, NH, NJ, OH, PA, RI and VT ( #Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_FIRST_LIEN_APR_NY# APR in NY) with a loan-to-value (LTV) of 80% or less for loans of $50,000 or more with auto-deduction from Citizens Bank consumer checking account and a 10-year term. An equity loan of $50,000 with a 10-year term at #Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_FIRST_LIEN_APR_NY# APR results in 120 monthly payments of #Json=Label_Lookup|Brand=citizensbank|TargetElementType=span|TargetElementId=|Key=HLS_FIRST_LIEN_APR_REPAYMENT# . Payment examples do not include escrow for property related taxes and insurance that must be paid separately. Single family residence, condo, 2- to 4-unit multi-family homes, and primary/secondary vacation homes held in first lien position only. First lien position home equity loans are only available to customers who do not have an existing mortgage or equity loan on the property or are planning to pay off an existing mortgage or equity loan with this new loan. First lien position home equity loans are only available for a 10-year term. All Annual Percentage Rates (APRs) assume payment by auto-deduction from Citizens Bank consumer checking account. Rate and terms may change at any time. Offer subject to change without notice. Not available for homes currently for sale. Homes previously listed for sale must be off the market for at least ninety days prior to application. Property cannot be an investment property, co-op, mobile home or manufactured housing (mobile homes – including those on own land, on permanent foundation, and including single and double wide). Property insurance required. Flood insurance may be required. All accounts and services subject to individual approval. Consult your tax advisor regarding deductibility of interest.


4 Ways to Remove a Name from a Mortgage Without Refinancing, refinancing your mortgage.#Refinancing #your


How to Remove a Name from a Mortgage Without Refinancing

If you want to remove a name from a joint mortgage loan, whether it is your name or the name of your co-borrower, it is possible to do so without refinancing. This situation might occur if a relationship breaks up or a living situation changes. However, each option has its downside and may not be successful.

Steps Edit

Method One of Four:

Getting the Lender to Agree to Remove a Name From a Joint Mortgage Edit

Refinancing your mortgage

Refinancing your mortgage

Refinancing your mortgage

Refinancing your mortgage

Refinancing your mortgage

Refinancing your mortgage

Refinancing your mortgage

Method Two of Four:

Enlisting a Co-Signer to Add to the Mortgage Edit

Refinancing your mortgage

Refinancing your mortgage

Refinancing your mortgage

Refinancing your mortgage

Method Three of Four:

Filing for Bankruptcy Edit

Refinancing your mortgage

Refinancing your mortgage

Refinancing your mortgage

Refinancing your mortgage

Refinancing your mortgage


Compare mortgage, refinance, insurance, CD rates, refinancing mortgage rates.#Refinancing #mortgage #rates


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Refinancing mortgage rates

Refinancing mortgage rates

Refinancing mortgage rates

Refinancing mortgage rates

Refinancing mortgage rates

Refinancing mortgage rates

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How Does Refinancing Work, The Truth About, refinancing mortgage rates.#Refinancing #mortgage #rates


How Does Refinancing Work?

Refinancing mortgage rates

Fundamental mortgage Q A: “How does refinancing work?”

When you refinance your mortgage, you are essentially trading in your old loan for a fresh one with a new interest rate and term. And possibly even a new balance.

You may elect to receive a new mortgage from the same bank that held your old loan previously, or refinance your loan with an entirely different lender.

It s certainly worth your while to shop around if you re thinking about refinancing, as your current lender may not have the best deal.

Regardless, the bank or mortgage lender that grants you the new mortgage essentially pays off your old mortgage with a new mortgage, thus the term refinancing.

In a nutshell, most borrowers choose to refinance their mortgage either to take advantage of lower interest rates or to cash in on equity accrued in the home.

Two Main Types of Refinancing

There are two main types of refinancing; rate and term refinancing and cash-out refinancing (click the links to get in-depth explanations of both).

Rate and Term Refinancing

Original mortgage: $300,000 loan, 30-year fixed @6.25%

New mortgage: $300,000 loan, 15-year fixed @4.50%

To put it simply, a rate and term refinance is basically the act of trading in your old mortgage(s) for a new shiny one without raising the loan amount.

In my example above, the refinancing results in a shorter-term mortgage with a lower interest rate. Two birds, one stone. It will be paid off faster and with less interest. Magic.

Reasons for carrying out this type of refinancing include securing a lower interest rate, moving out of an adjustable-rate mortgage into a fixed-rate mortgage (or vice versa), going from an FHA loan to a conventional loan, or consolidating multiple loans into one. And in our example, to reduce the term as well (if desired).

Lately, a large number of homeowners have been going the rate and term refi route to take advantage of the unprecedented record low mortgage rates available. They ve been able to refinance into shorter-term loans like the 15-year fixed mortgage without seeing much of a monthly payment increase thanks to the sizable rate improvement.

Obviously, it has to make sense to the borrower to execute this type of transaction, as you won’t be getting any cash in your pocket (directly) for doing it, but you will pay closing costs and other fees that must be considered.

So be sure to find your break-even point before deciding to refinance your current mortgage rate. This is essentially when the refinancing costs are recouped via the lower monthly mortgage payment.

If you don t plan on staying in the home/mortgage for the long-haul, you could be throwing away money, even if the interest rate is significantly lower.

Original mortgage: $300,000 loan, 30-year fixed @6.25%

New mortgage: $350,000 loan, 30-year fixed @4.75%

Now let s discuss a cash-out refinance, which involves exchanging your existing loan for a larger mortgage in order to get cold hard cash.

This type of refinancing allows homeowners to tap into their home equity, which is the value of the property less any existing mortgages or liens.

Cash out refinancing puts money in the pockets of homeowners, but has its drawbacks because you’re left with a larger outstanding balance to pay back as a result (and there are also the closing costs, unless it s a no cost refi).

With a cash-out refinance, you wind up with cash, but also a higher monthly mortgage payment in most cases. In our example, the monthly payment actually goes down thanks to the substantial rate drop, and the homeowner gets $50,000 to do with as they please.

While that may sound great, many homeowners who serially refinanced over the past decade have found themselves underwater, or owing more on their mortgage than the home is currently worth, despite buying properties on the cheap years ago.

All that said, only pull cash out when absolutely necessary, because it must be paid back at some point. It s not free money.

Refinancing May Not Be Necessary

Despite what the banks and lenders might be chirping about, refinancing isn t always the winning move for everyone. In fact, it could actually cost you money if you don t take the time to crunch the numbers.

Instead of borrowing more than you need, or resetting your mortgage, do the math first to determine the best move for your unique situation.

One alternative to refinancing your existing home loan is to instead take out a second mortgage, often in the form of a home equity line of credit.

This keeps the first mortgage intact if you’re happy with the associated interest rate and loan term, but gives you the power to tap into your home equity (get cash) if and when necessary.


Refinance Calculator – Will Refinancing Save You Money, Calculators by CalcXML, mortgage refinancing calculator.#Mortgage #refinancing


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Should I refinance my mortgage?

Over the last couple of years with interest rates at a 40-year low, many people refinanced their mortgages. Even though rates have crept up over the last couple of months, refinancing may make sense for you. Use our refinance calculator to analyze your situation today!

Mortgage refinancing calculator

When Should You Refinance Your Home?

When mortgage interest rates drop more than a percentage or so, some homeowners will decide to refinance their loans to get a better rate. Consider that average interest rates on fixed-rate mortgages have ranged from less than 7 percent in the late 1990s to more than 15 percent in the early 1980s, and you can see that refinancing can result in significant savings for the homeowner.

A general rule of thumb is to refinance when interest rates drop 2 percentage points or more. For example, if you have a $100,000, 30-year, fixed-rate mortgage at 10 percent, you will pay more than $215,000 in interest over the next 30 years. But if you have a $100,000, 30-year, fixed-rate mortgage at 8 percent, you will pay less than $165,000 in interest over the same period.

Mortgage refinancing calculator

6 Inexpensive Ways to Get Your House Ready to Sell

You may want to convert an adjustable-rate mortgage (ARM) to a fixed-rate loan to gain stability in your monthly payments or in the event that interest rates drop faster than your ARM can accommodate. Many ARMs have caps limiting the amount of periodic adjustments. So, if interest rates drop 3 percentage points in a year but your ARM has a 2 percent annual cap, you may want to refinance to take full advantage of the new, low interest rates.

When interest rates drop, you can refinance to take advantage of the new rates, getting either a new ARM or a fixed-rate mortgage at a lower rate. When you replace an old ARM with a new one, you generally reset your mortgage’s lifetime adjustment cap. For instance, if your old mortgage had a lifetime adjustment cap of 6 percent and the initial rate was 10 percent, your mortgage rate could go as high as 16 percent. If you replace your old mortgage with an ARM with a rate of 8 percent and a lifetime adjustment cap of 6 percent, your mortgage interest rate will never go higher than 14 percent.

Mortgage refinancing calculator

Should I Rent or Buy a Home?

Besides the costs of refinancing, you may want to consider other potential disadvantages before signing on the dotted line. For example, if you cash out some of the equity in your home, you will own less of your home when the deal is done. And it may take you longer to own your home free and clear than if you had not refinanced.

Time is also a consideration when it comes to refinancing costs. How long will it take for your new interest savings to pay off the property appraisal, title insurance, and other costs? You may have to live in the house longer than you planned to make the refinance worthwhile. If you move before you have recouped the refinance costs, you will lose money on the deal.

Definitions

  • Current loan balance The amount you currently owe on your existing mortgage.
  • Annual interest rate The interest rate on your existing mortgage.
  • Number of months remaining The number of months remaining on your existing mortgage.
  • Annual interest rate on new mortgage The interest rate you can get on your refinanced mortgage. This should be lower than the interest rate on your existing mortgage.
  • Number of months The number months you will be paying on your refinanced mortgage loan. 30 years = 360 months, 20 years = 240 months, 15 years = 180 months.
  • Loan origination fee This is a fee charged by the lender to evaluate, prepare and submit your loan. It typically ranges for 0.5% to 2%.
  • Other fees/discount points Lenders charge various other related fees. Enter any other fees or discount points as a percentage in this field.
  • Other fees: Lenders charge various other related fees. Enter any other fees as a monetary amount in this field.

Mortgage refinancing calculator

This information may help you analyze your financial needs. It is based on information and assumptions provided by you regarding your goals, expectations and financial situation. The calculations do not infer that the company assumes any fiduciary duties. The calculations provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results.

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