- Refinance
A better loan for the home you already own
Rates change. Life changes. If your mortgage no longer fits either, refinancing can lower your payment, shorten your term, or turn your equity into cash — on your terms.
- REFI 30-YR 6.51%
- REFI 15-YR 5.84%
- CASH-OUT 6.72%
$340
Avg. Monthly Savings*
25–40
Days to Close
80%
Max LTV, Cash-Out
0%
Credit Impact to Check Rates
Six good reasons homeowners refinance
There’s no single reason to refinance — here are the most common ones we see.
Lower Your Rate
If rates have dropped since you closed, refinancing can reduce your payment and lifetime interest.
Shorten Your Term
Move from a 30-year to a 15 or 20-year loan to pay off your home faster and save on interest.
Access Your Equity
Turn built-up home equity into cash for renovations, debt payoff, or major expenses.
Remove Mortgage Insurance
Once you've reached 20% equity, refinancing out of FHA insurance can lower your payment.
Consolidate Debt
Roll higher-interest debt into your mortgage at a lower blended rate.
Change Loan Type
Move from an adjustable-rate mortgage to a fixed rate for predictable payments.
Two ways to refinance
Option 01
Rate-and-Term Refinance
Replaces your current mortgage with a new rate, term, or both — without changing your loan balance. The most common refinance, used purely to save money or restructure payments.
- No cash back at closing
- Typically easier to qualify for than cash-out
- Best for lowering your rate or adjusting term length
VS
Option 02
Cash-Out Refinance
Replaces your mortgage with a larger loan, and you keep the difference in cash. Most lenders cap this at 80% of your home’s value, so you retain at least 20% equity.
- Funds can be used for any purpose
- Usually a slightly higher rate than rate-and-term
- Best for renovations, debt consolidation, major expenses
The Math That Matters
Will refinancing actually save you money?
Refinancing isn’t free — closing costs typically run 2–5% of your loan amount. The real question isn’t just “is the rate lower,” it’s how long until the savings outweigh the cost. That’s your break-even point.
Example: If refinancing costs $6,000 in closing costs and saves you $200/month, your break-even point is 30 months. Staying longer than that means refinancing likely makes sense.
Closing Costs
Monthly Savings
Break-Even Point
5-Yr Net Savings
How refinancing works
Check Your Numbers
Share your current loan details and goals — no commitment required.
Compare Scenarios
We'll show you rate-and-term vs. cash-out side by side, with real break-even math.
Lock Your Rate
Once you choose a path, we lock your rate and start processing.
Close and Save
Sign your new terms — most refinances close in 25–40 days.
Refinance questions
Is there a minimum time I need to wait before refinancing?
It depends on the loan type — conventional loans have no waiting period, but FHA and VA loans have “seasoning” requirements, typically around 6–12 months.
Will refinancing hurt my credit?
A refinance involves a credit check, which causes a small, temporary dip — but it typically recovers within a few months.
Do I need a new appraisal?
Usually yes for cash-out refinances; rate-and-term refinances sometimes qualify for appraisal waivers depending on the loan type.
See what refinancing could save you
No obligation, no impact to your credit for an initial quote