REFINANCE YOUR
MORTGAGE
A mortgage refinance replaces your current home loan with a new one. Depending on your goals, refinancing may help you lower your monthly payment, change your loan term, switch from an adjustable to a fixed rate or tap your home equity with a cash-out refinance.
WHAT IS
REFINANCING?
To refinance a mortgage means to replace your existing loan with a new one. At closing, the new loan pays off the principal balance of the old loan in full. A rate-and-term refinance changes your interest rate or loan term, while a cash-out refinance lets you borrow against your home equity. Comparing closing costs to your monthly savings helps you find your break-even point.
Our Home Purchase Loan Options
Home Loan Program Options
FHA Loans
FHA Loans
As little as 3.5% down with a 580+ credit score and flexible guidelines.
USDA Loans
USDA Loans
No down payment for eligible buyers in qualifying rural and suburban areas.
DPA Loans
DPA Loans
Down payment assistance programs may help cover upfront costs.
VA Loans
VA Loans
No down payment in most cases and no PMI for eligible veterans.
Conventional Loans
Conventional Loans
As little as 3% down for qualified buyers, with removable PMI.
FHA Loans
FHA Loans
As little as 3.5% down with a 580+ credit score and flexible guidelines.
USDA Loans
USDA Loans
No down payment for eligible buyers in qualifying rural and suburban areas.
DPA Loans
DPA Loans
Down payment assistance programs may help cover upfront costs.
VA Loans
VA Loans
No down payment in most cases and no PMI for eligible veterans.
Conventional Loans
Conventional Loans
As little as 3% down for qualified buyers, with removable PMI.
Why refinance
Reasons to Refinance
Homeowners choose a mortgage refinance for many reasons. We help you define your goal and choose the right option, which often means:
- Securing a lower rate to reduce your monthly payment
- Choosing a shorter loan term to pay off your loan sooner and save on total interest
- Switching from an ARM to a fixed rate for predictable payments
- Using a cash-out refinance to turn home equity into cash for major expenses or debt payoff
When is the Right Time to Refinance?
If your current home or mortgage meets one or more of these conditions, it may be a good time to consider a mortgage refinance:
There are several signs it may be the right time to refinance. If rising home values in your area have increased your home equity, you may qualify for better terms or a cash-out refinance. If current refinance rates are meaningfully lower than your rate, a rate-and-term refinance could lower your monthly payment; compare the closing costs to your savings to find your break-even point. And if you can afford a higher payment, refinancing to a shorter loan term means more of each payment goes toward principal, helping you build equity faster. Eligible FHA and VA borrowers may also consider an FHA Streamline or VA IRRRL.
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Refinance options FAQs
A rate-and-term refinance changes your interest rate, loan term or both without taking out extra cash. A cash-out refinance replaces your loan with a larger one and pays you the difference in cash.
Yes. Refinancing an ARM into a fixed-rate loan locks in your rate and principal-and-interest payment for the life of the new loan, subject to credit approval.
It may help if you can afford a higher payment. A 15-year loan usually costs much less interest overall than a 30-year loan, but the monthly payment is higher.
Usually only a little and for a short time. A hard credit check can lower your score slightly, and mortgage inquiries made within a short shopping window are generally counted as one.
Expect to provide recent pay stubs, W-2s or tax returns, bank statements, your current mortgage statement and proof of homeowners insurance. Self-employed borrowers may need more.
Compare Loan Estimates side by side, looking at the rate, APR, lender fees and total closing costs. Your loan officer can compare options from multiple wholesale lenders for you.