Should you refinance?
Refinancing replaces your current mortgage with a new one — to lower your rate or term, drop PMI, or take cash out of your equity. Whether it's worth it is break-even math: the cost to refinance against what you save or gain each month. A rate-and-term refi changes your rate or term; a cash-out refi converts equity to cash. Run your real numbers before you decide — and the honest answer is sometimes "not yet."
By Michael Hernandez, Licensed Loan Officer · NMLS #192103 · Reviewed 2026-06-17
Three ways a refinance can help
Every homeowner's situation is different. Pick the goal that fits yours, and we'll show you what a refinance could look like for your loan.
Lower your payment
Drop your rate or stretch your term
If rates have moved or your credit has improved since you closed, a refinance may bring your monthly payment down. We'll run your real numbers — no obligation.
Also: drop PMI once you've built enough equity, or escape an adjusting ARM.
See your refi options →Take cash out
Put your home's equity to work
Tap your equity for a renovation, debt consolidation, or a big expense — often at a lower rate than other borrowing. See what you may be able to access.
One clear monthly payment instead of scattered high-interest balances.
Explore cash-out →Shorten your term
Own your home sooner
Refinancing from a 30-year into a 15- or 20-year term can save a meaningful amount of interest over the life of the loan and build equity faster.
Trade a longer payoff for a faster one — we'll show you the trade-off side by side.
Run the numbers →Quick refi estimate
See what a refinance could do for your payment
Plug in your current loan and a target rate or term and watch the estimated monthly payment and lifetime interest update instantly. No account, no credit pull — just the math.
Estimate only — not a rate offer, APR disclosure, or commitment to lend. Subject to credit approval and underwriting.
Refinance questions, answered
Should I refinance my mortgage?
It comes down to break-even math: the cost to refinance (closing costs on the new loan) against what you save or gain each month. If you'll keep the home past the point where the monthly savings repay those costs, a refinance can make sense; if you might move before then, it often doesn't. Your rate, your current loan, and your goal all factor in — we run your real numbers with you, no obligation.
What is a rate-and-term refinance?
A rate-and-term refinance replaces your current mortgage with a new one to change your interest rate, your loan term, or both — without taking cash out. It's the simplest refi, commonly used to lower a payment when rates or your credit have improved, to move off an adjustable-rate loan, or to shorten the term and pay the home off faster.
What is a cash-out refinance?
A cash-out refinance replaces your mortgage with a larger loan and gives you the difference in cash, drawn from your home's equity. People use it for renovations, debt consolidation, or a large expense. How much you can take depends on your equity and the loan program's limits. Because you're borrowing against your home, it's worth weighing carefully against other options.
Is a cash-out refinance or a HELOC better?
They're two ways to tap equity with different trade-offs. A cash-out refinance replaces your whole mortgage with one new loan and one payment; a HELOC is a separate line of credit you draw on as needed, leaving your first mortgage in place. Which fits depends on your current rate, how much you need, and whether you want one payment or flexibility. We'll compare both for your situation.
Can refinancing help me drop PMI?
Sometimes. If your home has gained enough value or you've paid the balance down, refinancing into a conventional loan without private mortgage insurance can remove a PMI payment — and on an FHA loan, refinancing is often the only way to end mortgage insurance once you have enough equity. Whether it pencils out depends on your equity and the costs, which we'll check with you.
How long does a refinance take?
A refinance commonly takes around 30 to 45 days from application to closing while the appraisal and underwriting are completed, though it varies with your file and the program. Getting your documents in early keeps it moving. As a direct lender, you work with the person who actually closes your loan rather than a call center.
Estimate only — not a rate offer, APR disclosure, or commitment to lend. Subject to credit approval and underwriting.
Ready to see your real refi options?
Answer a few questions and we'll review your numbers with you — about 10 minutes, soft credit check to start, and absolutely no obligation.