Refinancing

Refinance when the math works, not when the ad says so.

We'll run your break-even, compare a refinance against a HELOC, and tell you plainly if staying put is the better move. When it is worth doing, we close it in about thirty days from the building you already know.

See my refinance numbers Run the break-even

Start here

Which of these sounds like you?

Is your rate at least half a point above today's?

A rate-and-term refinance probably pays for itself within a few years.

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Carrying credit-card or other high-rate debt?

A cash-out refinance can consolidate it at a mortgage rate.

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Have a great rate but need cash?

Keep the first mortgage. A HELOC or home equity loan sits behind it.

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Paying mortgage insurance you've outgrown?

If you're near 20% equity, refinancing or a reappraisal can drop it.

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In an ARM that's about to adjust?

Move to a fixed rate before the reset, or into our portfolio 5/5 ARM.

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Want to be done ten years sooner?

A 15- or 20-year term costs more per month and far less overall.

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Break-even

Does refinancing pay for itself?

Monthly savings, months to recover closing costs, and the lifetime interest difference.

Current loan balance$320,000

Current interest rate7.250%

Years left on current loan26 years

New interest rate6.375%

New loan term

30 years20 years15 years

Estimated closing costs$4,500

Monthly savings

$285

Current payment (P&I): $2,282
New payment (P&I): $1,996
Break-even on closing costs: 16 months
Lifetime interest difference: costs $11,296

See my real refinance numbers

Estimate only. A shorter term can raise the payment while cutting total interest. Not a commitment to lend.

Refinance programs

The tools, and when each one is right.

Conventional

The workhorse. Fixed or adjustable, 3% down for first-time buyers.

Down payment: 3%+
Terms: 10 to 30 years

FHA

3.5% down and flexible credit, backed by the Federal Housing Administration.

Down payment: 3.5%
Min. credit: 580

$0 down, no monthly mortgage insurance, for those who served.

Down payment: $0
Mortgage insurance: None

Jumbo

Portfolio

Above conforming limits, underwritten by people who can read a complex file.

Loan amounts: Above conforming
Down payment: 10%+

Adjustable-rate (ARM)

A lower rate fixed for 5, 7, or 10 years, then adjusts.

Fixed period: 5, 7, or 10 yrs
Caps: 2/1/5 typical

Portfolio loans

Portfolio

Loans we keep on our own books, so we can say yes when a guideline says no.

Underwriting: Common sense
Servicing: By us, forever

Cash-out refinance

Replace your mortgage with a larger one and take the difference in cash.

Max LTV: 80% typical
Rate type: Fixed or ARM

Rate & term refinance

Lower the rate, shorten the term, or drop mortgage insurance.

Typical close: 30 days or less
Appraisal: Sometimes waived

Second home & investment

Portfolio

Vacation homes and rental properties, including portfolio options.

Down payment: 10–25%
Rental income: Counted

Next step

Want a straight answer on whether to refinance?

Send us your current statement. A loan officer will run the real numbers, including the option of doing nothing, and call you back.

Apply now 815-459-2000 Choose a loan officer