Refinance

The old rule of thumb was 'refinance if rates drop 1%+' but the real answer depends on your break-even point. If you can recoup closing costs within 2-3 years through lower payments, it's usually worth it. If you're planning to sell before the break-even point, it's probably not.

Closing costs for a refinance typically run 2-3% of the loan amount. On a $400,000 loan, that's $8,000-$12,000. Some of these costs can be rolled into the new loan, and we can sometimes find lender credits to offset them.

FHA Streamline refinances have more flexible credit requirements (580+) and don't always require a new appraisal. Conventional refinances typically need 620+. If your credit has dropped, we can discuss options or strategies to improve it first.

Typically 3-5 weeks from application to closing. FHA Streamline refinances can be faster since they require less documentation.

A 15-year mortgage saves a huge amount in total interest, but your monthly payment will be higher. We'll show you both scenarios side-by-side so you can see the tradeoff between monthly cash flow and long-term savings.

If you currently have an FHA loan, an FHA Streamline lets you refinance with minimal documentation, no appraisal in many cases, and reduced closing costs. It's one of the fastest and cheapest ways to lower your rate.

It's harder but not impossible. Some programs allow refinancing up to 97% LTV (loan-to-value). If you owe more than your home is worth, let's talk about your specific situation — there may be options.

Rate-and-term refinance changes your rate and/or loan term without taking cash out. Cash-out refinance lets you borrow more than you owe and take the difference as cash. They have different rates, requirements, and purposes. We cover cash-out refinancing on a separate page.