Refinance
Make your current mortgage work harder.
Replace your current mortgage with a new one to lower your rate, change your term, tap your equity, or remove mortgage insurance — whatever loan type you currently have, there's likely a refinance path that fits.
Program Highlights
- Rate-and-term refinance — lower your interest rate and/or change your loan term without taking cash out
- Cash-out refinance — tap your home's equity for renovations, debt consolidation, investment, or other needs
- FHA Streamline — a simplified refinance for existing FHA borrowers, often with reduced documentation
- VA IRRRL — a streamlined refinance for existing VA loan holders with minimal paperwork
- Conventional refinance — for borrowers looking to drop PMI, lower their rate, or change their loan structure
- No appraisal may be required on certain streamline programs (FHA Streamline, VA IRRRL)
- Cash-out refinances available up to roughly 80% loan-to-value on conventional, higher on VA
- Can be used to remove a co-borrower, consolidate a second mortgage, or shorten your term to pay off faster
- Switching from an ARM to a fixed rate (or vice versa) is a common refinance goal
Best For
- Homeowners looking to lower their rate or payment
- Owners who want to tap equity with a cash-out refinance
- Borrowers removing FHA mortgage insurance by refinancing to conventional
What You'll Need to Qualify
- Equity and credit requirements vary by program
- Rate-and-term and cash-out options available
- Streamlined options exist for FHA and VA loans
- Appraisal may be required depending on program
Guidelines vary by lender and borrower profile. All loans subject to underwriting approval. Not a commitment to lend.
Good to Know
whether a refinance makes sense depends on your current rate, how long you plan to stay in the home, and closing costs versus monthly savings — a quick break-even analysis on your specific numbers answers that question fast.
Common Questions
How do I know if refinancing is worth it?
Compare your closing costs to your monthly savings to find your break-even point — if you'll stay in the home past that point, it's usually worth it.
Can I refinance to remove mortgage insurance?
Yes — if you've reached 20% equity, a conventional refinance can eliminate PMI; FHA borrowers often refinance into conventional for the same reason.
Do I need an appraisal to refinance?
Not always — FHA Streamline and VA IRRRL refinances often waive the appraisal requirement for qualifying borrowers.