Refinancing

See whether a refinance makes sense for you

Who it may fit

• Homeowners who want a different rate, payment, or loan term
• Homeowners who want to tap equity for renovations or to consolidate debt
• FHA and VA borrowers who may qualify for streamline options

Things to know

• Rate-and-term refinance: changes your rate and/or term without taking cash out.
• Cash-out refinance: borrows against your equity; the new loan is larger than the old one.
• Streamline options: FHA Streamline and VA IRRRL can reduce paperwork for eligible borrowers.
• Closing costs matter. We'll look at your break-even point before you decide.

Main benefits

• May lower your rate or payment, change your term, or remove mortgage insurance.
• Cash-out can turn equity into funds for other goals.

Limitations & tradeoffs

• Closing costs can take years to recover; a lower payment is not always a savings overall.
• Restarting a 30-year term can increase total interest paid.
• Cash-out increases your loan balance and your risk if home values fall.

Next step

Get a quote and I will calculate your break-even point before you decide.

Get a Quote →

Eligibility, terms, and availability depend on your situation and on lender and program guidelines, and are subject to change. Not all borrowers will qualify. No rates are quoted on this site.