Refinance
Lower payment or faster payoff. You choose.
A rate-and-term refinance swaps your current loan for one with better terms. The question that matters most: how long until it pays for itself?
- Cash to you
- Minimal
- Break-even
- Calculated up front
- Rate lock
- Up to 120 days
- Loan types
- Conv, FHA, VA, Jumbo
What a rate-and-term refinance does
You replace your current mortgage with a new one. The new loan pays off the old balance and your closing costs. It is not designed to put cash in your pocket. What you can change:
- The rate, to lower your monthly payment.
- The term, such as moving from 30 years to 15 to save on total interest.
- The loan type, such as FHA to conventional to remove mortgage insurance, or adjustable to fixed.
- The borrowers, for example removing an ex-spouse from the loan, subject to lender rules.
Know your break-even
Refinancing costs money. Closing costs typically include lender fees, title insurance, the appraisal and recording charges. Divide those costs by your monthly savings and you get your break-even point, in months.
If you plan to keep the home longer than that, the refinance may make sense. If not, it may not. Our refinance break-even calculator does the math in under a minute.
Shortening your term works differently. Your payment may go up, but the total interest you pay over the life of the loan can drop sharply. We show you both numbers so you can decide with your eyes open.
When it may be worth a look
- Market rates have moved below your current rate.
- Your credit score has improved significantly since you closed.
- Your home has gained value, so you may be able to drop PMI or MIP.
- Your adjustable rate is about to reset.
- Your income has grown and you want to pay the house off sooner.
How we handle a refinance
Refinancing is where rate monitoring pays off. Tell us your target and we will watch the market for you. When the numbers work, we move quickly: a 30-minute call to confirm your goals, two to three hours comparing lenders on rate and closing costs, then a 30- to 45-minute presentation with your break-even in plain numbers.
Once you are in process, you can lock for up to 120 days, upload documents through a secure portal, and a dedicated processor handles the appraisal and conditions through closing.
Questions we hear
How much does it cost to refinance?
Closing costs vary with loan size, lender fees and title charges, and commonly run a few percent of the loan amount. You can often roll them into the new loan or accept lender credits in exchange for different pricing. We show every option alongside its break-even.
How soon can I refinance after buying?
It depends on the program. Some loans can be refinanced within months, while others have waiting periods, especially cash-out and streamline refinances. We check the seasoning rules for your loan up front.
Will refinancing restart my 30-year clock?
It can, but it does not have to. You can choose a shorter term, such as 15, 20 or 25 years, or keep making extra principal payments on a new 30-year loan. We compare the total interest on each option.
Do I need an appraisal to refinance?
Usually, although some conventional refinances may qualify for an appraisal waiver, and FHA and VA streamline refinances typically do not require one. Your equity, loan type and lender determine the answer.
Can I remove FHA mortgage insurance by refinancing?
Yes. Refinancing into a conventional loan is the most common way to drop FHA MIP. With at least 20% equity you generally avoid PMI entirely, and with less you may have PMI that can be removed later.
Related programs
Thirty minutes. Your goals. Real options.
Start with a goal consultation. No credit pull, no obligation. We come back with the strongest structures on the market for your situation.