Refinance when the numbers make sense.
Lower your rate or payment, change your term or use your equity. We’ll show you the costs next to the savings so you can decide.
Common reasons to refinance
Lower your rate or payment
A rate-and-term refinance replaces your current loan with a new rate, term or both.
Shorten your term
Moving to a shorter term can mean paying off your home sooner and paying less interest overall, usually with a higher monthly payment.
Use your home equity
A cash-out refinance lets you borrow against your equity for renovations, debt consolidation or other goals, subject to program limits.
Change your loan type
Some homeowners refinance from an adjustable rate to a fixed rate, or from an FHA loan to a conventional loan, which may remove mortgage insurance once you have enough equity.
Weigh the costs
Refinancing has closing costs. A useful check is the break-even point: how many months of savings it takes to cover those costs. Starting a new 30-year term can also lower your payment while increasing total interest. We’ll show both sides.
Estimate your savings with the refinance calculator
Streamline options for FHA and VA loans
FHA Streamline Refinance: if you have an FHA loan, a streamline refinance may lower your rate with reduced documentation. It must provide a net benefit, and cash out isn’t available. FHA loans
VA IRRRL: the VA Interest Rate Reduction Refinance Loan may let you lower your rate or move from an adjustable to a fixed rate on an existing VA loan, often with limited documentation. VA home loans
Let’s talk about your next step.
Whether you’re ready to apply or just starting to ask questions, a quick conversation can clarify your options.
Call (602) 800-9916 or email curtis@clarke-cap.com
