Refinance
Lower your rate, change your term, or tap equity
Refinancing replaces your existing mortgage with a new loan to lower your rate, shorten your term, switch loan type, or extract cash from your equity.
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01
Lower Your Payment
Rate-and-term refinance to capture a lower interest rate and reduce your monthly payment.
02
Shorten Your Term
Switch from a 30-year to 15- or 20-year loan to build equity faster and save total interest.
03
Cash-Out Refinance
Convert equity to cash for renovations, debt consolidation, or other priorities, typically up to 80% LTV.
04
Streamline Refinance
VA IRRRL and FHA Streamline offer reduced documentation and faster closings for existing government borrowers.
01
Break-Even Analysis
We calculate exactly when refinance savings outweigh closing costs so you can make an informed decision.
02
Lender Credit Options
Lender credits can offset closing costs, increasing your effective rate but eliminating cash to close.
03
Eliminate PMI
Borrowers above 20% equity can refinance into a Conventional loan and stop paying mortgage insurance.
04
Debt Consolidation
Consolidate higher-interest credit card or auto debt into your mortgage at a potentially lower blended rate. Mortgage interest may be tax deductible in some situations, so consult your tax advisor.
frequently asked questions
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Considering refinancing your mortgage can help you lower your monthly payment, reduce your interest rate, or switch from an adjustable-rate loan to a fixed-rate loan. Some homeowners also refinance to shorten their loan term or to take cash out for home improvements, debt consolidation, or other needs.
Refinance when one or more conditions apply: market rates are at least 0.5% to 0.75% below your current rate, you want to shorten your term, you need to eliminate PMI, you want to switch from ARM to fixed, or you need cash for renovations or debt consolidation. We provide a break-even analysis with every refinance quote.
Refinancing a mortgage usually takes about 30 to 45 days to close. The timeline depends on how quickly documents are submitted and whether an appraisal or title work takes extra time. Staying responsive to your lender helps keep the process moving smoothly.
Many refinances require a new appraisal to confirm your home’s current value. This helps the lender determine how much you can borrow and whether you have enough equity. However, in some cases, certain refinance programs may allow an appraisal waiver.
How much equity you need to refinance depends on the type of refinance. Conventional refinances often require at least 20% equity to qualify for the best terms, while FHA or VA loans may allow you to refinance with less equity. Your loan officer can review your options based on your current loan and your property value.
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