Mortgage Refinance
Reset your loan to match where you are now — a better rate, term, or structure.
Refinancing at a Glance
What Is Refinancing?
Refinancing replaces your current mortgage with a new one. The old loan gets paid off, a new loan takes its place, and from that point forward you make payments under the new terms. That's the whole mechanic — but the reasons people do it, and whether it actually pays off, are where it gets interesting.
There are two main flavors. A rate-and-term refinance changes your interest rate, your loan length, or both — without pulling any cash out. It's the move when you want a lower payment, a shorter term, or out of an adjustable rate into a fixed one. A cash-out refinance replaces your mortgage with a larger one and hands you the difference in cash, which homeowners use for renovations, debt consolidation, or other big expenses. Because cash-out loans are riskier for the lender, they typically carry a slightly higher rate than a comparable rate-and-term refi.
Here's the part most lenders gloss over and we won't: refinancing isn't automatically a good deal. It comes with closing costs — generally 2% to 6% of the new loan amount. The question that actually matters is your break-even point — how long it takes your monthly savings to cover those costs. If your closing costs run $4,000 and you save $200 a month, you break even in 20 months. Stay in the home past that and you're ahead. Sell or move before it, and you've lost money on the deal.
Who Refinancing Is For
Homeowners whose situation or the market has shifted since they closed. If you are moving in the next year or two, though, it usually does not pencil out — there is not enough time to clear the closing costs.
Lower Your Rate
A lower interest rate can cut your monthly payment or reduce total interest over the life of the loan.
Shorten Your Term
Move from 30 years to 15 to build equity faster and pay less interest overall.
Switch Structures
Move from an adjustable rate to the predictability of a fixed rate.
Tap Your Equity
A cash-out refinance pulls equity for renovations, debt consolidation, or major expenses.
Drop Mortgage Insurance
If you have built enough equity, refinancing into a conventional loan can remove mortgage insurance.
Reset to Your Goal
Match a new term and structure to where your life and finances are today.
How the Process Works
Refinancing is a new loan application — here is what to expect.
Run the Break-Even Math
We compare your current rate to today's, estimate closing costs, and show you how long until the savings pay for the refi.
Apply & Lock
If the numbers work, we finalize your application and lock your new rate.
Appraisal
The home is appraised so the lender can confirm current value and your available equity.
Underwriting
The lender verifies your credit, income, and equity. Our in-house processing keeps it moving.
Close
Sign your new loan documents. Your old mortgage is paid off and the new terms take over.
Estimate Your New Payment
Model what your payment could look like at a new rate or term. Enter any rate to estimate it — your real rate comes from your application.
This is an estimate for planning purposes only — not a rate quote, loan offer, or commitment to lend. Your actual rate and payment depend on your full application. Contact us for a personalized quote.
Eligibility
Refinancing is a new loan application, so lenders look at the same things they did the first time around:
- Credit score — generally a minimum around 620, with the best rates reserved for higher scores.
- Equity / loan-to-value — how much of the home you actually own. More equity means more options and better pricing, and it's required for cash-out.
- Debt-to-income ratio — your monthly debt obligations measured against your income.
- Income and employment — documented and stable, same as a purchase loan.
The home will typically need a new appraisal so the lender can confirm current value. Exact thresholds vary by program and lender, so confirm where you stand before assuming a refi is on the table.
What Our Clients Say
“Don was incredible to work with throughout my entire home-buying process as a first-time buyer. He was always quick to respond, happy to run different numbers for me, and consistently helped me stay on top of my timelines and due dates.”
Cailyn Hankins
Google Review
FAQs
Refinancing FAQs
Find your break-even point. Add up the closing costs, figure out how much you'd save each month at the new rate, and divide. That tells you how many months until the savings cover the costs. If you'll stay in the home well past that point, refinancing likely makes sense. If you're leaving before then, it probably doesn't.
A rate-and-term refinance adjusts your rate or loan length without increasing your balance — it's about better terms. A cash-out refinance replaces your loan with a bigger one and gives you the difference in cash, so your balance and usually your payment go up. Cash-out rates also tend to run slightly higher because lenders view them as riskier.
Generally 2% to 6% of the new loan amount. Watch out for "no closing cost" offers — those costs don't vanish, they get baked into a higher rate or a larger loan balance. Always compare the APR, not just the rate, since APR folds in fees.
It can be, because mortgage rates are usually far lower than credit card or personal loan rates. But there's a real trade-off: you're converting unsecured debt into debt secured by your home, and raising your mortgage balance. Miss payments on a credit card and your credit suffers; miss payments on your mortgage and your home is on the line. Worth it for the right borrower with a clear plan — not a casual move.
It can, if you refinance into a new 30-year term — which lowers your payment but can mean more total interest over time. You don't have to, though. You can refinance into a shorter term to stay on track or accelerate payoff. Match the term to your goal.
No. You can shop any lender, and you generally should. Getting quotes from at least three lenders at the same time is the cleanest way to compare real costs and find the best deal.
See If Refinancing Makes Sense
Reach out and we'll run the numbers with you — no pressure.