A refinance replaces your current mortgage with a new one — ideally on better terms. We run the math on your specific scenario and tell you honestly whether it's worth it. If the break-even doesn't make sense, we'll say so. If it does, we make the process as quick as the program allows.
Refinancing means paying off your current mortgage with a new one. The new loan can have a lower rate, a different term (going from 30-year to 15-year, or vice versa), different loan product (FHA to Conventional to drop MIP, ARM to fixed for stability), or include cash out (borrowing against your built-up equity for renovations, debt payoff, investment, or anything else).
The math comes down to one question: does the savings (or the cash) justify the closing costs? Refinancing isn't free — you'll pay 2–5% of the loan amount in closing costs, similar to your original mortgage. We calculate the break-even — how many months of savings it takes to recoup those costs — and tell you honestly whether the timing makes sense for your plans.
For some borrowers, there's an even faster path: FHA Streamline and VA IRRRL programs let you refinance an existing FHA or VA loan with minimal documentation and often without a new appraisal. We use these whenever they fit because they close faster and cost less.
Each path solves a different problem. We pick the one that fits your situation.
Lower your interest rate, shorten or lengthen your loan term, switch from ARM to fixed, or drop PMI once you've built 20% equity. The classic "save money on the mortgage" refi.
Pull equity out of your home as cash. New loan amount is higher than your current balance; the difference comes to you at closing as a lump sum to use however you want.
If you currently have an FHA or VA loan, you can refinance with minimal documentation. No new appraisal in many cases, no income verification, lower closing costs, faster timeline.
Numbers are illustrative only and assume an example interest rate; they're not a quote. Actual savings depend on your current loan terms, the rate we lock, your closing costs, and how long you stay in the home. Get a real refi analysis and we'll show you exactly what the math looks like for your specific scenario.
The classic rule of thumb: your new rate should be at least 0.5% to 1% lower than your current rate, AND you should plan to stay in the home long enough to recover the closing costs. The break-even calculation tells you exactly how many months that takes — closing costs divided by monthly savings.
For example: $8,000 in closing costs and $400/month savings means you break even in 20 months. If you'll live there 5+ more years, that refi saves you tens of thousands. If you're moving in 18 months, it's a loss. We run this math on your specific numbers before recommending anything.
Break-even = closing costs ÷ monthly savings. It tells you how many months of lower payments it takes to fully recoup what you spent on the refinance.
If you spend $8,000 on closing costs and your new monthly payment is $400 lower, you "earn back" the closing costs in 20 months. After that, every month is pure savings. The longer you plan to stay, the better the refi math works. If you're confident you'll be in the home 3+ years past break-even, refi is almost always worth it. If you might move soon, the math gets murky.
Closing costs typically run 2% to 5% of the loan amount. On a $400,000 refi, that's $8,000 to $20,000 in costs — appraisal fees, title insurance, lender fees, recording fees, prepaid taxes and insurance, and similar.
You have three options for paying: out of pocket at closing (saves you money long-term), roll into the new loan (no cash needed at closing but slightly larger loan balance), or lender credit (lender pays the costs in exchange for a slightly higher interest rate). We'll show all three options when we run your scenario so you can pick what fits your situation best.
Streamlines are simplified refinances available only on existing FHA loans (FHA Streamline) and existing VA loans (VA IRRRL — Interest Rate Reduction Refinance Loan). They skip most of the underwriting steps that make standard refis slower:
No new appraisal in most cases (your home value isn't recalculated). No income verification — no tax returns, W-2s, or pay stubs needed. No employment check. Lower closing costs than a standard refi. The whole process typically closes in 20–30 days.
The trade-off: streamlines can only be used to lower your rate or change your term within the same loan family. You can't take cash out via streamline. If you currently have FHA or VA and just want a lower rate, this is almost always the right path.
On a Conventional cash-out refinance, you can typically borrow up to 80% of your home's appraised value. So if your home is worth $500,000 and you owe $300,000, you could cash-out refi up to $400,000 — pulling roughly $100,000 in cash (minus closing costs).
FHA cash-out typically tops out at 80% LTV as well. VA cash-out can go higher in some cases, sometimes up to 100% LTV for eligible veterans, though most lenders cap at 90%. We'll calculate exactly how much you could pull on each product.
Slightly and temporarily, yes. The new mortgage application triggers a hard credit pull (typically 5–10 point drop), and adding a "new account" to your credit history can dip your score for a few months. Once the new mortgage is reported with a few months of on-time payments, your score generally returns to where it was or higher.
Multiple mortgage credit inquiries within a 14–45 day window are usually treated as one inquiry by the credit bureaus, so shopping multiple lenders doesn't compound the impact.
Standard refinance: 25 to 35 days from application to closing, similar to a purchase loan. Streamline (FHA Streamline / VA IRRRL): 20 to 30 days, sometimes faster, because there's no appraisal and no income verification. Cash-out refinance: usually toward the longer end of the standard range, since underwriters scrutinize cash-out files more carefully.
Once you submit your full application and documents, the timeline depends mostly on appraiser availability and underwriter response time. We tell you upfront what to expect and update you weekly.
Send us your current loan details — balance, rate, current term — and we'll come back within one business day with the actual savings math: monthly difference, break-even, total interest saved, and which refi product fits.
Send us your current loan details and we'll run the math on which refi product makes sense.
Someone from our team will reach out within one business day. If it's urgent, call us anytime at 702-550-9061.
We respect your privacy. Your information is never sold or shared.
If you're at the start of the journey rather than mid-mortgage, here's where to look.