Refinance Your Loan
A new loan can lower your rate, lower your payment, or get cash from your home.
Who This Fits
A refinance replaces the loan you have now with a new one. People refinance to lower their rate, lower their payment, pay off the home sooner, drop mortgage insurance, or take cash from their home's value.
Your Choices
- Rate-and-term refinance: get a lower rate or change how long your loan lasts.
- Cash-out refinance: use your home's value for repairs, paying off debt, or other goals.
- FHA Streamline: a simple refinance for people who already have an FHA loan. Less paperwork, and often no appraisal.
- VA IRRRL: a fast way for veterans and military to lower their rate.
Basic Requirements
These are general guidelines. Each lender has its own rules, and programs can change.
- Equity: how much your home is worth minus what you owe. Most cash-out loans make you leave some equity in the home.
- Credit and income: the lender checks these again.
- Closing costs: a refinance has costs. Mark helps you see how long it takes to break even.
- Appraisal: often needed, but some streamline loans may not need one.
How It Works
- Talk: Mark learns your goals.
- Compare: he explains each choice.
- Apply: he helps you gather your papers.
- Appraisal and underwriting: Mark works with the lender to get you approved.
- Close: he handles the details.
Questions People Ask
When does a refinance make sense?
When the savings are bigger than the costs over the time you plan to stay. Mark can do the math with you.
What is a cash-out refinance?
You take a new, bigger loan and get the difference in cash. People use it for repairs, paying off high-rate debt, or other goals.
Can I refinance to remove FHA mortgage insurance?
Often, yes, if you have enough equity to move to a conventional loan.
Related
Debt Consolidation Calculator · FHA Loans · VA Loans · All Calculators · Areas We Serve
All loans depend on credit, income, and property review. Not everyone will qualify. Programs can change. This is general information, not a loan offer. Mark Jost, NMLS #150914. Heathrow Mortgage, Company NMLS #1849599. Equal Housing Opportunity.