Refinance Your Mortgage
Lower Your Rate. Tap Your Equity. Pay Less.
See if refinancing could save you money or give you access to the equity you've built.
Good Reasons to Refinance
Refinance Calculator
See How Much You Could Save
Calculate your potential savings and break-even point.
Types of Refinance Loans
Rate-and-Term Refinance
What It Is: Replace your current mortgage with a new one at a better rate or shorter term, without taking cash out.
Best For: Lowering your interest rate or shortening your loan term
Benefits:
- Lower monthly payments
- Pay less interest over time
- Build equity faster
Cash-Out Refinance
What It Is: Refinance for more than you owe and take the difference in cash for renovations, investments, or major expenses.
Best For: Accessing equity for home improvements, debt consolidation, or large purchases
Benefits:
- Lower interest than credit cards or personal loans
- Potentially tax-deductible interest (consult your tax advisor)
- One simple payment
VA Streamline Refinance (IRRRL)
What It Is: The fastest, easiest way for veterans and military members to refinance an existing VA loan to a lower rate.
Best For: Current VA loan holders looking to reduce their rate
Benefits:
- No appraisal required (usually)
- Minimal paperwork
- Fast processing
- Lower monthly payments
FHA Streamline Refinance
What It Is: Simplified refinance for current FHA borrowers—less paperwork, faster processing.
Best For: Current FHA loan holders looking to reduce their rate
Benefits:
- No appraisal required (in most cases)
- Minimal documentation
- Lower interest rate
- Reduced monthly payments
How Refinancing Works
When Refinancing Doesn't Make Sense
Honest Advice: When to Skip Refinancing
We believe in giving you the truth, even when it means we don't earn your business today. You probably shouldn't refinance if:
You're close to paying off your loan
Restarting a 30-year clock when you have 5 years left doesn't make sense.
You're moving soon
You won't recoup closing costs if you sell within 1-2 years.
Closing costs exceed your savings
Run the numbers. If break-even is 5+ years, reconsider.
Your credit has dropped significantly
Wait until you can improve your score for better rates.
Common Refinance Questions
It depends on your current rate, new rate, loan balance, and closing costs. Use our calculator or talk to a loan officer for a personalized estimate.
Typically 2-5% of your loan amount. Costs include appraisal, title, origination fees, and other charges. We'll provide a detailed breakdown upfront.
Yes, in most cases you can finance closing costs into the loan—though this increases your loan balance.
Typically 30-45 days for rate-and-term or cash-out refis. Streamline refis (VA IRRRL, FHA Streamline) can close faster—often 20-30 days.
Your credit may dip slightly (5-10 points) temporarily due to the hard inquiry and new loan, but it typically recovers within a few months.
Most lenders require at least 20% equity for the best rates, though some programs allow less. Cash-out refis typically require 20%+ equity remaining after cash out.
Yes, though your rate options may be limited. We can help you understand what's possible with your current credit score.
See If You Could Be Saving Money
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