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

1

Application

Submit your refinancing application with basic information about your current mortgage and financial situation.

2

Documentation

Provide required documents such as income verification, tax returns, and bank statements.

3

Appraisal

Home appraisal to determine current value (may be waived for certain refinance types).

4

Underwriting

Review and verification of all information and documentation.

5

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.