What's your main refinancing goal?

Refinancing typically makes sense when you can lower your rate by at least 0.5–1%, plan to stay in the home long enough to recoup closing costs (usually 2–4 years), or need to access equity. Use a break-even calculator to determine your specific payback timeline.

Refinance closing costs typically run 2–5% of the loan amount, or $3,000–$10,000 on an average mortgage. Some lenders offer no-closing-cost refinances by rolling costs into the rate. The break-even point is when monthly savings exceed total closing costs.

A cash-out refinance replaces your existing mortgage with a new, larger loan and gives you the difference in cash. Most lenders allow up to 80% loan-to-value. It’s commonly used for home improvements, debt consolidation, or major expenses.

Yes. FHA Streamline refinances have minimal credit requirements for existing FHA borrowers. Conventional refinances generally need 620+. Non-QM and bank statement options exist for borrowers with non-traditional credit profiles.

A typical refinance closes in 30–45 days. FHA Streamlines and VA IRRRLs can close faster since they require less documentation. Delays can occur with appraisals, title issues, or employment verification.