Today's Refinance Rates
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Conventional
FHA
VA
USDA
Jumbo
📊 Source: St. Louis Federal Reserve
Types of Refinancing
There are several refinancing options available depending on your goals. Whether you want to lower your rate, access cash, or simplify your loan, we can help you find the right fit.
Rate-and-Term Refinance
Lower your interest rate or change your loan term to save money over the life of your mortgage. This is the most common type of refinance for homeowners looking to reduce monthly payments.
Cash-Out Refinance
Access your home's equity by refinancing for more than you owe. Use the funds for home renovations, debt consolidation, education expenses, or other major financial needs.
Streamline Refinance
A simplified refinancing process available to FHA and VA borrowers. Streamline refinances typically require less documentation, no appraisal, and can close faster than traditional refinances.
Cash-In Refinance
Pay down your principal balance at closing to remove private mortgage insurance (PMI), qualify for a better interest rate, or reduce your monthly payment amount.
When to Refinance
Refinancing can be a smart financial move in the right circumstances. Here are some common reasons homeowners choose to refinance:
Interest Rates Have Dropped
If current rates are 0.5% to 1% lower than your existing rate, refinancing could save you thousands over the life of your loan and significantly reduce your monthly payment.
Your Credit Score Has Improved
A higher credit score can qualify you for better interest rates and loan terms. If your score has improved since you took out your original mortgage, refinancing could unlock substantial savings.
You Need Cash for Major Expenses
A cash-out refinance lets you tap into your home's equity to fund home improvements, consolidate high-interest debt, cover education costs, or handle other significant financial needs.
You Want to Switch from an ARM to a Fixed Rate
If you have an adjustable-rate mortgage (ARM), refinancing to a fixed-rate loan provides predictable monthly payments and protection against future rate increases.
You Want to Remove PMI
If your home's value has increased and you now have at least 20% equity, refinancing can eliminate private mortgage insurance and save you hundreds of dollars per month.
Not sure if refinancing is right for you? Contact us for a free consultation to review your current mortgage and explore your options.
The Refinance Process
Set Your Goals
Determine what you want to achieve with your refinance - whether it's lowering your rate, reducing your term, or accessing cash from your equity.
Application
Submit your refinance application with details about your current mortgage, income, assets, and employment. We'll guide you through every step.
Home Appraisal
An appraisal will be ordered to determine your home's current market value. This helps establish your loan-to-value ratio and available equity.
Loan Processing
We'll verify your financial information, review all documentation, and prepare your loan file for the underwriting team.
Underwriting
Our underwriters will thoroughly review your application, credit history, and property details to issue a final approval on your new loan.
Closing
Sign your new loan documents, and your old mortgage will be paid off. Your new loan terms take effect, and you start saving right away.
Frequently Asked Questions
When does it make sense to refinance?
Refinancing typically makes sense when you can lower your interest rate by at least 0.5% to 0.75% and you plan to stay in your home long enough to recoup the closing costs. A good rule of thumb is to calculate your break-even point by dividing closing costs by your monthly savings.
How much does it cost to refinance?
Refinancing typically costs between 2% and 5% of the loan amount, covering fees like appraisal, title insurance, and origination charges. In many cases, these costs can be rolled into your new loan so you don't have to pay them out of pocket.
Can I refinance with bad credit?
Refinancing with a lower credit score is possible but more challenging. FHA streamline refinances may be an option for existing FHA borrowers with less-than-perfect credit. Most conventional refinances typically require a credit score of 580 or higher, though better rates are available at 620 and above.
How long does refinancing take?
The refinancing process typically takes 30 to 45 days from application to closing. Timelines can vary depending on your lender, the complexity of your financial situation, and how quickly you provide the required documentation.