Refinance Into a Brighter Future

Most refinances require a home appraisal to determine your property’s current market value. Some streamline programs (like FHA Streamline or VA IRRRL) may waive the appraisal requirement.

A typical refinance takes 30–45 days from application to closing. The timeline can vary depending on the complexity of your financial situation, property appraisal scheduling, and how quickly you provide required documentation.

Refinancing typically costs 2%–6% of the loan amount in closing costs. These may include appraisal fees, title insurance, origination fees, and other charges. Some lenders offer no-closing-cost options where fees are rolled into the loan.

A rate-and-term refinance changes your interest rate, loan term, or both without taking additional cash. A cash-out refinance replaces your mortgage with a larger loan, giving you the difference in cash to use for home improvements, debt consolidation, or other needs.

Consider refinancing when current interest rates are lower than your existing rate, when you want to change your loan term, when you need to access your home’s equity, or when you want to switch from an adjustable-rate to a fixed-rate mortgage.

A refinance application triggers a hard credit inquiry, which may temporarily lower your score by a few points. However, if refinancing leads to lower payments and better debt management, it can positively impact your credit over time.