Refinancing might be right for you
If you already own a home, refinancing can help you take advantage of market opportunities. Whether you want to reduce your monthly payment, shorten your loan term, or access equity for major projects, we help you explore what refinancing can do for your situation.
Homeowners like you have used refinancing to transform their financial situation.
- Lower monthly payments
- Faster loan payoff
- Access home equity
Refinance calculator
Use our calculator to estimate how refinancing might affect your monthly payment and total interest over the life of your loan. Enter your current loan details and see scenarios that could work for you. Remember, this is an estimate. Actual results depend on your credit, the current market, and other factors we'll discuss together.
Calculator results are estimates provided for illustrative purposes only and may not reflect actual loan terms. This is not a commitment to lend, a preapproval, or an offer of credit. Actual rates, payments, and costs depend on credit approval, satisfactory appraisal, and underwriting guidelines. Consult a licensed loan officer for details.
When Refinancing Makes Sense
Understand your refinancing opportunity
Refinancing means paying off your current mortgage with a new loan, usually to get better terms. The most common reasons people refinance are to lower their interest rate, reduce their monthly payment, switch from an adjustable rate to a fixed rate, or tap into their home's equity.
But refinancing isn't automatic good news. It involves closing costs and a new approval process. Whether it makes financial sense depends on how long you plan to stay in your home, current market rates, and your personal goals.
We help you run the numbers honestly. If refinancing would save you money or help you reach a goal, we'll show you exactly how. If the costs outweigh the benefits in your situation, we'll tell you that too. Our job is to make sure you make an informed decision, not to push you into something that doesn't serve you.
Common refinancing scenarios include lowering your rate when the market moves in your favor, shortening your loan term as you get closer to retirement, converting to a fixed rate if you have an adjustable mortgage and want certainty, or accessing equity to pay for home improvements, education, or other major expenses.
Each situation is unique. We'll analyze yours in detail and explain what your options are.
Types of refinancing we offer
Different refinancing options serve different goals. Here's how we can help you move forward.
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Rate-and-Term Refinance
Change your interest rate or loan term without tapping into your home's equity. This is the most straightforward type of refinance. You might do this to lower your payment, lock in a fixed rate, or pay off your mortgage faster by shortening your term.
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Cash-Out Refinance
Borrow against the equity you've built in your home. You can use this cash for home improvements, debt consolidation, education costs, or other major expenses. You'll refinance for more than you owe, and the difference comes to you as cash.
See refinance options -
Streamline Refinancing
A simplified process designed to reduce paperwork and move quickly. If you have an existing loan with us or a government-backed mortgage, you may qualify for a streamline option that gets you a new rate with minimal documentation.
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Refinancing questions answered
Refinancing can seem complicated, but it doesn't have to be. Here are answers to the questions we hear most often from homeowners considering a refinance.
What are closing costs for a refinance and how much will I pay?
Closing costs are fees for processing your new loan. They typically include appraisal fees, title search and insurance, underwriting fees, and other costs associated with closing the loan. The total amount varies based on your loan size and location. We'll give you a detailed estimate upfront so you can determine whether the savings from refinancing justify the costs.
How do I know if refinancing makes sense for me?
We help you compare your current loan to refinancing options by calculating how much you'd save or spend. The key is understanding how long it would take to recoup closing costs through lower monthly payments. If you're planning to stay in your home long enough to break even, refinancing usually makes sense. If you might move within a few years, the numbers may not work in your favor.
Can I refinance if my home's value has decreased?
It depends on how much equity you have and which refinancing program you use. Streamlined refinancing often has more flexible requirements. Conventional refinancing may be harder if your home is worth less than what you owe. We can evaluate your specific situation and let you know what options, if any, are available.