Refinance Your Mortgage
Refinancing replaces your current mortgage with a new one — ideally at a better rate, a better term, or with cash in your pocket. Whether you're chasing a lower payment, eliminating FHA mortgage insurance, or tapping into equity, the decision always comes back to the same question: does the savings outweigh the closing costs in a reasonable time? We run the actual math on your file before recommending anything. RICH Home Loans is an independent broker licensed in Colorado, Texas, Kansas, and Missouri, refinancing homeowners across the Denver, Kansas City, and Texas metros.
Types of refinance we handle
- Rate-and-term refinance — lower rate, shorter or longer term, no cash out. The classic refi.
- Cash-out refinance — pull equity out at closing for debt consolidation, renovation, or investment. Up to 80% LTV on primary residences, lower on second homes and investment.
- FHA-to-conventional refinance — once you have 20%+ equity, refinancing out of FHA eliminates monthly MIP permanently. Often saves $100–$300/month even without a rate change.
- VA IRRRL streamline — existing VA loans only. No appraisal, no income docs in most cases. Fast rate reductions when the market cooperates.
- FHA streamline — existing FHA loans only. Reduced documentation, no appraisal required when lowering rate.
The break-even calculation
Before you sign a refi, you should know your break-even point: how many months of reduced payment it takes to recover the closing costs. If you plan to stay longer than the break-even, the refi makes sense. If you might sell sooner, it probably doesn't. We run this side-by-side with the proposed loan so you're not deciding on a hunch.
Frequently asked questions
When does it make sense to refinance?
When the savings cover your closing costs in a reasonable time frame — typically 2–3 years. The math depends on your current rate, the new rate, your closing costs, and how long you plan to stay. We run the actual break-even calculation on your scenario before recommending a refinance.
What's the difference between rate-and-term and cash-out?
Rate-and-term replaces your current loan with a new loan at a better rate or term without taking cash out. Cash-out refinance replaces your loan with a larger one and gives you the difference in cash — useful for paying off high-interest debt, funding a renovation, or investing. Cash-out rates are usually slightly higher and have stricter LTV limits.
Can I remove FHA mortgage insurance?
Yes — by refinancing from FHA to a conventional loan once you have at least 20% equity. FHA MIP is usually for the life of the loan, so this refi often saves borrowers $100–$300/month even without a rate improvement. It's one of the most common high-leverage refis we run.
What's a VA IRRRL?
VA Interest Rate Reduction Refinance Loan — a streamline refinance available only on existing VA loans. No new appraisal, no income documentation, minimal paperwork. Designed to reduce your rate quickly when rates have dropped since you originated.
Related
- FHA loans — the purchase product many of our refis refinance out of
- VA loans — includes VA IRRRL streamline and VA cash-out
- Conventional loans — most refis end here
- Jumbo loans — refinance above the conforming cap
Ready to run the numbers?
Send me your current note rate, balance, and approximate home value — I'll run the break-even and show you whether a refi actually wins.