Refinance & Cash-Out
Why Refinance?
Refinancing means replacing your current mortgage with a new one—usually to get a lower interest rate, reduce your monthly payments, or switch to a better loan program. Some people also refinance to remove mortgage insurance or access cash through home equity.
When Is a Good Time to Refinance?
- Interest rates have dropped
- Your credit score improved
- You want to remove FHA or VA mortgage insurance
- Your home value increased (LTV under 80%)
- You want a shorter loan term
- You need cash for renovations or debt
What Is Cash-Out Refinance?
Cash-out refinancing lets you replace your current mortgage with a larger one—and you receive the difference in cash.
Example: If you owe $300,000 and your home is worth $500,000, you could refinance for $400,000 and get $100,000 in cash (minus fees).
Have an FHA or VA Loan?
FHA Loan Refinance
If your home value has risen and your LTV is below 80%, you can refinance to a conventional loan and remove monthly mortgage insurance (MI).
Example: Bought at $300K, now worth $375K, balance $300K = 80% LTV. MI can be removed.
VA Loan Refinance
Use the VA IRRRL streamline refinance to quickly reduce your rate—often with no appraisal or income check.
Do You Qualify?
- Pay stubs
- Bank statements
- Tax returns & W-2s
- Mortgage statement
- Homeowners insurance
- Credit report
Some documents may not be needed for VA/FHA streamline refi.