Same home, better loan. Lower the rate, change the term, or turn equity into cash for the next project.
Lower the rate or shorten the term
Replace your current mortgage with a better one: a lower rate, a shorter term, or dropping FHA mortgage insurance by moving to conventional once you have 20% equity.
Turn equity into a single lump sum
Take out a larger mortgage and receive the difference in cash for renovations, debt consolidation, tuition, or the next investment. Conventional, FHA, and Non-QM versions available.
Faster refinance for existing FHA or VA loans
If you already have an FHA or VA loan, lower the rate with reduced paperwork. Often no appraisal and no income verification as long as the new payment is lower.
A second lien you draw from as needed
Keep your current first mortgage and open a line of credit against your equity for remodels, bills, or flexibility. Multiple HELOC types; depending on eligibility, roughly 640 to 680 scores and 3 to 5 year draw periods.
Official guidelines: CFPB: Owning a home · VA: Interest rate reduction refinance loan (IRRRL)
Refinancing pays off when the new rate lowers your payment enough to recover closing costs before you plan to sell, when you want a shorter term, or when reaching 20% equity lets you drop FHA mortgage insurance by moving to a conventional loan.
A cash-out refinance typically allows borrowing up to 80% of the home's appraised value, minus your current balance. FHA and Non-QM versions are also available. A HELOC is the alternative when you want to keep your current first mortgage and draw funds as needed.
They are simplified refinances for homeowners who already have an FHA or VA loan. Both reduce paperwork and often skip the appraisal and income verification, as long as the new loan lowers your rate or payment.
Send us your scenario: income, credit, and savings. We'll tell you in plain language which programs apply, in English or Spanish.
Figures shown are typical program guidelines and vary by lender, property, and your profile. This is not a commitment to lend. All loans are subject to credit and underwriting approval. Programs, rates, and requirements are subject to change without notice.
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