Get Started - Refinance

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How long does it take to refinance a mortgage?

Refinancing a mortgage usually takes about 30 to 45 days to close. The timeline depends on how quickly documents are submitted and whether an appraisal or title work takes extra time. Staying responsive to your lender helps keep the process moving smoothly.

Can refinancing affect my credit score?

Refinancing can affect your credit score because applying for a refinance involves a credit check, which may cause a small and temporary dip in your score. Over time, if refinancing lowers your payment or helps you manage debt, it may improve your overall credit health.

How much equity do I need to refinance?

How much equity you need to refinance depends on the type of refinance. Conventional refinances often require at least 20% equity to qualify for the best terms, while FHA or VA loans may allow you to refinance with less equity. Your loan officer can review your options based on your current loan and your property value.

Will I need a new appraisal to refinance?

Many refinances require a new appraisal to confirm your home’s current value. This helps the lender determine how much you can borrow and whether you have enough equity. However, in some cases, certain refinance programs may allow an appraisal waiver.

Is the approval process different depending on the type of refinance loan I choose?

The approval process is generally similar no matter which type of refinance loan you choose, but the requirements may vary. A rate-and-term refinance usually focuses on your credit, income, and property value, while a cash-out refinance also looks at how much equity you have. Government-backed programs like FHA or VA may also have their own guidelines.

Why should I consider refinancing my mortgage?

Considering refinancing your mortgage can help you lower your monthly payment, reduce your interest rate, or switch from an adjustable-rate loan to a fixed-rate loan. Some homeowners also refinance to shorten their loan term or to take cash out for home improvements, debt consolidation, or other needs.

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