Mortgage Refinancing

Is It Time To Refinance?

A refinance could have a significant impact on your personal finances and quality of life. From managing debt or dropping mortgage insurance to locking in a lower interest rate or shortening your loan term, refinancing may be your ticket to lower monthly payments or long-term savings.

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Luxury Homes
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What is a refinance?

Refinancing a house means replacing the current mortgage with a new mortgage that may have more favorable terms, such as:

  • Getting a lower interest rate and overall monthly payment
  • Changing an adjustable-rate mortgage (ARM) to a fixed-rate mortgage
  • Accessing your home's equity to use any way you want
  • Saving on interest paid over time by getting a shorter loan term
  • Removing mortgage insurance to help lower your monthly payment

Should I refinance?

It all comes down to the numbers, and the math isn't as simple as comparing your current interest rate with the rate you can qualify1 for now. Together, we can do a cost-benefit analysis to see if it's right for you. Use our secure online application to collect the information we need to evaluate your options.

Traditional Homes

Reasons to Refinance

Lower Your Interest Rate

If mortgage interest rates have dropped significantly since you bought your home, you may choose to refinance your mortgage with lower rates. This could help give you a lower monthly payment or help you pay less toward interest over the life of your loan.

When your loan term is shorter, that means you’ll pay off your mortgage quicker. While you may end up refinancing and receiving a slightly higher mortgage, if your goal is to pay off your loan, that can be expected — but the trade-off is saving thousands of dollars over the life of the loan.

Many borrowers don’t like the uncertainty that comes with an adjustable-rate mortgage (ARM), so they refinance to a predictable fixed-rate loan. This helps avoid future payment increases and with long-term budgeting.

This type of refinancing lets you convert part of your home’s equity into cash to use however you want. You could use that cash to manage debt, remodel your home, pay toward education, cover medical expenses or even take a dream vacation. Plus, you can still enjoy other refinancing benefits like potentially getting a lower interest rate or a shorter term.

If you’re interested in refinancing your mortgage, check out our Refinance Mortgage Calculator to run some numbers and see how you could benefit.

Types of Refinances

As with any home loan, the more refinance options you have to choose from the more confident you can be in choosing the right financing solution for your budget. Some of the most common types of refinance mortgages are:

Fixed-rate and ARMs Fixed-rate and ARMs

Switch from an ARM to a fixed-rate mortgage, or vice-versa, to get the loan that meets your current financial goals

Government-Backed Loans Government-Backed Loans

FHA, VA, and USDA refinances can help borrowers who need more flexible requirement options.

Cash-Out Refinance2 Construction

Turn your home’s equity into cash and use it however you like.

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1All loans subject to credit approval. A qualification is not an approval of credit and does not signify that underwriting requirements have been met. Conditions and restrictions apply.

2All loans subject to credit approval and meeting eligibility requirements. Restrictions apply. Must meet minimum equity requirements. By refinancing an existing loan, the payments and total finance changes may be higher over the life of the loan.