Simple loans for
your dream home

• Lowering your monthly payment
• Reducing your interest rate
• Paying off your loan faster with a shorter term
• Accessing cash from your home’s equity (cash-out refinance)

You’ll want to stay at least until you reach your break-even point — the time when your monthly savings outweigh the upfront costs of refinancing. If you move before then, refinancing may not make financial sense.

• Rate-and-term refinance – Adjusts your interest rate and/or loan term.

• Cash-out refinance – Lets you replace your mortgage with a larger one and take the difference in cash for things like renovations or debt consolidation.

Closing costs typically range from 2% to 6% of the new loan amount. These may include origination, appraisal, and title search fees.

Yes. Some lenders offer no-closing-cost refinances — but those fees are usually rolled into your loan balance or exchanged for a higher interest rate.

Your score may dip slightly due to the hard inquiry, but it typically recovers quickly as you make on-time payments on your new loan.

1. Credit score – Higher scores reduce lending risk and may lower interest rates. Conventional loans typically require 620+, FHA loans may allow lower scores.

2. Debt-to-income (DTI) ratio – The percentage of your gross monthly income that goes toward debt payments. Most lenders prefer below 36%.

3. Income & employment history – A stable, consistent income is preferred, usually two years of consistent work. Self-employed borrowers need extra documentation.
   
4. Assets – Savings for a down payment and closing costs, verified through bank and investment statements.

• Fixed-rate mortgage – Same interest rate and payments for the life of the loan, offering predictability.

• Adjustable-rate mortgage (ARM) – Fixed rate for an initial period, then fluctuates. Lower initial payments but potential for rate increases.

• Conventional loan – Not government-backed; stricter requirements but flexible options.

• FHA loan – Insured by the Federal Housing Administration, allowing lower down payments and flexible credit requirements.

• VA loan – For eligible veterans, service members, and spouses; often no down payment required.

• USDA loan – For low-to-moderate income buyers in designated rural areas; may require no down payment.

The process usually takes 30 to 60 days, depending on underwriting, appraisal, and other requirements.

• Proof of income (pay stubs, W-2s, tax returns)

• Bank and investment statements

• Identification

• Details of your current mortgage (if refinancing)