Refinance
See whether refinancing could lower your payment, shorten your term, or put your home's equity to work.
Rate-and-Term Refinance
Replace your current mortgage with a new rate and/or term to lower your monthly payment or pay off your loan faster.
- Lower Your Rate — If rates have dropped since you closed, refinancing can reduce your interest rate and monthly payment.
- Shorten Your Term — Move from a 30-year to a 15 or 20-year loan to pay off your home faster and save on total interest.
- Change Your Rate Type — Switch from an adjustable rate to a fixed rate for more predictable payments.
Cash-Out Refinance
Tap into your home's equity for renovations, debt consolidation, or other major expenses.
- Home Improvements — Fund renovations or repairs that can add value to your home.
- Debt Consolidation — Pay off higher-interest debt using your home's equity, often at a lower rate.
- Major Expenses — Cover education costs, medical bills, or other large expenses with cash from your equity.
Rate Options
Choosing the right rate structure can make a big difference in your monthly payment and long-term costs:
- Fixed Rate — Your interest rate and principal & interest payment stay the same for the life of the loan, offering predictability.
- Adjustable Rate (ARM) — Starts with a lower introductory rate for a set period, then adjusts periodically based on market conditions.
- Interest-Only — Payments cover only interest for an initial period, which can lower payments short-term but doesn't build equity during that time.
- Graduated Payment — Payments start lower and increase gradually over time, which can help buyers who expect their income to grow.
Frequently Asked Questions
Common questions about refinancing an existing mortgage.
Common reasons include lowering your interest rate, reducing your monthly payment, shortening your loan term, switching from an adjustable to a fixed rate, or accessing equity through a cash-out refinance. Our Refinance Calculator can help you estimate your new payment.
A rate-and-term refinance changes your interest rate and/or loan term without changing your loan balance beyond closing costs. A cash-out refinance replaces your mortgage with a larger loan and gives you the difference in cash, usually up to a set percentage of your home's value.
Yes, refinancing generally involves closing costs similar to a purchase loan, though some can be rolled into the new loan amount. Your loan officer will walk through the costs and help you calculate your breakeven point.
Yes. Many borrowers refinance from an ARM into a fixed-rate loan to lock in payment stability, particularly before their initial rate adjustment period ends.
Most refinances close within 30–45 days, depending on appraisal timing, documentation, and the specific loan program.
Conventional, VA, FHA, USDA, and Jumbo loans can typically be refinanced, including streamline options for certain government-backed loans. Your loan officer can confirm what you qualify for.
Curious what refinancing could save you?
Run the numbers with our Refinance Calculator or talk to a loan officer directly.