Home / Refinance
RefinanceLower 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.
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.
Borrow against equity and take funds at closing for debt, a project, or reserves. Underwritten to the new loan amount, not the old balance.
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.
Already in an FHA or VA loan? A streamline or IRRRL reduces paperwork and often skips the appraisal when the payment improvement is clear.
Most of a refinance is the same everywhere. Pennsylvania and New Jersey each have a wrinkle worth knowing before you compare quotes.
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.
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.
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.
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.
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?