Refinancewhen the mathsays yes.
A refinance replaces your current mortgage with a new one. Done right, it lowers your payment, removes FHA mortgage insurance, shortens your term or turns equity into cash. Done wrong, it just resets the clock. We show you the break-even point and the total interest before you decide.
Secure application, about 10 minutes. A licensed loan officer reviews it and reaches out to walk you through your options.
Who Refinance works best for.
A strong fit if
- Rates are meaningfully below your current rate
- You have an FHA loan and about 20% equity, so you can drop mortgage insurance
- You want to pay the house off faster with a 15 or 20 year term
- You want to consolidate high interest debt or fund a project with equity
- You will stay in the home past the break-even point
Compare options if
- You plan to sell within a year or two. You may not reach break-even
- The lower payment only comes from stretching the loan back to 30 years
- You want to borrow against equity but keep a very low first mortgage rate. A home equity line may fit better
Refinance options in plain numbers.
These are the program rules. Each lender can add its own on top, which is why we shop your file across several of them.
| Rate and term | Changes your rate, your term or both, without taking cash. Up to 97% of value for conventional loans in some cases. |
|---|---|
| Cash-out | Borrow against your equity. Up to 80% of the home's value on conventional and FHA. VA allows up to 100%, though many lenders cap it at 90%. |
| FHA streamline | For FHA to FHA refinances with a clear benefit. Reduced paperwork and often no appraisal. |
| VA IRRRL | VA to VA rate reduction with a 0.5% funding fee and a simple process. |
| Dropping FHA insurance | Move from FHA to conventional once you have about 20% equity to remove mortgage insurance for good. |
| Seasoning | Most programs require some time since your last loan or purchase, usually 6 to 12 months. |
| Closing costs | Typically 2% to 3% of the new loan. Often rolled into the loan or offset with a slightly higher rate. |
Find your break-even before you refinance.
Compare your current payment to a new one, see how many months it takes to earn back closing costs, and check total interest.
Two reasons to refinance.
Most refinances are one of these. Your loan officer will price both if you are deciding between them.
Apply once
One secure application, about 10 minutes.
We price both
Cash-out and Rate and term across our lenders, side by side.
You pick with real numbers
Payment, cash to close and total cost, in plain terms.
Cash-out or Rate and term?
| Feature | Rate and term | Cash-out |
|---|---|---|
| Goal | Lower your rate or change your term | Turn equity into cash |
| Max loan to value | Up to 97% conventional | 80% (VA up to 100%) |
| Pricing | Best available pricing | Slightly higher rate |
| Common uses | Lower payment, drop FHA insurance, pay off faster | Debt payoff, renovation, investing |
Refinance questions we hear every week.
When does refinancing make sense?
When the savings pay back your closing costs in a time frame you will actually stay in the home. Divide closing costs by monthly savings to get your break-even in months. The estimator above does it for you.
How much cash can I take out?
Up to 80% of your home's value on conventional and FHA loans, minus what you owe. On a $500,000 home with a $320,000 balance, that is up to $80,000 before costs. VA allows more for eligible veterans.
Can I get rid of FHA mortgage insurance?
Yes. Once you have about 20% equity, refinancing into a conventional loan removes it. Rising home values in the DMV have put many FHA borrowers there already.
Will refinancing restart my loan?
It can. Choosing a shorter term, or paying extra each month, keeps you on track. Compare total interest left, not just the payment.
Should I take cash out to pay off debt?
It can cut your total monthly payments when the debt carries a much higher rate, but it moves that debt onto your home. We show the numbers both ways. Our sister firm Money Experts also reviews how home equity fits your long term plan.
How long does a refinance take?
Usually 3 to 5 weeks from application to closing, depending on the appraisal and how quickly documents come in.
Compare other options.
Conventional Loans
3% down for first-time buyers, and mortgage insurance that comes off at 20% equity.
ExploreLow down paymentFHA Loans
3.5% down and flexible credit for buyers with a 580+ score.
ExploreVeterans & militaryVA Loans
No down payment and no monthly mortgage insurance for eligible veterans and service members.
ExploreAge 62+Reverse Mortgage
Turn home equity into income or a line of credit with no required monthly mortgage payment.
Explore