20 year fixed refinance rates

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  1. Get prequalified rates in 3 minutes:

    It's quick and painless. Tell us a little bit about you and your home to get accurate prequalified rates without impacting your credit score.

  2. Compare rates from multiple lenders:

    View the interest rate and cost breakdown of each loan to choose the best lender and loan product for you. Need help? Our mortgage team is not commissioned, so they're always on your side.

  3. Upload documents on Credible:

    We take the stress out of refinancing by automating the document collection process, keeping you updated on the status of your application every step of the way.

  4. Finish your loan with us:

    With Credible, you can complete the whole refinance process online. We have a team of dedicated mortgage experts ready to help you if you need it.

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What is a 20-year mortgage refinance?

A 20-year mortgage refinance lets you replace your current mortgage with a new loan of 20 years. For some homeowners, 20-year refinances are attractive because they generally offer lower rates than 30-year loans and a more manageable monthly payment than a 15-year loan.

Who should choose a 20-year mortgage refinance?

A 20-year refinance might work well if you have sufficient income or cash reserves and want to pay off your house sooner. Refinancing into a 20-year loan may also help you improve cash flow and reduce how much you pay overall in interest.

PROS

Advantages of a 20-year fixed mortgage refinance rate

Here are some of the advantages of a 20-year mortgage refinance that you should consider:

  1. Somewhat lower interest rate:

    In general, 20-year fixed mortgage refinance rates are lower than what you’d find with a 30-year fixed refinance, allowing you to potentially save more money over time.

  2. Earlier payoff date:

    A 20-year mortgage refinance can help you pay off your loan faster than a 30-year mortgage refinance.

  3. Relatively manageable monthly payments:

    If you want a shorter loan term, but aren’t sure about the payments that come with a 15-year fixed refinance rate, a 20-year refinance might make sense, since the monthly payments are usually lower.

Learn More: 

What Is a Mortgage Rate and How Do They Work?

CONS

Disadvantages of a 20-year fixed mortgage refinance rate

Here are the downsides you need to weigh before you take on a 20-year mortgage refinance:

  1. Slightly higher monthly payments:

    When you refinance into a 20-year mortgage, you might end up with higher monthly payments than what you’d see with a 30-year refinance. This can be an issue if you’re worried about monthly cash flow.

  2. Interest repaid:

    With 20-year refinance rates, there’s usually more time for interest to accrue vs. a 15-year refinance. You could end up paying more overall if you choose a 20-year refinance instead of a 15-year loan.

  3. Closing costs:

    Most lenders charge closing costs for a refinance. Make sure to compare your savings with 20-year refinance rates with what you pay in closing costs to make sure it’s worth it.

Check Out: 

How to Refinance Your Mortgage in 6 Easy Steps

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How to get the best rate for a 20-year fixed mortgage refinance

To get the best 20-year refinance rates, first try to improve your credit score. Improving your credit score can help you land a good rate, since the best rates are more likely to be offered to those with excellent credit.

Don’t forget to compare multiple lenders, too. You can use Credible to compare prequalified rates from all of our partner lenders. It only takes a few minutes.

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When is the right time to refinance?

With  mortgage rates at historic lows, now is an opportune time to refinance to a 20-year mortgage. However, for those approaching retirement age, it might make more sense to refinance to a 10-year mortgage in order to retire debt-free. Carefully consider your situation and goals before deciding on a specific loan.

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