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Best Mortgage Refinance Companies in Minneapolis

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2520 University Ave SE, Minneapolis, MN 55414
Minneapolis, MN 55414
Instagram

Founded in 1930, Affinity Plus Federal Credit Union is a not-for-profit member-owned cooperative that provides home mortgage refinance in Minneapolis. It offers conventional mortgage loans for first-time buyers with low down payments, fixed or adjustable interest rates, and low monthly payments. Members wishing to refinance their homes can choose traditional or cash-out refinance loans to get lower mortgage rates, shorter terms, and more manageable monthly payments. The credit union also helps members tap into their home's equity with HELOC loans, providing collateralized lines of credit for major purchases, home remodeling, or unexpected expenses.

2520 University Ave SE, Minneapolis, MN 55414
Minneapolis, MN 55414

InstagramWebsite(800) 322-7228

Show Number
7505 Metro Boulevard, Minneapolis, MN 55439
Minneapolis, MN 55439
  • Reverse Mortgages
  • NMLS #: 39166

Angie Sherer is a mortgage loan officer connected with Luminate Home Loans that serves clients in Minneapolis and nearby communities. Sherer helps homeowners save money through refinancing to lower interest rates, reduce monthly payments, or shorten the terms of their mortgages. She also assists prospective homeowners in securing home financing and works with homeowners wanting to cash out from their home equity. The loan options include conventional loans and FHA loans. Sherer has been in the industry for more than 10 years.

7505 Metro Boulevard, Minneapolis, MN 55439
Minneapolis, MN 55439

Website(612) 644-9948

Show Number

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.

Online Profiles:

3 (Best)

Average Review Score:

5 / 5 ( Best)

Total Reviews:

127 (Best)

Score Consistency:

Consistent (Best)

333 North Washington Avenue, Minneapolis, MN 55401
Minneapolis, MN 55401
  • Reverse Mortgages
  • NMLS #: 39166

Brad Dale is a mortgage professional representing Cherry Creek Mortgage in Minneapolis who counsels clients looking to refinance their mortgages or apply for residential property loans. He has been in the mortgage industry since 1993 and has been working with the company since 2004. Brad is an NMLS certified loan specialist that assists clients in applying for conventional loans, government loans, and jumbo loans for executing mortgage strategies such as mortgage reductions and equity cash-outs.

333 North Washington Avenue, Minneapolis, MN 55401
Minneapolis, MN 55401

Website(952) 224-1010

Show Number

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.

Online Profiles:

2 (Better)

Average Review Score:

5 / 5 ( Best)

Total Reviews:

77 (Best)

Score Consistency:

Consistent (Best)

225 S 6th St Ste 200, Minneapolis, MN 55402
Minneapolis, MN 55402

Bremer Bank, a full-service mortgage refinance company in Minneapolis, has provided clients with a comprehensive range of banking products and services since 1943. The bank offers FHA and VA federal loan programs ideal for first-time home buyers and veterans who desire lower down payments, reduced closing costs, or other discounts. Homeowners who want to refinance their homes can apply for the bank's fixed- or adjustable-rate conventional loans to lower interest rates and monthly payments. Bremer Bank also has fixed- and variable-rate jumbo loans that allow borrowers to buy more expensive homes.

225 S 6th St Ste 200, Minneapolis, MN 55402
Minneapolis, MN 55402

Website(612) 782-1960

Show Number
5251 Chicago Avenue South, Minneapolis, MN 55417
Minneapolis, MN 55417
Instagram
  • Reverse Mortgages

Chris O'Connell is a Minneapolis -based mortgage loan officer for Cardinal Financial Company, a mortgage lending company operating since 1987. He has more than a decade of experience assisting individuals and families in their journey of homeownership. O'Connell caters to clients who are either purchasing a home or refinancing an existing mortgage to lower monthly payments and cash out for renovations. The refinance loan options he offers are cash-out, home equity, streamline FHA, streamline VA, and CEMA.

5251 Chicago Avenue South, Minneapolis, MN 55417
Minneapolis, MN 55417

InstagramWebsite(612) 868-1688

Show Number

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.

Online Profiles:

1 (Good)

Average Review Score:

5 / 5 ( Best)

Total Reviews:

24 (Better)

Score Consistency:

Consistent (Best)

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.

Responsiveness: A+

Friendliness: A+

Helpfulness: A+

Detail: --

5500 Wayzata Blvd., Suite 300, Minneapolis, MN 55416
Minneapolis, MN 55416
  • Reverse Mortgages

Conor Hesch is a senior mortgage loan officer with Bell Bank Mortgage who caters to clients in and around the Minneapolis area. Conor offers refinancing options where clients can tap equity to remodel. He also offers a wide variety of loan options for first-time homebuyers, move-up buyers, and veterans, covering properties types like new construction, vacation homes, and downsized assets. Conor specializes in formulating strategies to avoid long-term private mortgage insurance. He is a Platinum Club member of Bell Bank Mortgage.

5500 Wayzata Blvd., Suite 300, Minneapolis, MN 55416
Minneapolis, MN 55416

Website(952) 649-1256

Show Number

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.

Online Profiles:

1 (Good)

Average Review Score:

5 / 5 ( Best)

Total Reviews:

79 (Best)

Score Consistency:

Consistent (Best)

708 North 1st Street #236, Minneapolis, MN 55401
Minneapolis, MN 55401
Instagram
  • Reverse Mortgages

Eric Roering is a branch manager of Movement Mortgage who has been working in the industry since 2008. Serving Minneapolis, he assists individuals who are looking to buy or refinance a property by providing a variety of loan options. His team helps clients throughout the mortgage process while maintaining open communication to keep them up-to-date with the progress of their loan program applications. Eric has been recognized by the Scotsman Guide as a top originator in the country.

708 North 1st Street #236, Minneapolis, MN 55401
Minneapolis, MN 55401

InstagramWebsite(612) 202-4028

Show Number

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.

Online Profiles:

1 (Good)

Average Review Score:

5 / 5 ( Best)

Total Reviews:

13 (Better)

Score Consistency:

Consistent (Best)

843 40th Ave NE, Columbia Heights, MN 55421
Columbia Heights, MN 55421
  • Reverse Mortgages
  • NMLS #: 39166

Founded in 1933, member-owned and operated financial cooperative Financial One Credit Union provides financial services to its members in Minneapolis. Its in-house mortgage loans offer borrowers competitively low rates and repayment terms for financing new homes, second homes, or vacation properties. Members can use the equity in their homes as collateral to secure loans with fixed monthly mortgage payments and lower interest rates. For business owners wanting to buy, build, or refinance properties, Financial One Credit Union has commercial real estate loans with low rates, flexible terms, and fuss-free repayment options.

843 40th Ave NE, Columbia Heights, MN 55421
Columbia Heights, MN 55421

Website(763) 404-7600

Show Number
7525 Office Ridge Cir, Eden Prairie, MN 55344
Eden Prairie, MN 55344

Flagship Bank Minnesota offers clients refinancing services via fixed-rate and adjustable-rate mortgages, primarily for residential properties. This bank is most experienced with conventional loans, jumbo loans, and specialty mortgages. Clients interested in refinancing receive personalized consultation services From loan officers who assist them with the application process, explain their eligibility for available loan programs, and guide them through to completion of the refinancing process. Flagship Bank Minnesota also finances new home construction as well as home remodeling projects and offers home equity loans and lines of credit to standard clients and investors alike.

7525 Office Ridge Cir, Eden Prairie, MN 55344
Eden Prairie, MN 55344

Website(952) 944-6050

Show Number
333 N. Washington Ave #101, Minneapolis, MN 55401
Minneapolis, MN 55401
  • Reverse Mortgages

Gold Star Mortgage Financial Group offers refinancing services to property owners in Minneapolis. It assists clients with refinancing without an appraisal or out of an adjustable-rate mortgage. The company also helps with obtaining low-interest rates and reducing mortgage payments. Its team of loan officers refinances to FHA, VA, and Jumbo loans, FHA Streamline, and 15- or 30-year fixed mortgages. Other loan programs offered include reverse mortgages, USDA rural development loans, condo financing, and down payment assistance.

333 N. Washington Ave #101, Minneapolis, MN 55401
Minneapolis, MN 55401

Website(612) 501-5113

Show Number

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.

Online Profiles:

1 (Good)

Average Review Score:

4.6 / 5 ( Best)

Total Reviews:

21 (Better)

Score Consistency:

Consistent (Best)

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.

Responsiveness: A+

Friendliness: A+

Helpfulness: A+

Detail: A+

209 Snelling Ave N, St Paul, MN 55104
St Paul, MN 55104

iLoan extends its mortgage services to clients in Minneapolis. It provides refinancing solutions through home affordable and streamlined FHA and VA IRRRL programs. Its representatives walk property buyers through the process and give them various loan amortization period options, ranging from 10 to 40 years. They also offer customized programs like fixed-rate, jumbo, reverse, energy-efficient, and temporary buydown mortgages. As a way of giving back to the community, iLoan donates a portion of its profits to charities related to public schools and housing.

209 Snelling Ave N, St Paul, MN 55104
St Paul, MN 55104

Website(612) 234-7283

Show Number

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.

Online Profiles:

2 (Better)

Average Review Score:

5 / 5 ( Best)

Total Reviews:

164 (Best)

Score Consistency:

Consistent (Best)

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.

Responsiveness: A+

Friendliness: A+

Helpfulness: A+

Detail: A+

2523 S. Wayzata Blvd. Ste 200, Minneapolis, MN 55405
Minneapolis, MN 55405
Instagram

Luminate provides mortgage refinancing services to the Minneapolis metro and the neighboring areas. It assists individuals who wish to refinance their current loan programs to reduce their rates and improve their savings. The company's team also provides services to first-time homebuyers wanting to purchase residential properties using different mortgage loan programs, including USDA, VA, FHA, and conventional. One of its mortgage loan originators, Adam Long, has over a decade of experience in the lending industry.

2523 S. Wayzata Blvd. Ste 200, Minneapolis, MN 55405
Minneapolis, MN 55405

InstagramWebsite(952) 698-3300

Show Number

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.

Online Profiles:

1 (Good)

Average Review Score:

4.9 / 5 ( Best)

Total Reviews:

181 (Best)

Score Consistency:

Consistent (Best)

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.

Responsiveness: A+

Friendliness: A+

Helpfulness: A+

Detail: --

700 Washington Ave. N, Minneapolis, MN 55401
Minneapolis, MN 55401
Instagram
  • Reverse Mortgages

Luminate Home Loans, which has been in the industry for over 15 years, caters to clients in the Minneapolis area and surrounding communities. The company offers mortgage lending for new homes and refinancing properties. Clients from different backgrounds are offered a variety of loan options to choose from, such as conventional, FHA, veteran, and USDA. Luminate Home Loans' Ellingson team has a combined experience of more than 30 years, and is one of over 18 offices throughout the country.

700 Washington Ave. N, Minneapolis, MN 55401
Minneapolis, MN 55401

InstagramWebsite(763) 300-6876

Show Number

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.

Online Profiles:

2 (Better)

Average Review Score:

5 / 5 ( Best)

Total Reviews:

48 (Best)

Score Consistency:

Consistent (Best)

1700 West Highway 36, Roseville, MN 55113
Roseville, MN 55113
Instagram
  • Reverse Mortgages

M&M Mortgage is a locally owned and locally operated company that serves individuals and families in Minneapolis and the surrounding communities. It assists in mortgage refinancing to lower monthly payments, obtain lower interest rates, get a home equity line of credit, or cash out. It offers a variety of loan programs, such as FHA 203(k), VA, conventional, jumbo, HARP 2.0, and fixed and adjustable. M&M Mortgage brings over 50 years of experience in the industry and is a member of the Minnesota Mortgage Association.

1700 West Highway 36, Roseville, MN 55113
Roseville, MN 55113

InstagramWebsite(651) 639-9800

Show Number

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.

Online Profiles:

2 (Better)

Average Review Score:

4.9 / 5 ( Best)

Total Reviews:

502 (Best)

Score Consistency:

Consistent (Best)

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.

Responsiveness: A+

Friendliness: A+

Helpfulness: A+

Detail: A+

2636 Ridge Lane, Mounds View, MN 55112
Mounds View, MN 55112
  • Reverse Mortgages

Minnesota Residential Mortgage, Inc., is a team of loan specialists serving Minneapolis and the surrounding locations. They help clients refinance mortgages, whether to lower their monthly payments or cash out from home equity. They also guide clients through the process of applying and qualifying for conventional, investor, and jumbo loans. Additionally, they offer government-backed mortgage programs such as FHA and VA. Minnesota Residential Mortgage is headed by Rich Kusick, who has been working in the industry for over 25 years.

2636 Ridge Lane, Mounds View, MN 55112
Mounds View, MN 55112

Website(651) 797-4090

Show Number

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.

Online Profiles:

1 (Good)

Average Review Score:

5 / 5 ( Best)

Total Reviews:

50 (Best)

Score Consistency:

Consistent (Best)

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.

Responsiveness: A+

Friendliness: A+

Helpfulness: A+

Detail: A+

7655 Washington Ave. S, Edina, MN 55439
Edina, MN 55439
Instagram
  • Reverse Mortgages

Hometown Lenders Edina Branch is a local mortgage brokerage firm serving clients in Minneapolis. It assists individuals seeking to refinance their current mortgages for various purposes. These include lowering payments, cashing out equity, renegotiating loan terms, and consolidating debts. Its officers work with borrowers to find loan programs tailored to their specific needs. There are also mortgage products available for first-time homebuyers, such as conventional, VA, and USDA loans. Hometown Lenders has been helping people get financing since 2000.

7655 Washington Ave. S, Edina, MN 55439
Edina, MN 55439

InstagramWebsite(612) 750-8665

Show Number

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.

Online Profiles:

1 (Good)

Average Review Score:

4.9 / 5 ( Best)

Total Reviews:

22 (Better)

Score Consistency:

Consistent (Best)

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.

Responsiveness: A+

Friendliness: A+

Helpfulness: A+

Detail: A+

7825 Washington Ave S. Suite 650, Minneapolis, MN 55439
Minneapolis, MN 55439
  • Reverse Mortgages
  • New Construction

Oliver White is a Minneapolis-based branch manager and mortgage broker at Fairway Independent Mortgage Corporation. He assists first-time homebuyers, move-up and second home buyers, investment buyers, and seniors seeking reverse mortgages navigate through the mortgage application to the close-out process. He also helps those already owning a home and looking to refinance to decrease monthly payments or take some cash out. Former clients recommend White and his team for keeping them informed about their mortgage status and returning all their emails and calls promptly.

7825 Washington Ave S. Suite 650, Minneapolis, MN 55439
Minneapolis, MN 55439

Website(952) 412-5428

Show Number

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.

Online Profiles:

1 (Good)

Average Review Score:

4.9 / 5 ( Best)

Total Reviews:

41 (Best)

Score Consistency:

Consistent (Best)

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.

Responsiveness: A+

Friendliness: A+

Helpfulness: A+

Detail: A+

8400 Normandale Lake Blvd, Minneapolis, MN 55437
Minneapolis, MN 55437
  • New Construction

Paramount Residential Mortgage Group, Inc., offers its services to individuals in the Minneapolis area. It helps customers purchase and refinance their homes. Its team assists clients by finding a loan that suits their financial situation. The company offers various VA, FHA, and USDA products. It also provides HomeStyle Renovation and Home Possible loan programs. In addition, the company offers underwriting and in-house processing services. The company has been operating for over a decade and has more than 150 branches located across the country.

8400 Normandale Lake Blvd, Minneapolis, MN 55437
Minneapolis, MN 55437

Website(612) 306-8957

Show Number

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.

Online Profiles:

1 (Good)

Average Review Score:

4.9 / 5 ( Best)

Total Reviews:

122 (Best)

Score Consistency:

Consistent (Best)

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.

Responsiveness: A+

Friendliness: A+

Helpfulness: A+

Detail: A+

2866 White Bear Ave,, Maplewood, MN 55109
Maplewood, MN 55109

Family-owned Premier Banks has been assisting clients in Minneapolis with all their financial needs since 1974. The bank offers first-time home buyers conventional loans such as FHA programs with low down payments and flexible qualification requirements. Borrowers who want to purchase rural homes and can meet certain income thresholds may apply for its low down payment USDA mortgage loans. It has VA loans with no mortgage insurance and low down payments available for veterans. Premier Banks also provides temporary financing for new construction and development and jumbo loans for buying high-end homes.

2866 White Bear Ave,, Maplewood, MN 55109
Maplewood, MN 55109

Website(763) 493-3456

Show Number
8201 Norman Center Drive, Bloomington, MN 55437
Bloomington, MN 55437
  • Reverse Mortgages
  • NMLS #: 39166

PrimeLending in Bloomington is a mortgage refinance company that serves residents of Minneapolis. The firm specializes in helping homeowners save money and generate additional cash flows through various home refinancing options and loans. Its team of certified loan specialists has extensive experience in procuring loan programs that help clients reduce mortgage interest rates, lower monthly payments, or reduce mortgage terms. Their loan programs include the federal government's FHA 230K Renovation Loan and the jumbo loan program.

8201 Norman Center Drive, Bloomington, MN 55437
Bloomington, MN 55437

Website(612) 669-1633

Show Number

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.

Online Profiles:

1 (Good)

Average Review Score:

5 / 5 ( Best)

Total Reviews:

96 (Best)

Score Consistency:

Consistent (Best)

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.

Responsiveness: A+

Friendliness: A+

Helpfulness: A+

Detail: A+

2277 West Highway 36, Suite 304, Roseville, MN 55113
Roseville, MN 55113

Progressive Lending Solutions is a full-service mortgage company that serves clients in Minneapolis and its nearby areas. It helps homebuyers choose from a variety of mortgage financing programs, such as conventional fixed-rate, FHA, USDA, and adjustable-rate loans. Its mortgage specialists educate clients on financial markets, assess individual mortgage needs, and help homeowners refinance their mortgage loans. Progressive Lending Solutions also provides specialized services for needs such as pre-foreclosure, bad credit, and debt consolidation.

2277 West Highway 36, Suite 304, Roseville, MN 55113
Roseville, MN 55113

Website(651) 636-2840

Show Number

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.

Online Profiles:

2 (Better)

Average Review Score:

5 / 5 ( Best)

Total Reviews:

22 (Better)

Score Consistency:

Consistent (Best)

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.

Responsiveness: A+

Friendliness: A+

Helpfulness: A+

Detail: A+

8400 Normandale Lake Blvd Suite 920, Minneapolis, MN 55437
Minneapolis, MN 55437
Instagram
  • Reverse Mortgages

Propel Home Loans is a mortgage brokerage firm that caters to the needs of homebuyers in Minneapolis. The firm performs customized services for a variety of home financing options such as USDA loans, FHA home loans, and fixed-rate mortgages. With over 20 years of industry experience, its professionals advise clients on suitable mortgage refinancing programs and guide them during the loan process. Propel Home Loans has received several awards including Minnesota Monthly's Best Mortgage Professionals for 2017 to 2021.

8400 Normandale Lake Blvd Suite 920, Minneapolis, MN 55437
Minneapolis, MN 55437

InstagramWebsite(612) 430-7000

Show Number

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.

Online Profiles:

2 (Better)

Average Review Score:

5 / 5 ( Best)

Total Reviews:

67 (Best)

Score Consistency:

Consistent (Best)

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.

Responsiveness: A+

Friendliness: A+

Helpfulness: A+

Detail: A+

3300 Edinborough Way Suite 550, Edina, MN 55435
Edina, MN 55435
Instagram
  • Reverse Mortgages
  • New Construction

Rainbow Mortgage Inc. is a local, female-owned, veteran-operated brokerage. It offers home loans and refinancing options to individuals and families in Minneapolis. It also guides clients on mortgages after divorce. In addition, the company provides assistance with FHA, VA, and USDA loans. Rainbow Mortgage is a veteran's loan specialist certified by the National Association of Mortgage Brokers and is a partner of United Wholesale Mortgage. The company supports the Equal Opportunity Housing Program of the U.S. government. It was launched in 1999.

3300 Edinborough Way Suite 550, Edina, MN 55435
Edina, MN 55435

InstagramWebsite(952) 405-2090

Show Number

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.

Online Profiles:

1 (Good)

Average Review Score:

5 / 5 ( Best)

Total Reviews:

154 (Best)

Score Consistency:

Consistent (Best)

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.

Responsiveness: A+

Friendliness: A+

Helpfulness: A+

Detail: A+

Frequently Asked Questions:

Q: What should you expect when refinancing a mortgage?
A: When refinancing a mortgage, expect to answer a lot of questions and provide documentation to back up your answers. You'll may also pay fees and closing costs of around $5,000. Additionally, expect to start over in terms of building home equity, because refinancing takes the amortization process back to the beginning.
Q: How often should you refinance your mortgage?
A: There is no recommended frequency for refinancing a mortgage. How often you should refinance is determined by when it will save you money. If you can get better terms on your mortgage by refinancing, then it’s a good time to take action.

Q: Can you refinance a first mortgage and not a second?
A: You can refinance your first mortgage and not the second one, but it can be difficult. You have to get the lender of your second mortgage to agree to the refinancing. The process is called resubordination, and some home equity lenders won’t agree. Additionally, lenders typically charge extra fees to resubordinate a loan.

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