Refinance Your Home
Refinancing allows you to adjust your current mortgage to better align with your goals. Whether you’re looking to lower your payment, adjust your term, or access equity, the right structure starts with clarity.
When does refinancing make sense?
Homeowners typically consider refinancing when:
- Interest rates have shifted
- Their financial situation has improved
- They want to shorten or extend their loan term
- They want to access home equity
- They’re reviewing long-term financial strategy
Not every refinance is beneficial. The right move depends on timing, costs, and long-term plans.
Need help figuring out the basics? A short conversation with an experienced loan originator can help clarify your next steps.
Where should you start?
There are two main categories of refinances.
Rate & Term Refinance
Adjust the rate and term of your mortgage without taking cash out.
- Typically lower your rate
- Can shorten or extend your repayment period
- Potentially reduce monthly payments
Cash-Out Refinance
Swap out loan types and/or receive cash from the refinance.
- Withdraw equity for expenses or to consolidate debt
- Does not always lower your rate
- Reposition your financial situation
Not sure which option applies to you?
A short review of your current loan and goals will clarify your next step.
How the Refinance Process Works
The process is similar to a purchase loan but typically does not involve a real estate agent or property transfer.
Review your Loan
We analyze your current mortgage, financial position, and long-term goals to determine whether refinancing makes strategic sense.
Compare your Options
You'll see side-by-side loan scenarios so you can evaluate rate, term, payment impact, and total cost over time.
Submit your Application
Once you select the best option, you submit documentation and the loan moves through underwriting and verification.
Close your Refinance
Your new loan replaces the existing mortgage and payments begin under the updated terms.
Review your Loan
We analyze your current mortgage, financial position, and long-term goals to determine whether refinancing makes strategic sense.
Compare your Options
You'll see side-by-side loan scenarios so you can evaluate rate, term, payment impact, and total cost over time.
Submit your Application
Once you select the best option, you submit documentation and the loan moves through underwriting and verification.
Close your Refinance
Your new loan replaces the existing mortgage and payments begin under the updated terms.
What is a refinance?
A refinance replaces your existing mortgage with a new loan. The new loan pays off the old one, and you begin making payments under new terms.
Refinancing may change:
- Your interest rate
- Your monthly payment
- Your loan term
- Your overall interest paid over time
The right refinance depends on long-term strategy, not just short-term savings.
Refinance costs to consider
It’s important to weigh these costs against potential savings or long-term benefits. Your loan originator will walk through the break-even timeline so you understand the trade-offs clearly.
Closing Costs
Closing costs are the combined expenses required to process, approve, and finalize your new loan. They are typically paid at closing, though in some cases they can be rolled into the new loan balance.
- Often range from 2% – 5% of the loan amount
- May include title services, escrow fees, and recording fees
- Can sometimes be offset with lender credits
- Impact your break-even timeline
- Should be evaluated against projected savings
Lender Fees
Lender fees cover the cost of underwriting, processing, and originating your new mortgage. These vary depending on loan structure and complexity.
- May include origination or underwriting fees
- Sometimes tied to interest rate selection
- Can differ between loan programs
- Should be reviewed alongside total loan cost, not just rate
Appraisal
An appraisal determines the current market value of your home. It ensures the property supports the new loan amount.
- Helps determine available equity
- Usually ordered through a third-party appraiser
- Fee varies by property type and location
- May be waived in certain low-risk situations
- No Appraisals on VA IRRRLs
Taxes and Insurance
When refinancing, your escrow account may need to be restructured. This can affect how property taxes and homeowner’s insurance are handled at closing.
- You may need to fund a new escrow account
- Existing escrow balances are typically refunded separately
- Prepaid taxes and insurance may be collected at closing
- Timing of tax payments can impact closing cash needed
- Your loan originator will outline the next impact clearly
