Refinance Mortgage Loans
Explore our comprehensive refinancing loan programs designed to help you save money, access equity, or improve your loan terms. Find the perfect refinance solution for your needs.
Choose Your Refinance Program
Select a loan program below to learn more about its features and requirements
Conventional Refinance
Traditional refinancing with competitive rates and flexible terms
Key Features:
- No upfront mortgage insurance for 20%+ equity
- Loan amounts up to the current FHFA conforming limit for your area
- Fixed and adjustable rate options
- Cash-out refinancing available
- No prepayment penalties
Benefits:
- Competitive interest rates
- Flexible qualification requirements
- Various term options (10, 15, 20, 30 years)
- Can remove PMI with sufficient equity
Requirements:
- Credit score of 620 or higher
- Debt-to-income ratio under 50%
- Sufficient income documentation
- Property appraisal
Best For:
Homeowners with good credit and stable income looking for competitive rates
Program Comparison
Compare key features across different refinance programs
| Feature | Conventional | FHA Streamline | VA IRRRL | USDA |
|---|---|---|---|---|
| Processing Time | 30-45 days | 15-30 days | 15-30 days | 30-45 days |
| Appraisal Required | Yes | Usually No | Usually No | No |
| Income Verification | Yes | No | No | Limited |
| Cash-Out Option | Yes | No | Limited | No |
| Credit Requirements | Moderate | Flexible | Very Flexible | Moderate |
Calculate Your Refinance Savings
Use our refinance calculator to see how much you could save with a new mortgage loan
Frequently Asked Questions
Get answers to common questions about refinance loans
How much can I save by refinancing?
Savings depend on your current rate, new rate, loan balance, and how long you plan to stay in the home. Generally, if you can reduce your rate by 0.5-1%, refinancing may be beneficial.
How long does the refinance process take?
Conventional refinances typically take 30-45 days, while streamline programs (FHA, VA, USDA) can close in 15-30 days due to reduced documentation requirements.
What are closing costs for refinancing?
Closing costs typically range from 2-5% of the loan amount. This includes appraisal, title insurance, origination fees, and other lender charges. Some programs allow you to roll costs into the loan.
Can I refinance with bad credit?
Yes, but options may be limited. FHA streamline and VA IRRRL programs have more flexible credit requirements. Government programs often accept lower credit scores than conventional loans.
Should I refinance to a shorter term?
Refinancing to a 15-year mortgage can save significant interest over time but increases monthly payments. Consider your budget and financial goals when deciding on loan terms.
What is cash-out refinancing?
Cash-out refinancing allows you to borrow more than you owe and receive the difference in cash. You can use this money for home improvements, debt consolidation, or other major expenses.