Mortgage Refinance
Refinancing replaces your current mortgage with a new loan, potentially at a lower interest rate or with different terms. It can help you save money, pay off your home faster, or switch from an adjustable-rate to a fixed-rate mortgage.
Types of Refinance
Rate & Term Refinance — Lower your interest rate, change your loan term, or switch from ARM to fixed rate without taking cash out.
Streamline Refinance — Simplified refinance programs for FHA and VA loans with reduced documentation.
When Does Refinancing Make Sense?
Current rates are lower than your existing rate by at least 0.5-1% · You want to shorten your loan term (e.g., 30 to 15 years) · You want to switch from an ARM to a fixed rate · You want to remove PMI (if you have 20%+ equity) · You plan to stay in the home long enough to recoup closing costs.