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.
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.