Refinance Loan Options
Lower your rate, access equity, or simplify your loan — we'll find the right fit.
Cash-Out Refinance
Replace your current mortgage with a larger loan and receive the difference in cash. Use your home's equity to consolidate high-interest debt, fund home improvements, cover tuition, or handle any major expense — on your terms.
Loan-to-Value
Most lenders allow up to 80% LTV for a cash-out refinance on a primary residence, meaning you retain at least 20% equity after the transaction.
Credit Score
Typically requires a minimum score of 620 for conventional cash-out; VA cash-out may be available with lower scores. Ask Andrew about your options.
Use of Funds
Funds can be used for virtually any purpose — debt consolidation, renovations, education, emergency reserves, or investing in another property.
Waiting Period
Most programs require you to have owned the home for at least 6–12 months before completing a cash-out refinance.
Rate & Term Refinance
Refinance your existing mortgage to secure a better interest rate, adjust your loan term, or switch from an adjustable-rate to a fixed-rate loan — without taking cash out. The simplest way to reduce your monthly payment or pay off your home sooner.
Rate Options
Lock in a fixed rate for predictable payments, or explore adjustable-rate options if you plan to move or pay off the loan within a set timeframe.
Loan Term
Shorten to a 15-year term to build equity faster and pay less interest overall, or extend to a 30-year term to reduce your monthly payment.
Break-Even Point
Divide your closing costs by your monthly savings to find your break-even point. If you plan to stay longer, refinancing almost always makes sense.
Credit & Equity
Generally requires 620+ credit score and at least 5–20% equity depending on the loan program. Better credit = better rate.
FHA Streamline Refinance
Designed exclusively for existing FHA loan holders, the FHA Streamline is one of the fastest and easiest refinance options available. With minimal documentation, no appraisal required in most cases, and a simplified qualification process, you can lower your rate and monthly payment without the full refinance paperwork burden.
Eligibility
You must currently have an FHA-insured mortgage that is current (no payments 30+ days late in the past 12 months) and have made at least 6 payments on the existing loan.
No Appraisal (Usually)
In most cases, no home appraisal is required — meaning negative equity or a declining market won't prevent you from refinancing. Your existing FHA loan balance is used instead.
Net Tangible Benefit
HUD requires a "net tangible benefit" — typically a reduction in your combined rate and MIP (mortgage insurance premium) by at least 0.5%, or a move from an ARM to a fixed-rate loan.
Credit & Income
No minimum credit score is mandated by HUD, but lenders typically require 580+. Income verification may be limited or skipped entirely for non-credit qualifying streamlines.
MIP Considerations
FHA loans carry both an upfront MIP (1.75%) and an annual MIP. If your original loan was before June 2013, you may qualify for reduced MIP rates — a significant saving.
Cash Back Limit
This is a no-cash-out refinance. You may receive minor cash back (up to $500) at closing for escrow/rounding differences, but this is not a cash-out product.
VA Streamline Refinance (IRRRL)
The VA Interest Rate Reduction Refinance Loan — known as the IRRRL or "VA Streamline" — is one of the most powerful refinance tools available to veterans, active-duty service members, and surviving spouses. It allows you to refinance an existing VA loan to a lower rate with minimal paperwork, no appraisal in most cases, and no out-of-pocket costs if you roll closing costs into the loan.
VA-to-VA Only
The IRRRL can only be used to refinance an existing VA-guaranteed loan. You must already have a VA loan on the property — it cannot be used to refinance a conventional or FHA loan.
No Appraisal Required
In most cases, no home appraisal is needed. This means underwater veterans (who owe more than their home is worth) can still refinance — a major advantage over conventional programs.
Rate Must Decrease
Your new interest rate must be lower than your current rate(with one exception: moving from an ARM to a fixed-rate loan is permitted even if the initial fixed rate is higher).
No Income Verification
The VA does not require income documentation for an IRRRL. No pay stubs, no tax returns, no employment verification — simplifying the process significantly.
Funding Fee
A reduced VA funding fee of 0.5% applies (compared to 1.25–3.3% on a VA purchase loan). This fee can be rolled into the loan. Veterans with service-connected disabilities rated 10%+ are exempt.
Occupancy Flexibility
Unlike a VA purchase loan, you do not need to currently occupy the property at the time of the IRRRL — only certify that you previously occupied it. This is useful for veterans who have since moved but still hold the original VA loan.
HELOC / Second Mortgage
Access your home's equity without giving up your low first-mortgage rate.
Structure
A line of credit (HELOC) or a fixed second lien.
Keeps
Your existing low first-mortgage rate intact.
Access
Up to ~ 85–90% CLTV of your home's value.
Uses
Renovation, debt consolidation, or reserves.
Reverse Mortgage (HECM)
Convert equity into cash with no required monthly payment, while keeping your home.
Age
62+.
Payment
No required monthly principal & interest payment.
Access
Lump sum, line of credit, or monthly payments.
Type
FHA-insured HECM.
