Lower your monthly payment, shorten your loan term, or tap into your home's equity. See if refinancing makes sense for your situation.
Reduce your monthly payment and free up cash for other goals
Shorten your loan term and save on interest over time
Tap into your home's equity for renovations or debt consolidation
Different goals require different strategies
Replace your current mortgage with a new one at a better interest rate or different loan term. Your loan balance stays roughly the same (plus closing costs if you roll them in).
Typical Savings: $100-$400+ per month depending on rate improvement
Calculate Your Savings →Replace your current mortgage with a larger loan and receive the difference in cash. Use your home's equity for major expenses while potentially still improving your rate or terms.
Typical Access: Up to 80% of your home's value (minus current mortgage balance)
Check Your Equity →For existing VA loans
Fast, simplified refinance for current VA loan holders with reduced documentation, no appraisal required in most cases, and the ability to roll closing costs into the loan.
Learn About VA Refinancing →For existing FHA loans
Quick refinance option for FHA borrowers with minimal paperwork, no income verification, no appraisal in many cases, and lower closing costs than traditional refinancing.
Learn About FHA Refinancing →Look for these signs that refinancing could benefit you
If rates are at least 0.5-1% lower than your current rate, refinancing could save you significant money.
A better credit score since your original loan could qualify you for lower rates and better terms.
More equity means better loan-to-value ratio, which can eliminate PMI or unlock cash-out options.
If you have an adjustable-rate mortgage about to adjust, locking in a fixed rate can provide payment stability.
Tapping home equity through cash-out refinance often beats personal loans or credit cards with lower rates.
Refinancing to a 15 or 20-year term can save tens of thousands in interest and build equity faster.
How long will it take to recoup your closing costs through monthly savings?
Break-Even Formula:
Closing Costs ÷ Monthly Savings = Break-Even Months
If your closing costs are $5,000 and you save $200/month, you'll break even in 25 months (just over 2 years). After that, it's pure savings.
Pro Tip:
Even if your break-even is 2-3 years, refinancing might still be worth it for peace of mind (switching ARM to fixed) or accessing needed cash (cash-out refinance). Not every decision is purely financial.
See how much you could save each month and over the life of your loan
Monthly Savings
$0
Old Payment
$0
New Payment
$0
Annual Savings
$0
Lifetime Savings
$0
*Estimate based on principal and interest only. Actual savings may vary based on closing costs and other factors.
Start My Refinance →A simple four-step process to lower your payment
Submit your application with current loan details and financial information
An appraiser determines your home's current value for loan-to-value calculation
We verify your information and finalize your new loan terms and rate
Sign your paperwork and start enjoying your new lower payment!
Closing costs typically range from 2-5% of your loan amount. This includes appraisal fees, title insurance, origination fees, and other closing costs. Many borrowers choose to roll these costs into the new loan amount rather than paying them upfront.
Most refinances take 30-45 days from application to closing. Streamline refinances (VA IRRRL, FHA Streamline) can sometimes close faster, in 2-3 weeks, due to reduced documentation requirements.
Your credit score may drop slightly (usually 5-10 points) temporarily due to the credit inquiry and new account. However, it typically recovers within a few months, and the long-term benefits of a lower payment usually outweigh this short-term impact.
Yes! You can refinance with less than 20% equity, though you may need to pay PMI if you're doing a conventional refinance. However, if your home value has increased since purchase, you might have more equity than you think. FHA and VA loans don't require 20% equity.
A no-closing-cost refinance means you don't pay closing costs upfront, but they're either rolled into your loan amount (increasing your balance) or covered by accepting a slightly higher interest rate. There's no such thing as truly "free" refinancing—you pay one way or another.
It depends on your goals. Resetting to 30 years will lower your monthly payment the most. However, if you've already paid down your mortgage significantly, you might want to choose a 15 or 20-year term to maintain your payoff timeline and save on interest. We can help you compare options.
Still have questions?
View All FAQsLower your payment, shorten your term, or access your equity. Let's find the refinance option that works best for you.