Lower Your Payment
Reduce your rate when the market or your credit has improved, or restructure the loan around a changed situation. We start with break-even: how long it takes the savings to recover the costs.
Refinance. When the Numbers Actually Work.
Refinancing can lower your payment, shorten your term, put cash in your hands, or get you out of a loan that no longer fits. It can also be a bad trade, and we'll tell you when it is.
Lower Your Payment*
Shorten Your Term*
Cash-Out Options*
FHA & VA Streamline*
*Available on qualifying programs; eligibility and terms vary by program, property, and borrower profile.
Reviewed by Taylor Cabaniss, Founder & Mortgage Broker, NMLS #910852Updated
What Are You Trying to Accomplish?
Shorten Your Term
Move from a 30-year to a 20- or 15-year term to pay off sooner and reduce total interest, often paired with a rate improvement, so the payment change is smaller than expected.
Take Cash Out
Turn equity into funds for renovations, debt consolidation, an investment purchase, or a major expense. Cash-out options go up to 90% loan-to-value on qualifying primary-residence programs, with 80% generally offering stronger pricing.
A note on debt consolidation: rolling high-rate balances into a mortgage at a substantially lower rate can reduce what you pay each month and in total. But the debt becomes secured by your home, and spreading it across a 30-year term can increase total interest even at a lower rate unless you keep paying it down. We'll run both versions so you can see the real numbers.
Remove Mortgage Insurance
First, check whether conventional PMI can be removed through your current servicer without refinancing. If not, or if a new loan improves the overall numbers, a refinance may make sense, including out of certain FHA loans.
Move From an Adjustable to a Fixed Rate
Lock a fixed rate before an adjustable-rate mortgage adjusts. Worth reviewing well before your first adjustment date.
Divorce & Equity Buyout
Refinance the mortgage into the name of the spouse keeping the home and fund an agreed buyout in one transaction, timed with the settlement.
We provide mortgage financing guidance and coordinate with your legal team; we do not provide legal or tax advice.
FHA Streamline & VA IRRRL
Simplified refinance paths for existing FHA and VA borrowers, with reduced documentation on qualifying transactions. VA funding fees may apply unless the borrower is exempt.
Investment Property Refinance
Rate-and-term and cash-out refinances are available on investment properties. A DSCR refinance qualifies on the property's rental income instead of your personal income. See DSCR Investor Loans
When Refinancing Isn't the Right Move
- You have a very low first-mortgage rate and need cash. Refinancing gives up that rate on every dollar you owe. A HELOC or second mortgage borrows only what you need. See HELOCs & Second Mortgages
- You're planning to move soon. You may not stay long enough to recover the closing costs.
- The savings are marginal. We'll tell you if the answer is to leave it alone.
Example
How This Can Work
Example
The Owner Who Should Not Refinance
A homeowner with a rate well below market wants $70,000 for a renovation. Refinancing would apply a higher rate to her whole balance, so we recommend a second mortgage instead, even though it's the smaller transaction.
FAQ
Frequently Asked Questions
We look at break-even first, then the remaining term, total interest, closing costs, and how long you expect to keep the home. A refinance can pass break-even and still not be the best move if it stretches your payoff timeline.
It depends on the type of refinance and the program. Cash-out options go up to 90% loan-to-value on qualifying primary-residence programs, with 80% generally offering stronger pricing. Rate-and-term refinances typically require less equity.
Often, yes, but you may not need to. If you have conventional PMI and enough equity, ask your servicer first. If that isn't available, a refinance may make sense.
It mostly depends on your current rate. If it's well below market, a HELOC or second mortgage is often worth comparing first. If it's at or above market, a cash-out refinance may do more in one transaction.
Only if you choose a 30-year term. You can refinance into a shorter term so you don't restart the clock.
Let's TalkLet's Run Your Numbers.
Tell us your current loan and what you're trying to accomplish. If the answer is to leave it alone, we'll say so.