Your mortgage should work for your goals. Whether you’re looking to lower your monthly payment, change your loan term, access home equity, or explore better loan options, iLoan makes refinancing easier to understand.
Explore your options with guidance from the iLoan mortgage team.
Every homeowner has different financial priorities. Whether you’re looking for more flexibility, exploring your home equity, or planning for the future, discover refinancing options designed around what matters most to you.
Refinancing may help lower your monthly principal and interest payment through a different rate, loan term, or combination of financing options. Compare potential savings and long-term costs.
Calculate Potential Savings →Explore a shorter mortgage term to potentially reduce total interest costs, or consider a longer repayment period to help manage monthly payments.
Explore Rate & Term Refinancing →Built equity in your home? Explore whether a cash-out refinance could help fund home improvements, consolidate eligible debts, or support other financial priorities.
Explore Cash-Out Refinancing →Your current loan may not be the best fit for your needs today. Explore options to change loan programs, rate structures, or applicable mortgage insurance requirements.
Compare Refinance Programs →Eligible homeowners with existing FHA or VA loans may qualify for specialized refinance programs, including FHA Streamline and VA Interest Rate Reduction Refinance Loans.
View Refinance Programs →Look beyond your monthly payment. Compare closing costs, estimated interest expenses, and your break-even timeline to make a more informed refinancing decision.
Understand Refinance Costs →An experienced iLoan mortgage consultant can help you explore available options and understand the next steps.
Compare your current mortgage with a potential refinance. Adjust the numbers to explore monthly payments, closing costs, break-even timing, and remaining interest.
Adjust the sliders to match your situation.
Estimated principal and interest only.
Based on closing costs divided by monthly principal and interest payment savings.
This calculator is for educational purposes only and does not represent a loan offer or guaranteed savings. Estimates exclude taxes, insurance, mortgage insurance, escrow adjustments, and other possible costs. Actual loan terms and eligibility depend on underwriting and applicable requirements. Extending a loan term may increase total interest even when monthly payments decrease.
A lower monthly mortgage payment can be attractive, but it’s only one part of the equation. Understanding closing costs, long-term interest, and your break-even timeline can help you decide whether refinancing makes financial sense.
Refinancing generally involves expenses such as lender charges, title services, appraisal fees when required, and other settlement costs. Your Loan Estimate provides a breakdown of applicable costs and charges.
Your break-even point estimates how long it may take for monthly payment savings to offset refinancing costs. If you plan to sell or refinance again soon, this timeline can be especially important.
Extending your mortgage term could lower your monthly payment while increasing total interest. A shorter term may increase your payment but reduce the interest paid over the life of the new mortgage.
One helpful starting point is comparing your estimated closing costs with the monthly principal and interest savings from your new mortgage.
The iLoan refinance calculator above can help you explore these comparisons before discussing personalized loan options.
Example for educational purposes only. Actual loan terms, payments, costs, and savings vary. This simplified calculation does not account for taxes, insurance, opportunity costs, or all financing considerations.
The right refinancing strategy depends on your existing mortgage, financial goals, and eligibility. Explore available refinance programs and discover which options may work for your situation.
Explore mortgage refinancing fundamentals, potential benefits, closing costs, and considerations before replacing your existing home loan.
Explore Mortgage Refinancing →Explore changing your mortgage interest rate, repayment term, or loan structure without taking substantial additional cash from your home’s equity.
Explore Rate & Term Options →Learn how eligible homeowners may replace their existing mortgage with a larger loan and receive a portion of available home equity as cash at closing.
Explore Cash-Out Refinancing →Homeowners with eligible existing FHA mortgages may qualify for a streamlined refinancing process with specific program requirements.
Explore FHA Streamline →Eligible homeowners with existing VA-backed mortgages may explore a VA Interest Rate Reduction Refinance Loan, subject to applicable VA program requirements.
Explore VA IRRRL →A HELOC may allow eligible homeowners to access available equity without refinancing their existing first mortgage. Compare this alternative before deciding.
Explore HELOC Options →Let the iLoan mortgage team help you understand available programs and explore financing solutions aligned with your goals.
Refinancing your mortgage is a significant financial decision. Explore answers to common questions about the process, potential benefits, qualification requirements, and available refinance programs.
Refinancing replaces your existing mortgage with a new home loan. Homeowners may refinance to change their interest rate, adjust their repayment term, switch loan programs, or access available home equity.
Refinancing may make sense when the potential benefits align with your financial goals and outweigh the associated costs. Consider monthly payment changes, closing costs, total interest, and how long you expect to keep the mortgage.
Refinance costs vary depending on your lender, loan program, property, and location. Expenses may include lender fees, title services, appraisal costs when required, and other settlement charges.
Review your Loan Estimate to understand the costs associated with your proposed loan.
It may. A different interest rate or longer repayment term could reduce your monthly principal and interest payment. However, extending your loan term may increase the total interest paid over time.
Use our refinance calculator above to compare estimated payments.
Credit requirements vary by loan program, lender, and other qualifying factors. Your credit history, income, debts, home equity, and property information may all affect eligibility.
An iLoan mortgage professional can help you explore programs appropriate for your financial circumstances.
Eligible homeowners may be able to use a cash-out refinance to replace an existing mortgage with a larger loan and receive a portion of available equity as cash.
Qualification and borrowing limits depend on the loan program, property value, equity, and other underwriting factors.
Yes, eligible borrowers may have access to specialized refinancing options. Existing FHA borrowers may explore FHA Streamline Refinancing, while eligible VA borrowers may consider a VA IRRRL.
Each program has its own requirements, restrictions, and eligibility criteria.
The timeline varies depending on the loan program, documentation, appraisal requirements, underwriting, and closing conditions. Your mortgage professional can explain the anticipated process and next steps for your particular loan.
A simple break-even point estimates the number of months needed for monthly payment savings to offset refinancing costs.
For example, dividing $4,000 in closing costs by $200 in monthly principal and interest savings produces an estimated 20-month simple break-even period. This calculation does not capture every financial consideration.
Yes. Refinancing does not necessarily require a new 30-year loan. Depending on available programs and qualification, you may explore different repayment terms.
Learn more about rate-and-term refinancing to understand your options.
Ready to explore your refinancing options? Connect with the iLoan team to discuss your financial goals and take the next step toward a mortgage that works for you.
Whether you’re exploring lower payments, changing your mortgage term, or accessing home equity, our mortgage professionals can help you understand available options and make an informed decision.
Tell us what you’re hoping to accomplish with your mortgage refinance.
Review refinancing options based on your circumstances and eligibility.
Get guidance on the refinancing process, documentation, and potential costs.
Complete our inquiry form and an iLoan team member can help you explore your refinancing options.
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Please note that applications, legal disclosures, documents or other material related to iLoan products or services promoted on this page are offered in English only. The Spanish translation of this page is for the convenience of our clients; however, not all pages are translated. If there is a discrepancy between the content of the translated page and the content of the same page in English, the English version will prevail.
