Common structures
Rate-and-term refinance (replace one loan with another, typically lower rate or different term), cash-out refinance (replace at a higher balance and receive the difference), and streamline refinances available on FHA and VA loans that bypass full underwriting in certain conditions.
Breakeven analysis
Closing costs vary, so it's not enough to compare rates. We project monthly savings against total closing costs to find the breakeven month, and whether you'll likely stay in the home that long.
HELOC vs. cash-out
If your existing first mortgage is at a great rate, a second-lien HELOC or home equity loan often beats refinancing the whole balance. If your first-mortgage rate is already higher than current market, a cash-out refinance may be the right move.
RefiNow and Refi Possible
HARP ended in 2018. Fannie Mae's RefiNow and Freddie Mac's Refi Possible offer payment relief for qualifying low- and moderate-income homeowners. We can check eligibility.