The process is straightforward. We look at your current loan, compare it to what is available today, and help you decide if the numbers make sense to move forward.
A rate and term refinance only changes your rate, your term, or both. Your loan balance stays close to what you currently owe with no equity being pulled out.
Refinancing comes with closing costs. It is important to calculate how long it takes for your monthly savings to cover those costs before deciding to move forward.
This is a common way to move from an FHA loan to a conventional loan, from an adjustable rate to a fixed rate, or to shorten your term and pay off your mortgage sooner.
If your home value has increased and you now have 20% or more in equity, refinancing into a conventional loan can remove your mortgage insurance requirement entirely.
Refinancing can save you a significant amount over the life of your loan, but the timing and your specific situation matter. Here is what to consider.
This is a strong option for homeowners whose financial picture has improved or who bought when rates were higher and want to take advantage of better terms today.
Borrowers who purchased or last refinanced when rates were higher and want to reduce their payment or total interest cost.
Homeowners who want to shorten their loan term and build equity faster without taking on a higher payment they cannot manage.
Borrowers currently in an adjustable rate mortgage who want the predictability of a fixed rate before their rate adjusts.
Straight answers to the questions we hear most often.
It is a refinance that changes your interest rate, your loan term, or both. No cash is taken out. The goal is simply to improve your existing mortgage.
A rate and term refinance does not increase your loan balance. You are restructuring what you already owe, not borrowing additional funds against your equity.
It makes sense when rates have dropped since you got your loan, when you want to switch from an adjustable rate to a fixed rate, or when you want to pay off your mortgage sooner by shortening the term.
In most cases yes. A new appraisal confirms your current home value and helps determine what loan options you qualify for.
Possibly. If your home value has increased and you now have at least 20% equity, refinancing into a conventional loan can eliminate private mortgage insurance.
