Refinance Mortgage Process

Refinancing is the process of paying off your existing mortgage with a new mortgage. Typically, you refinance your mortgage to reduce your interest rate and monthly payment or change the length (or term) of your mortgage. You may also refinance to take cash out from your home’s equity. Top reason to refinance are:

Better Interest Rate

That is the most common reason for refinancing. If mortgage interest rates have fallen since you took out the mortgage loan, you can often save money by refinancing you mortgage into a new home loan at current low rates. Or you might be eligible for a lower rate because your credit situation has improved.

Reduce your Monthly Payments

With a lower interest rate, you can get lower monthly payments if you keep your payoff date the same. You can also lower your monthly mortgage payments by extending your payoff date past what it currently is, so you’re paying less in principle each month.

Take Out Equity for Investments

With a cash-out refinance, you can borrow against your home equity to obtain funds for any purpose. You receive a check at closing, the amount of which is added onto the mortgage principle you owe. Since mortgage rates tend to be lower than other types of debt and are tax-deductible, it’s a very cost-efficient way to borrow.

Switch to a Fixed Rate

If you currently have an ARM (adjustable-rate mortgage), you may want to refinance to a fixed-rate loan to lock in your rate for the remainder of your mortgage. That way, you don’t have to worry about your monthly payments increasing if rates rise.

Reduce Loan Terms

If you started out with a 30-year home loan, you can refinance to a 15-year fixed-rate mortgage after a few years. This will allow you to pay the mortgage off faster and save a lot of money in interest over the life of the loan. Mortgage rates on 15-year loans are also significantly lower than on 30-year mortgages, so you may be able to shorten your term without a big increase in your monthly mortgage payment.

Consolidate your Debts

You can use a cash-out refinance to pay off your other debts to save money on interest and reduce your total monthly payments. Mortgage rates are usually lower than the interest rates paid on credit cards and other unsecured debt, so you save big on interest payments.

Refinance Mortgage Rates

We can get you the best refinance interest rates for a variety of mortgage products, and learn how we can help you reach your home financing goals and needs. Our network of banks are ready to compete for your business.

Our goal is to match you with experts that get you the best deal, the best rates and your loan approved!

FAQ’s on Refinance Mortgage

To qualify for a refinancing:

  1. There is no waiting period to refi for a Conventional Mortgage Loan! However if you want to do a cash-out refi, your name should be on the title of your home for a minimum of 6 months.
  2. You have 20% equity or more in your home. There are exceptions though, so talk to us!
  3. Your DTI (debt-to-income ratio) is less than 50%. Don’t worry, we’ll help you calculate it.
  4. You credit score is at least 620 for a Conventional Refi and at least 580 for an FHA

There is no waiting period to refinance a Conventional Mortgage Loan! However if you would like to get some money out and do a cash-out refinancing, you will need to wait a minimum of 6 months.

To refinance FHA loan with an FHA Streamline Refinance loan, you have to wait a minimum of 210 days.

You should have a Credit score of at least 620 for a Conventional Refinancing and at least 580 for an FHA Streamline refi

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How It Works

Simple Hassle Free Process

It starts with a no hassle and no commitments phone, text or email conversation. Everyone’s situation is different and our experts will analyze your needs and wants and help get you the BEST property loan possible.

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We work with 5 star Google-rated companies and mortgage professionals and have helped people find the best loan solutions and providers.  Our goal is to be the best resources of information for your needs. Start by inquiring.

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Benefits of Our Process

We picked the most experienced loan officers that have the knowledge & expertise you need to explore the many financing options available to make the right choice for your property mortgage loan needs. Finding the best banks and brokers can create confusion and working with the best helps you in this major decision.

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The Process

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