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With a 10-year mortgage refinance, you take out a new loan to pay off the remaining balance on your home loan. Depending on the 10-year mortgage refinance rates and other factors, you might be able to pay off your home faster and pay less in interest overall.
Depending on your situation, a 10-year mortgage refinance can be an ideal choice if you have sufficient income or cash reserves and are looking to pay off your house sooner.
It’s important to note that a 10-year mortgage refinance is likely to come with a higher monthly payment, so you need to make sure you have enough cash flow to handle it.
When looking at the refinance rates for a 10-year fixed-rate mortgage, consider the advantages:
Much lower interest rate:
Current 10-year mortgage refinance rates are low — probably lower than your current mortgage rate. Depending on your situation, you might be able to save a significant amount of money by refinancing to a lower rate.
Earlier payoff date:
If you have 15 or 20 years left on your home loan, taking advantage of refinance rates on a 10-year fixed option could mean an earlier payoff date.
Instead of paying off your house in two decades, you might be able to pay it off in half the time. This earlier payoff date often means less paid in overall costs. Plus, you get the peace of mind that comes with being debt-free sooner.
How to Refinance Your Mortgage in 6 Easy Steps
Before deciding to get a 10-year fixed-rate mortgage refinance, it’s important to weigh the disadvantages:
Significantly higher monthly payments:
When you shorten your loan term, you’re paying over a shorter period, so your monthly payment is likely to go up. This is especially true if you refinance from a 30-year loan to a 10-year loan. If you are going to refinance to a shorter term, make sure you consider your cash flow and whether you can afford the higher monthly payments.
In many cases, a mortgage refinance comes with closing costs. You might be able to roll these into your loan, but that increases the amount that you’re paying interest on.
To access the best 10-year mortgage refinance rates, you need to make sure you have a good credit score. Additionally, you need a significant amount of equity in your home to qualify for the best rates.
Don’t forget to shop around, too. Credible can help you compare prequalified mortgage refinance rates and terms quickly and easily. See today’s rates below and get prequalified all without leaving our platform.
With mortgage rates near historic lows, now is a good time to refinance and lock in a low rate. With lower interest rates, you’ll pay less in interest throughout the life of the loan, allowing you to reduce your spending overall.
Additionally, refinancing can be a good choice for someone approaching retirement. You can refinance to a 10-year mortgage to put yourself in position to become debt-free early in retirement, which can help reduce your overall costs.
How a cash-out mortgage refinance works
Cash-out refinancing allows you to take money out of your home equity by refinancing your current mortgage for an amount that is greater than your existing loan and the refinancing loan’s closing costs. Find out more about how a cash-out refinance works.
How to refinance your mortgage
Refinancing your mortgage can be much simpler than the process you went through when you bought your home. Here’s how to refinance your mortgage — and everything you need to know before you do.
When to refinance your mortgage
If you own a home, it’s a good idea to reassess your mortgage periodically to see if you can find a better deal elsewhere. Check out some of the reasons refinancing your mortgage could be a good idea.
How to qualify for the best mortgage rate
You really have to do your research if you want to get the best mortgage rate. We’ll take some of the burden off you by doing most of the legwork so you can find the best rate for your situation.
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