Home / Refinance
RefinanceRefinancing is a math problem. We show you the math first.
Lower the rate, shorten the term, drop mortgage insurance, or take cash out. Before anyone orders an appraisal, you see estimated costs against monthly savings and the month the refinance pays for itself.
Pick the goal. The loan follows.
Rate-and-term
Replace the current loan to lower the rate, change the term, or move from an adjustable rate to a fixed one. No cash back beyond small tolerances.
- Best when
- The rate drop is real
- Watch
- Break-even months
Cash-out
Borrow against equity and take funds at closing for debt, a project, or reserves. Underwritten to the new loan amount, not the old balance.
- Typical cap
- ~80% LTV conventional
- Watch
- Total interest over the new term
Drop mortgage insurance
If the home has appreciated past 20 percent equity, a conventional refinance can remove PMI, or replace FHA insurance that would otherwise last the life of the loan.
- Requires
- Equity, usually an appraisal
FHA / VA streamline
Already in an FHA or VA loan? A streamline or IRRRL reduces paperwork and often skips the appraisal when the payment improvement is clear.
- Appraisal
- Often none
- Credit
- Program-specific
Two states where the refinance rules genuinely differ.
Most of a refinance is the same everywhere. Pennsylvania and New Jersey each have a wrinkle worth knowing before you compare quotes.
Request a refinance review
Tell us the goal and roughly where the loan stands. A licensed officer runs the break-even and calls you back, usually the same business day.
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“You were always professional, responsive, patient, and helpful, and you made what could have been a stressful process feel smooth and easy.”Yelda A., North Wales, PA · verified review on Experience.com
Before you refinance.
When does refinancing make sense?
When the new loan lowers the rate, shortens the term, removes mortgage insurance, or replaces higher-cost debt with equity, and the closing costs are recovered inside the time you expect to keep the loan. We show you that break-even before you pay for an appraisal.
Do I need an appraisal to refinance?
Often, but not always. Conventional refinances sometimes qualify for an appraisal waiver through the automated underwriting system, and FHA and VA streamline refinances generally do not require one. It depends on the loan, the property, and the equity position.
How much cash can I take out?
Conventional cash-out refinances are generally capped at 80 percent of the appraised value on a primary residence. FHA and VA allow different limits. The cap that applies is the current program guideline, which we confirm at application.
Is a refinance faster than a purchase?
Usually. There is no seller, no listing agent, and no contract deadline. Most refinance files close in three to five weeks once the application and documents are in.
Written by Steve Umansky, Sr. Branch Manager, NMLS #61764. General information, not a commitment to lend. Program limits are the current agency guidelines at the time of application.
Ready to see what you qualify for?