Mortgage Refinance
Refinance to lower your payment, shorten your term, or take cash out.
What Is a Mortgage Refinance?
Refinancing replaces your current mortgage with a new one. Homeowners refinance to reduce their interest rate, change the length of the loan, switch from an adjustable rate to a fixed rate, remove mortgage insurance, or pull equity out as cash.
The question is never simply whether rates are lower. It is whether the savings outweigh the cost of the new loan within the time you plan to stay in the home.
Benefits
Reasons to Refinance
Lower Your Interest Rate
A lower rate can reduce your monthly payment and total interest paid.
Shorten Your Loan Term
Move from a 30-year to a 15- or 20-year term and build equity faster.
Cash-Out Refinance
Access your equity for renovations, investments or major expenses.
Drop Mortgage Insurance
Enough equity can remove PMI, or move you off an FHA loan carrying MIP.
Move Off an Adjustable Rate
Lock in a fixed payment before your ARM adjusts again.
Consolidate Higher-Rate Debt
Roll higher-interest balances into one secured, lower-rate payment.
Who Should Consider Refinancing
Refinancing is worth reviewing whenever your rate, your equity position or your plans for the property have changed since you closed.
- Homeowners whose rate is above current market
- Borrowers with an adjustable rate approaching adjustment
- FHA borrowers with equity who want to drop mortgage insurance
- Owners who need cash for renovations or investment
- Anyone wanting to pay the loan off sooner
We run the break-even math with you first, so you can see the month your savings actually start.
Refinance Requirements
A refinance is underwritten much like a purchase. These are the factors that determine your options and pricing.
- Sufficient equity in the property
- Credit profile that supports the new loan
- Manageable debt-to-income ratio
- Appraisal, unless the program waives it
- Seasoning requirements on the existing loan
Streamline options such as the FHA Streamline and VA IRRRL can reduce documentation for eligible borrowers.
Process
The Refinance Process
Our goal is to make the mortgage process smooth and straightforward.
Get Pre-Qualified
We review your goals, credit and income to show what you qualify for.
Step #1
Get Pre-Approved
After reviewing your documentation, we determine your potential loan amount.
Step #2
Find Your Home
You can confidently search for homes within your approved price range.
Step #3
Loan Processing
We complete verification steps including appraisal, documentation, and underwriting.
Step #4
Closing
Once approved, you sign the final documents and officially become a homeowner.