Refinance Your Home

Mortgage refinancing is the process of replacing your existing home loan with a new one, typically to get better terms or rates.

People refinance to lower their interest rate, reduce monthly payments, change loan terms, or access home equity.

Refinancing replaces your current mortgage, while a home equity loan is a separate, second loan using your home’s equity as collateral.

Refinancing costs typically include application fees, appraisal, title insurance, and closing costs—usually around 3% of the loan amount, which includes setting up an new escrow account.

It can save money if you secure a lower interest rate or shorten your loan term, but savings depend on your financial situation and how long you plan to stay in the home.

You’ll need income verification, credit history, home appraisal, and mortgage statements.

Yes, refinancing is often used to secure a lower interest rate and reduce monthly payments.

Yes, you can choose a shorter or longer loan term depending on your financial goals.

Fixed-rate loans have stable payments, while adjustable-rate loans can change over time.

Typically, you need at least 20% equity, but some programs allow refinancing with less.

Yes, but it may require a subordination with the second lender and could affect your options.

A cash-out refinance lets you take out a new loan for more than you owe and receive the difference in cash.

This type of refinance changes your interest rate or loan term without taking cash out.

Yes, each has its own streamlined refinance options with specific benefits and requirements.

Refinancing usually takes 30 to 45 days, depending on your situation.

You’ll sign final documents, pay closing costs, and your new loan will replace the old one.

Yes, refinancing starts a new loan term, which can be shorter or longer than your original loan.

Your first payment is usually due one month after closing.