Refinance & equity
Refinance
Replace your current mortgage with a new one to change your rate, your term, or to take cash out of your equity.
Typical down payment
No down payment (equity-based)
Typical credit guidance
620+ (typical)
Ideal for
Homeowners who want a lower payment, a shorter term, to remove mortgage insurance, or to consolidate higher-interest debt.
Key benefits
Rate-and-term refinance to change your rate or loan length
Cash-out refinance to tap home equity
Remove FHA mortgage insurance by moving to a conventional loan
Our break-even calculator shows how long savings take to cover costs
Requirements
Enough equity for the loan type, often verified with an appraisal
Updated income, asset and credit documentation
Closing costs, which can sometimes be rolled into the loan
A history of on-time mortgage payments
Guidelines shown are typical examples and vary by lender, program and borrower. They are not a commitment to lend.
Frequently asked questions
How do I know if refinancing is worth it?
Compare your monthly savings with your total closing costs. If you’ll stay in the home longer than the break-even point, refinancing may make sense. Try our refinance break-even calculator.
Will refinancing reset my loan term?
It can. You can choose a new 30-year term, or a shorter one like 20 or 15 years to pay off sooner.
Talk it through with a loan officer
We’ll compare this program with your other options and show the numbers side by side.
Guidelines shown are typical examples for illustration. Requirements vary by lender, program and borrower. Not a commitment to lend.
What borrowers say
We refinanced out of FHA mortgage insurance. The break-even math was clear before we committed to anything.
Greg & Ana M.
Refinance
Sample review