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Remortgage Loans

A remortgage loan is essentially identical to a refinancing loan. Both types of loans pay off your existing mortgage so you can begin making payments on the new loan, ideally with a better interest rate. The remortgage rate you receive will depend on the market, your lender, and your credit score. However, bad credit remortgage and adverse remortgage loans are also readily available to homeowners with credit challenges. On this page, you will find a remortgage calculator to help you determine your potential savings as well as instructions on how to find the best remortgage rate online.

How a Remortgage Works

In most cases, homeowners who opt for remortgages choose a different lender from the one that issued their existing mortgage. The new lender then pays off the old mortgage in full, and the homeowner begins making payments to the remortgage lender. Homeowners may have any number of reasons for pursuing remortgages, including saving money on their monthly payments and/or abbreviating the repayment term of the loan. The lower remortgage rate of the new loan makes these goals attainable. Remortgaging makes the most sense for borrowers who plan to stay in their homes for ten years or longer.

Finding the Best Remortgage Rate

Before you can determine whether a remortgage will indeed save you money, you will need to shop for remortgage rates. You can have up to five quotes on rates in a matter of minutes by completing the brief form at the top of the page. The quotes are free and come with no obligation. Once you have found the lowest remortgage rate, you can use our remortgage calculator to determine if the savings of refinancing outweigh the costs. If you figure out that a remortgage loan would save you money, you can then begin the application process with your lender. The entire transaction can usually be completed online.

Bad Credit Remortgage Loans

If you have less-than-perfect credit, remortgages are still a possibility. With the average remortgage rate near historic lows, lenders are far more inclined to issue bad credit remortgage and adverse remortgage loans. These loans provide the same benefits as standard remortgage loans but are designed to help people with credit challenges qualify more easily. Your remortgage rate might be slightly higher if you have poor credit, but if you shop around for different quotes using our rate-request system, you should be able to find an affordable compromise.

National Rate Averages

Mortgage Rates

Product Rate
5/1 yr ARM 3.147%
1 yr ARM 3.299%
15 yr fixed 3.221%
30 yr fixed 3.815%

Home Equity Rates

* Updated Jun 8, 2012