Refinance Your Mortgage
Lower your rate, change your term, drop mortgage insurance or take cash out. We’ll show you whether refinancing actually saves you money.
A refinance replaces your current mortgage with a new loan. Homeowners refinance to get a better rate or payment, pay the home off sooner, switch from an adjustable rate to a fixed rate, or turn equity into cash. The right move depends on your current loan, your goals and how long you plan to stay.
Reasons to refinance
Rate-and-term or cash-out?
A rate-and-term refinance changes your rate, your term or both, without taking cash out. A cash-out refinance gives you a larger loan and pays you the difference at closing. If your current rate is low and you only need cash, a HELOC may be the better fit. We’ll compare all three for you.
Refinance options we offer
| Conventional rate-and-term | Better rate or term; can remove PMI |
| Cash-out refinance | Turning home equity into cash |
| FHA Streamline | Current FHA borrowers, often with limited paperwork |
| VA IRRRL | Current VA borrowers lowering their rate |
| Jumbo and Non-QM refinance | Larger loans and self-employed borrowers |
What you need to qualify
- A new payment that fits your income (bank statement and DSCR options available)
- Enough equity for the program you choose
- Credit that meets the program’s guidelines
- An appraisal in most cases. Some loans qualify for a waiver.
Documents to have ready
- Your current mortgage statement
- Pay stubs, W-2s and/or tax returns
- Recent bank statements
- Homeowners insurance information
How it works with Amerifi Lending
Frequently asked questions
When does refinancing make sense?
A simple test is the break-even point: divide your closing costs by your monthly savings to see how many months it takes to recover them. If you plan to stay in the home longer than that, refinancing usually pays off. We’ll run the numbers with you.
How soon can I refinance after buying?
It depends on the loan program. Some rate-and-term refinances have little or no waiting period, while FHA Streamline, VA IRRRL and cash-out refinances have seasoning rules. Tell us when you closed and we’ll tell you what you’re eligible for.
What does it cost to refinance?
Refinancing has closing costs much like a purchase loan. You can usually pay them at closing, add them to the new loan, or take a slightly higher rate in exchange for a lender credit. We’ll show you each option side by side.
Will refinancing hurt my credit?
Applying usually causes a hard credit inquiry, which may lower your score slightly for a short time. Making your new payments on time helps your credit over the long run.
Related loan options
Ready to see what you qualify for?
Have questions? Call or text us, or start your application online. There is no cost to find out what you qualify for.
- No cost to find out what you qualify for
- Straight answers, no pressure
- We reply within one business day