Mortgage Basics

Refinance

 A refinance lets you replace your current mortgage with a new one—often to lower your payment, remove mortgage insurance, or access your home’s equity.

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Refinance Graphic

  • Lower Your Monthly Payment
    Get a better rate or a longer loan term to reduce what you pay each month.
  • Remove Mortgage Insurance
    Once you reach 20% equity, refinancing can remove PMI or FHA MIP.
  • Cash-Out Refinance
    Use your equity to pay off debt, complete home projects, or cover major expenses.
  • Shorten Your Loan Term
    Move from a 30-year to a 15-year loan to save money on long-term interest.

    • You may be a good candidate if:

    • Rates have dropped since you purchased your home
    • Your credit score has improved
    • You plan to stay in your home for several more years
    • You’ve built meaningful equity
    • You want to switch from FHA → Conventional

  • Rate-and-Term Refinance
    Replace your loan for a lower rate, lower payment, or shorter term.
  • Cash-Out Refinance
    Tap into your home’s equity and receive cash at closing.
  • FHA → Conventional Refinance
    Remove FHA’s lifetime mortgage insurance once you qualify.

    • A refinance usually requires:

    • A recent pay stub / W2 or tax return
    • A home appraisal (depending on the loan program)
    • A credit check
    • A review of your current mortgage statement

    Even a small rate drop or removing mortgage insurance can lead to major savings over time—worth running the numbers.