Frequently Asked Questions
Common questions about mortgage refinancing with Lendtrain.
Getting Started
How much could I save by refinancing?
It depends on your current rate, loan balance, and how long you plan to stay in your home. Our free rate check shows you an estimated monthly payment and how it stacks up against what you pay now — in about 30 seconds. Rate quotes are estimates based on the credit score you enter. Actual rates may differ.
Is there a fee to check my rate?
No. The rate check is completely free. We do not charge you anything to see your estimated rate and closing costs. If you decide to move forward with a refinance, standard closing costs apply — and we show you those upfront.
Will checking my rate hurt my credit score?
No. We do not pull your credit to give you a rate quote. The rate check uses the credit score you enter to show you estimated rates. No hard inquiry is performed.
What types of loans can I refinance?
We offer refinance quotes for conventional, FHA, and VA loans. This includes FHA Streamline and VA IRRRL options for eligible borrowers.
How long does a refinance take?
Getting your rate quote through Lendtrain takes about 30 seconds. If you decide to apply, a typical refinance takes 30 to 45 days from application to closing.
Refinance Process
How does mortgage refinancing work?
Refinancing replaces your current mortgage with a new one, ideally at a lower rate or better terms. Here is how it works with Lendtrain: First, check your rate in about 30 seconds using our free rate tool. You will see estimated rates, monthly payments, and closing costs for your scenario. If the numbers look good, you can apply online. A licensed loan officer handles your file from application through closing, which typically takes 30 to 45 days.
How long does a mortgage refinance take?
The full refinance process usually takes 30 to 45 days from application to closing. Getting your rate quote through Lendtrain takes about 30 seconds — no application or credit pull required for the quote.
What documents do I need to refinance?
Most lenders ask for recent pay stubs, the last two years of tax returns, your current mortgage statement, two months of bank statements, and proof of homeowners insurance. The exact list depends on your loan type and lender. You do not need any documents to check your rate with Lendtrain — that takes about 30 seconds.
Can I refinance my mortgage at any time?
Generally, yes. There is no law that prevents you from refinancing whenever you want. Some lenders require a short waiting period after your last closing, but in most cases you are free to refinance as soon as it makes financial sense. The best way to find out is to check your rate and compare it to what you are paying now.
Can I refinance with a different lender?
Yes. You are not required to refinance with your current lender. In fact, shopping around is how many homeowners find better pricing. As a mortgage broker, Lendtrain compares rates from multiple wholesale lenders on your behalf — so you can see options without calling around yourself.
Costs & Savings
How much does it cost to refinance a mortgage?
Refinance costs vary based on your state, loan size, and lender. Common costs include title fees, appraisal fees, and lender fees. Our rate tool shows you estimated closing costs upfront so there are no surprises. Many homeowners find that the monthly savings outweigh the upfront costs within a few years.
Are mortgage refinance fees tax deductible?
Some refinance-related costs may be tax deductible, such as mortgage interest and certain points paid. However, tax rules change and every situation is different. We recommend consulting a tax professional for advice specific to your situation. Lendtrain does not provide tax advice.
What is the break-even point on a refinance?
The break-even point is when your monthly savings add up to cover the closing costs of the refinance. For example, if closing costs are $3,000 and you save $150 per month, your break-even point is 20 months. Our rate tool helps you see this number so you can decide if refinancing fits your timeline.
When does refinancing make sense?
Refinancing typically makes sense when the savings outweigh the costs within the time you plan to keep the home. That depends on your current rate, the new rate, closing costs, and how long you plan to stay. The best way to find out is to check your rate — it takes about 30 seconds and shows you the estimated savings and break-even timeline.
How often can you refinance your mortgage?
There is no legal limit on how many times you can refinance. However, some lenders require a waiting period between refinances, and each refinance comes with closing costs. It only makes sense to refinance again if the savings exceed the costs. Check your rate to see if the numbers work for your situation.
Still Have Questions?
Check your mortgage refinance rate in 30 seconds. No application required. No credit check for your quote.
Your information is encrypted and never sold. We don't pull your credit or require your Social Security number to check your rate.