Refinance Loans

Common Refinance Options

Rate-and-Term Refinance
This option replaces your current mortgage with a new loan that may offer a different interest rate, loan term, or both, without taking cash out of the property.

How the Refinance Process Works

A refinance loan allows homeowners to replace an existing mortgage with a new loan, potentially adjusting the interest rate, loan term, or access to home equity. Homeowners refinance for a variety of reasons, including improving cash flow, restructuring debt, or aligning their mortgage with long-term financial goals.

Refinance options are available for primary residences, second homes, and certain investment properties, depending on eligibility and lender guidelines.

Refinancing involves applying for a new mortgage, providing updated financial documentation, and completing underwriting and appraisal reviews. Approval is based on factors such as income, credit profile, property value, equity, and overall financial stability.
Closing costs, interest rates, and loan terms vary by program, lender, and market conditions.

Who Refinance Loans Are Commonly Used By

Refinance loans are often considered by homeowners who want to:
Adjust their interest rate or loan term
Access home equity for qualified purposes
Remove private mortgage insurance, when applicable
Consolidate debt into a single monthly payment
Restructure their mortgage based on changing financial needs
Whether refinancing is beneficial depends on personal goals, costs, and long-term plans.

Refinance Programs That May Be Available

Depending on your current loan type and qualifications, refinance options may include:
Conventional refinance loans
FHA Streamline refinance options (for existing FHA loans)
VA Interest Rate Reduction Refinance Loans (IRRRL) for eligible VA borrowers
Jumbo refinance options for higher loan balances
Program availability and requirements vary based on individual circumstances.

Refinance loans generally fall into two primary categories:

Cash-Out Refinance
A cash-out refinance allows eligible homeowners to access a portion of their home’s equity by increasing the loan amount, subject to loan-to-value limits and qualification requirements.