Program Overview
What is mortgage refinancing?
Mortgage refinancing replaces an existing loan with a new one.
Borrowers may refinance to change the interest rate, term, payment structure, loan program, remove or add a borrower, or access eligible equity, subject to qualification and transaction rules.
Who This Program May Help
Who may benefit from refinancing?
Homeowners Seeking New Terms
Borrowers evaluating a different rate, term, or payment structure.
Owners Accessing Equity
Eligible homeowners seeking cash-out for financial goals.
Borrowers Removing Mortgage Insurance
Homeowners whose equity may support a new loan without current insurance requirements.
Investors Refinancing Rentals
Eligible owners refinancing residential investment property.
Qualification Factors
Common eligibility considerations
A lower payment does not always mean lower total cost. Consider closing costs, term extension, interest paid, taxes, and break-even period.
Preparing to Apply
Documents commonly requested
- Government-issued identification
- Current mortgage statement
- Income and employment documentation
- Bank and asset statements
- Homeowners insurance
- Property-tax information
- Appraisal or valuation documentation
- Payoff and title information
Step by Step
How the process works
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01
Complete the Secure Application
Provide your contact information, financing goals, property details, and estimated financial profile.
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02
Submit Supporting Documents
Provide the income, asset, credit, identity, entity, and property documents required for the selected program.
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03
Review Program Eligibility
Your mortgage professional reviews loan structure, occupancy, property type, credit, income, reserves, and documentation.
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04
Processing and Underwriting
The file, appraisal, title, insurance, disclosures, conditions, and applicable program requirements are reviewed.
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05
Final Approval and Closing
After final conditions are satisfied, closing documents are prepared for signing and funding.
Frequently Asked Questions
Refinance Loans FAQs
When does refinancing make sense?
Refinancing may make sense when the expected benefit exceeds the costs and aligns with your goals and expected ownership period.
What is the refinance break-even point?
It is the time required for monthly savings to recover closing costs and other transaction expenses.
Can I take cash out of my home?
Eligible homeowners may qualify for cash-out refinancing based on equity, credit, income, property, and program limits.
Does refinancing restart the loan term?
A new loan has its own term. Extending the term may reduce payments but increase total interest.
Is an appraisal required?
Many refinance transactions require an appraisal or approved valuation, though exceptions may apply.