REFINANCE
Refinance Your Mortgage
Lower your rate or payment, shorten your term, remove mortgage insurance or tap your home’s equity.
What's your home worth? Start with a free estimate.
Estimate only, not an appraisal.
OVERVIEW
Make your mortgage work better for you
Refinancing replaces your current mortgage with a new one. People refinance to lower their rate or monthly payment, switch from an adjustable to a fixed rate, shorten their term, remove FHA mortgage insurance, or take cash out for renovations, debt consolidation or other goals.
A refinance has closing costs, so Alex will show you the break-even point — how long it takes for the savings to cover the cost — before you decide.
At a glance
- Rate-and-term refinance
- Cash-out refinance
- FHA Streamline and VA IRRRL options
- Conventional refinance to remove mortgage insurance
- Break-even analysis before you commit
Who it’s a good fit for
- Homeowners whose rate is above today’s market
- Borrowers wanting to drop FHA mortgage insurance
- Owners consolidating higher-interest debt
- Investors refinancing rental properties (including DSCR)
KEY FEATURES
How it works
Rate and term
Change your interest rate, loan term or both without taking cash out.
Cash-out
Borrow against your equity — conventional cash-out loans are generally limited to 80% of the home’s value.
Streamline
FHA Streamline and VA IRRRL refinances can reduce paperwork for existing FHA and VA borrowers.
Keep your rate instead
If you have a low first-mortgage rate, a HELOC or second mortgage may be smarter than a cash-out refinance.
GENERAL GUIDELINES
What lenders typically look at
- Current mortgage statement and homeowners insurance
- Income and asset documentation (varies by program)
- Credit review
- Appraisal or valuation (some streamlines waive it)
- Equity requirements vary by program
Guidelines vary by lender and change over time. Alex will review your specific situation against current program rules.
GOOD TO KNOW
Things to consider
- Closing costs — compare against your monthly savings
- Resetting to a new 30-year term can increase total interest
- Cash-out refinances replace your entire first mortgage rate
- Check our refinance calculator to estimate savings
FAQ
Common questions
When does refinancing make sense?
When the savings outweigh the costs within a time frame you are comfortable with, or when you need to restructure your loan for a specific goal. Alex will run the numbers with you.
How much equity do I need?
It depends on the program. Many conventional refinances need at least some equity, and cash-out refinances generally leave at least 20% equity.
Will refinancing hurt my credit?
A credit inquiry can cause a small, temporary dip. Rate shopping within a short window is generally treated as a single inquiry by scoring models.
GET STARTED
See what you may qualify for
Share a few details and Alex will follow up personally to review your options — usually the same business day. No obligation, and requesting information does not affect your credit.
- Shop 300+ wholesale lenders through NEXA Mortgage
- Clear answers on rates, costs and cash to close
- Pre-approval decisions within 24 hours of a complete application
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EXPLORE MORE
Related loan programs
HELOCs & Second MortgagesConventional LoansFHA LoansVA LoansAll loan programsThe mortgage process
Not a commitment to lend. Not all applicants qualify. Programs, rates, terms and availability may change without notice. All loans are subject to credit, income, asset and property approval. H. Alex El-Ali, NMLS #1513750, FL LO125697 | NEXA Mortgage, LLC, NMLS #1660690. Equal Housing Lender.
Ready To Take The Next Step?
Talk with Alex about your goals — no pressure, no obligation.