Refinance Options
Compare different ways to refinance your mortgage and find the option that fits your goals.
Rate-and-Term Refinance
Replace your current mortgage with a new one at a better rate or different term length.
Best for: Homeowners who want to lower their monthly payment or pay off their loan faster.
- Lower your interest rate
- Reduce monthly payment
- Switch from ARM to fixed rate
- Shorten or extend loan term
Cash-Out Refinance
Refinance for more than you owe and receive the difference in cash to use however you need.
Best for: Homeowners who need cash for renovations, debt consolidation, or major expenses.
- Access your home equity
- Consolidate high-interest debt
- Fund home improvements
- Cover major expenses
VA Streamline (IRRRL)
VA ExclusiveRefinance your existing VA loan with minimal paperwork, no appraisal, and reduced fees.
Best for: Veterans with existing VA loans who want a lower rate with minimal hassle.
- No appraisal required
- Minimal documentation
- Lower funding fee
- Faster closing
VA Cash-Out Refinance
VA ExclusiveAccess your home equity while taking advantage of VA loan benefits, even if your current loan isn't a VA loan.
Best for: Veterans who want to tap equity or convert a non-VA loan to a VA loan.
- Up to 100% of home value
- No PMI required
- Competitive VA rates
- Convert any loan to VA
FHA Streamline Refinance
Refinance your existing FHA loan with reduced documentation and no appraisal requirement.
Best for: FHA borrowers looking to lower their rate quickly and easily.
- No appraisal required
- Reduced documentation
- Lower mortgage insurance
- Faster processing
Which Option Is Right for You?
| Feature | Rate & Term | Cash-Out | VA IRRRL |
|---|---|---|---|
| Cash at closing | No | Yes | No |
| Appraisal required | Usually | Yes | No |
| Documentation | Standard | Standard | Minimal |
| Closing costs | 2-5% | 2-5% | Lower |
| Best use case | Lower payment | Access equity | Quick rate drop |
Refinance FAQs
Common questions about refinancing options
Not sure which option is best?
Speak with a loan officer to discuss your goals and find the right refinance option.