Flexible qualification guidelines
Depending on your credit score, you may only be required to have 3.5% equity (or down payment).
Find mortgage rates by state.
Please enter a valid U.S. state.
Please enter a valid U.S. state.
Compare a variety of mortgage types by selecting one or more of the following.
Conventional fixed-rate loans
Term
The term is the amount of time you have to pay back the loan.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The annual percentage rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. The APR may be increased or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Points
Mortgage points, or discount points, are a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payment. One mortgage point is equal to about 1% of your total loan amount, so on a $250,000 loan, one point would cost you about $2,500.
30-year
20-year
15-year
10-year
Conventional fixed-rate loans
Term
The term is the amount of time you have to pay back the loan.
30-year
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The annual percentage rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. The APR may be increased or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Points
Mortgage points, or discount points, are a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payment. One mortgage point is equal to about 1% of your total loan amount, so on a $250,000 loan, one point would cost you about $2,500.
Term
The term is the amount of time you have to pay back the loan.
20-year
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The annual percentage rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. The APR may be increased or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Points
Mortgage points, or discount points, are a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payment. One mortgage point is equal to about 1% of your total loan amount, so on a $250,000 loan, one point would cost you about $2,500.
Term
The term is the amount of time you have to pay back the loan.
15-year
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The annual percentage rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. The APR may be increased or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Points
Mortgage points, or discount points, are a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payment. One mortgage point is equal to about 1% of your total loan amount, so on a $250,000 loan, one point would cost you about $2,500.
Term
The term is the amount of time you have to pay back the loan.
10-year
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The annual percentage rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. The APR may be increased or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Points
Mortgage points, or discount points, are a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payment. One mortgage point is equal to about 1% of your total loan amount, so on a $250,000 loan, one point would cost you about $2,500.
The rates and monthly payments shown are based on a loan amount of $464,000 and at least 25% equity. Learn more about how these rates, APRs and monthly payments are calculated. Plus, see a conforming fixed-rate estimated monthly payment and APR example. Get more details.
Conforming adjustable-rate mortgage (ARM) loans
Term
The term is the amount of time you have to pay back the loan. The numbers shown (for example, 10/1 or 10/6) represent the fixed-rate period (10 years) and the adjustment period of the variable rate (either every year or every six months). ARM rates, APRs and monthly payments are subject to increase after the initial fixed-rate period of five, seven, or 10 years and assume a 30-year term.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The annual percentage rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. The APR may be increased or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Points
Mortgage points, or discount points, are a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payment. One mortgage point is equal to about 1% of your total loan amount, so on a $250,000 loan, one point would cost you about $2,500.
10/6 mo
7/6 mo
Conforming adjustable-rate mortgage (ARM) loans
Term
The term is the amount of time you have to pay back the loan. The numbers shown (for example, 10/1 or 10/6) represent the fixed-rate period (10 years) and the adjustment period of the variable rate (either every year or every six months). ARM rates, APRs and monthly payments are subject to increase after the initial fixed-rate period of five, seven, or 10 years and assume a 30-year term.
10/6 mo
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The annual percentage rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. The APR may be increased or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Points
Mortgage points, or discount points, are a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payment. One mortgage point is equal to about 1% of your total loan amount, so on a $250,000 loan, one point would cost you about $2,500.
Term
The term is the amount of time you have to pay back the loan. The numbers shown (for example, 10/1 or 10/6) represent the fixed-rate period (10 years) and the adjustment period of the variable rate (either every year or every six months). ARM rates, APRs and monthly payments are subject to increase after the initial fixed-rate period of five, seven, or 10 years and assume a 30-year term.
7/6 mo
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The annual percentage rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. The APR may be increased or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Points
Mortgage points, or discount points, are a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payment. One mortgage point is equal to about 1% of your total loan amount, so on a $250,000 loan, one point would cost you about $2,500.
The rates and monthly payments shown are based on a loan amount of $464,000 and at least 25% equity. Learn more about how these rates, APRs and monthly payments are calculated. Plus, see an ARM estimated monthly payment and APR example. Get more details.
Jumbo adjustable-rate mortgage (ARM) loans
Term
The term is the amount of time you have to pay back the loan. The numbers shown (for example, 10/1 or 10/6) represent the fixed-rate period (10 years) and the adjustment period of the variable rate (either every year or every six months). ARM rates, APRs and monthly payments are subject to increase after the initial fixed-rate period of five, seven, or 10 years and assume a 30-year term.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The annual percentage rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. The APR may be increased or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Points
Mortgage points, or discount points, are a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payment. One mortgage point is equal to about 1% of your total loan amount, so on a $250,000 loan, one point would cost you about $2,500.
10/1 yr
7/1 yr
5/1 yr
Jumbo adjustable-rate mortgage (ARM) loans
Term
The term is the amount of time you have to pay back the loan. The numbers shown (for example, 10/1 or 10/6) represent the fixed-rate period (10 years) and the adjustment period of the variable rate (either every year or every six months). ARM rates, APRs and monthly payments are subject to increase after the initial fixed-rate period of five, seven, or 10 years and assume a 30-year term.
10/1 yr
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The annual percentage rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. The APR may be increased or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Points
Mortgage points, or discount points, are a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payment. One mortgage point is equal to about 1% of your total loan amount, so on a $250,000 loan, one point would cost you about $2,500.
Term
The term is the amount of time you have to pay back the loan. The numbers shown (for example, 10/1 or 10/6) represent the fixed-rate period (10 years) and the adjustment period of the variable rate (either every year or every six months). ARM rates, APRs and monthly payments are subject to increase after the initial fixed-rate period of five, seven, or 10 years and assume a 30-year term.
7/1 yr
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The annual percentage rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. The APR may be increased or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Points
Mortgage points, or discount points, are a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payment. One mortgage point is equal to about 1% of your total loan amount, so on a $250,000 loan, one point would cost you about $2,500.
Term
The term is the amount of time you have to pay back the loan. The numbers shown (for example, 10/1 or 10/6) represent the fixed-rate period (10 years) and the adjustment period of the variable rate (either every year or every six months). ARM rates, APRs and monthly payments are subject to increase after the initial fixed-rate period of five, seven, or 10 years and assume a 30-year term.
5/1 yr
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The annual percentage rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. The APR may be increased or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Points
Mortgage points, or discount points, are a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payment. One mortgage point is equal to about 1% of your total loan amount, so on a $250,000 loan, one point would cost you about $2,500.
The rates and monthly payments shown are based on a loan amount of $940,000 and at least 25% equity. Learn more about how these rates, APRs and monthly payments are calculated. Plus, see an ARM estimated monthly payment and APR example. Get more details.
Federal Housing Administration (FHA) loans
Term
The term is the amount of time you have to pay back the loan.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The annual percentage rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. The APR may be increased or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Points
Mortgage points, or discount points, are a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payment. One mortgage point is equal to about 1% of your total loan amount, so on a $250,000 loan, one point would cost you about $2,500.
30-year
Federal Housing Administration (FHA) loans
Term
The term is the amount of time you have to pay back the loan.
30-year
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The annual percentage rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. The APR may be increased or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Points
Mortgage points, or discount points, are a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payment. One mortgage point is equal to about 1% of your total loan amount, so on a $250,000 loan, one point would cost you about $2,500.
The rates and monthly payments shown are based on a loan amount of $270,019 and at least 3.5% equity. Learn more about how these rates, APRs and monthly payments are calculated. Plus, see an FHA estimated monthly payment and APR example. Get more details.
Veterans Affairs (VA) loans
Term
The term is the amount of time you have to pay back the loan.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The annual percentage rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. The APR may be increased or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Points
Mortgage points, or discount points, are a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payment. One mortgage point is equal to about 1% of your total loan amount, so on a $250,000 loan, one point would cost you about $2,500.
30-year
Veterans Affairs (VA) loans
Term
The term is the amount of time you have to pay back the loan.
30-year
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The annual percentage rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. The APR may be increased or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Points
Mortgage points, or discount points, are a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payment. One mortgage point is equal to about 1% of your total loan amount, so on a $250,000 loan, one point would cost you about $2,500.
The rates and monthly payments shown are based on a loan amount of $270,072 and no equity. Learn more about how these rates, APRs and monthly payments are calculated. Plus, see a VA estimated monthly payment and APR example. Get more details.
Jumbo loans
Term
The term is the amount of time you have to pay back the loan.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The annual percentage rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. The APR may be increased or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Points
Mortgage points, or discount points, are a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payment. One mortgage point is equal to about 1% of your total loan amount, so on a $250,000 loan, one point would cost you about $2,500.
30-year
20-year
15-year
Jumbo loans
Term
The term is the amount of time you have to pay back the loan.
30-year
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The annual percentage rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. The APR may be increased or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Points
Mortgage points, or discount points, are a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payment. One mortgage point is equal to about 1% of your total loan amount, so on a $250,000 loan, one point would cost you about $2,500.
Term
The term is the amount of time you have to pay back the loan.
20-year
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The annual percentage rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. The APR may be increased or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Points
Mortgage points, or discount points, are a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payment. One mortgage point is equal to about 1% of your total loan amount, so on a $250,000 loan, one point would cost you about $2,500.
Term
The term is the amount of time you have to pay back the loan.
15-year
Monthly payment
The monthly payment shown is made up of principal and interest. It does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included.
Rate
The interest rate is the amount your lender charges you for using their money. It's shown as a percentage of your principal loan amount. ARM loan rates are based on an index and margin and may adjust as outlined in your agreement.
APR
1
The annual percentage rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. The APR may be increased or decreased after the closing date for adjustable-rate mortgages (ARM) loans.
Points
Mortgage points, or discount points, are a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payment. One mortgage point is equal to about 1% of your total loan amount, so on a $250,000 loan, one point would cost you about $2,500.
The rates and monthly payments shown are based on a loan amount of $940,000 and at least 25% equity. Learn more about how these rates, APRs and monthly payments are calculated. Plus, see a jumbo estimated monthly payment and APR example. Get more details.
FHA refinance loan details and benefits
An FHA refinance loan is a government-backed loan that’s insured by the Federal Housing Administration. They generally have more flexible lending requirements than conventional refinance loans.
Lower credit requirements
Borrowers can qualify for FHA loans without having a long credit history or good credit score.
Popular for refinancing
Many borrowers with adjusting ARMs (adjustable-rate mortgages) look to refinance into fixed-rate FHA loans.
If you're an active service member, veteran or eligible surviving spouse, VA refinance loans offer similar advantages, like lower credit score and borrower equity requirements.
Want to talk to someone about your options?
A mortgage loan officer who’s familiar with your area can offer you guidance on choosing the right loan for your specific needs.
Looking for FHA mortgage rates instead?
If you’re interested in buying a new home, an FHA home loan may be an option.
Requirements for FHA refinance loans
While FHA refinance loans are more flexible when it comes to their qualification guidelines, you do need to meet some general requirements.
Minimum borrower equity
A minimum equity or down payment of 3.5% is required for all FHA refinance loans.
Mortgage insurance
All FHA refinance loans require mortgage insurance even if you have 20% or more equity or put 20% or more down. Mortgage insurance protects the lender against any loss if you fail to pay your mortgage.
Property requirements
Your home must be used as your primary residence and should protect the health and safety of the residents and the safety of the property. It shouldn’t have physical deficiencies or conditions affecting its structural integrity. An FHA-approved appraiser must appraise the home.
Mortgage refinance calculator
See if refinancing is right for you and how much you could save with our mortgage refinance calculator.
Learn more about refinancing and your options.
Check out all your refinancing options.
We offer refinance loans that can meet almost every circumstance.
Should you refinance?
Refinancing might be a money-saver, but consider these things first.
Understand how to refinance.
The refinancing process is pretty straightforward. Here are the steps.
Decide when to refinance.
Wondering when it’s the right time to refinance? Get tips on the best approach.
Get answers to common questions.
Yes. You must meet certain requirements related to credit score, debt-to-income ratio and more, to qualify for a mortgage refinance. These requirements vary by loan type.
You’ll be required to make a minimum of six months’ worth of payments on the original FHA loan before you can refinance to another FHA loan. If you’re planning to refinance from an FHA loan to a conventional loan, there is no waiting period.
All FHA refinance loans require mortgage insurance even if you have 20% or more equity or put 20% or more down. Mortgage insurance protects the lender against any loss if you fail to pay your mortgage.
- A mortgage insurance premium (MIP) includes an upfront fee of 1.75% of your loan amount (either financed into the new loan amount or paid in full at closing) and a monthly cost (added to your monthly principal and interest payment).
- The monthly cost varies based on your loan amount, but typically ranges from 0.80% to 1.05% of the loan balance on a 30-year FHA loan and 0.45% to 0.95% of the loan balance on a 15-year FHA loan.
- Mortgage insurance is required on FHA loans for either 11 years or the entire length of the loan, depending on the terms.
Take the next step
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Disclosures
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Equal Housing Lender