Refinancing Your Mortgage
Discover how refinancing your mortgage could help you achieve your financial goals.
Types of Refinancing
Rate & Term Refinance
Lower your interest rate or change your loan term
- Reduce monthly payments
- Pay off your loan faster
- Lock in a lower rate
- Switch from ARM to fixed-rate
Cash-Out Refinance
Access your home's equity for major expenses
- Home improvements
- Debt consolidation
- Education expenses
- Investment opportunities
FHA Streamline Refinance
Simplified refinancing for FHA loan holders
- Minimal documentation
- No appraisal required
- Lower closing costs
- Quick processing
VA IRRRL
Easy refinancing option for VA loan holders
- No appraisal needed
- Lower interest rate
- Reduced funding fee
- Simple qualification process
Qualifying for Refinancing
Credit Score
Most refinance options require a credit score of 620 or higher
Home Equity
Typically need at least 20% equity for conventional refinancing
Debt-to-Income Ratio
Your monthly debts should be less than 43% of your gross monthly income
Payment History
Recent mortgage payments should be on time with no late payments
Benefits of Refinancing
Lower Monthly Payments
Reduce your monthly mortgage payment by securing a lower interest rate or extending your loan term.
Build Equity Faster
Switch to a shorter loan term to pay off your mortgage sooner and build equity more quickly.
Access Home Equity
Use your home's equity for major expenses or investments with a cash-out refinance.
The Refinancing Process
Application
Submit your refinancing application with basic information about your current mortgage and financial situation.
Documentation
Provide required documents such as income verification, tax returns, and bank statements.
Appraisal
Home appraisal to determine current value (may be waived for certain refinance types).
Underwriting
Review and verification of all information and documentation.
Closing
Sign final documents and complete the refinancing process.
Ready to Explore Refinancing?
Our mortgage experts can help you understand your options and find the best refinancing solution for your needs.