Lower your rate, shorten your term, tap your equity, or switch loan types. Here are your options, and how to know if it's worth it.
Replace your mortgage with a lower rate or a different term.
Refinance for more than you owe and take the difference in cash.
A streamlined refinance for veterans with an existing VA loan.
Reduced documentation for homeowners with an existing FHA loan.
Refinance up to 100% of value, or move a non-VA loan into a VA loan.
With 20% or more equity, refinancing can end mortgage insurance.
The IRRRL is one of the fastest ways for veterans to lower their rate. In most cases there's no appraisal and minimal paperwork.
The funding fee on an IRRRL is only 0.5%, and closing costs can usually be rolled into the new loan.
Divide your total closing costs by your monthly savings. That's how many months it takes to come out ahead.
For example, $4,000 in closing costs with $200 a month in savings breaks even at 20 months. If you plan to stay longer than that, the refinance makes sense. If it doesn't save you money, I'll tell you to wait.
Book a free consultation and we'll run your break-even together.
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