Monthly Payment Flexibility
Explore refinancing options that may help adjust your monthly principal and interest payment based on available rates and repayment terms.
MORTGAGE REFINANCING MADE CLEAR
Understand Your Options. Refinance With Confidence.
Refinancing your mortgage is more than finding a different interest rate. Learn how the process works, explore available loan programs, and discover which refinancing options may align with your financial goals.
Explore Loan Programs
Understand Qualification
Plan Your Next Steps
Your Mortgage. Your Next Chapter.
Explore refinancing options with guidance from the iLoan mortgage team.
Find Mortgage Refinance Programs in Your City
Select your state and search for your city to explore local mortgage information for this specific loan program.
Select a state to begin.
UNDERSTANDING MORTGAGE REFINANCING
A New Mortgage. New Possibilities.
Mortgage refinancing is the process of replacing your existing home loan with a new mortgage. The new loan pays off your current mortgage and establishes new financing terms.
Homeowners refinance for many reasons, including adjusting monthly payments, changing repayment terms, switching mortgage programs, or accessing available home equity.
Refinancing is not automatically the best choice for every homeowner. Closing costs, current loan terms, financial goals, and long-term interest expenses should all be considered before making a decision.
HOW MORTGAGE REFINANCING WORKS
Your Current Mortgage
Existing loan balance, interest rate, and repayment terms
Your New Mortgage
A new loan replaces your existing mortgage with different financing terms
Refinancing involves a new loan application,
qualification review, and applicable
closing requirements.
Different Loan Term Options
Consider a shorter repayment period to potentially reduce total interest, or a longer term to help manage monthly payment obligations.
Access Available Home Equity
Eligible homeowners may explore cash-out refinancing to access equity for home improvements, debt consolidation, or other goals.
Wondering Which Refinance Options May Fit Your Situation?
Answer a few simple questions in our interactive Refinance Explorer to discover programs worth considering.
INTERACTIVE REFINANCE EXPLORER
Find Your Mortgage Refinance Path
Answer four simple questions to explore refinancing options that may align with your goals. No personal information required.
STEP 1 OF 4
What is your primary refinancing goal?
Programs Worth Exploring
Based on your answers, here are some mortgage options worth learning more about.
Educational information only. This tool does not determine eligibility, prequalification, or approval. Actual options depend on credit, income, equity, underwriting, and program rules.
YOUR REFINANCE JOURNEY
How the Mortgage Refinance Process Works
Refinancing doesn’t have to feel complicated. Explore the five general steps involved in replacing your current mortgage with a new home loan.
01
Explore Your Refinance Options
Identify your financial goals and
review available loan programs.
Start by reviewing what you want to accomplish. Your goals may include changing your payment, shortening your term, or accessing home equity.
- Review your current mortgage.
- Estimate your property’s value.
- Discuss your financial priorities.
- Explore available loan programs.
02
Apply & Submit Documents
Provide information needed to
review your application.
Your lender collects applicable financial and property information to begin evaluating your refinance.
- Income and employment information.
- Bank statements when required.
- Existing mortgage information.
- Property and ownership details.
03
Loan Review & Property Evaluation
Your lender reviews financial
qualifications and property details.
The lender evaluates your credit, income, debts, and property. An appraisal or other valuation may be required.
- Credit and financial review.
- Debt-to-income considerations.
- Property value and equity.
- Applicable appraisal requirements.
04
Underwriting & Final Approval
Your application is reviewed against
applicable lending requirements.
The lender reviews your documentation, financial qualifications, and loan program requirements. Additional information may be requested before a final underwriting decision.
- Verify submitted information.
- Review loan conditions.
- Resolve outstanding documentation.
- Receive the underwriting decision.
05
Closing & Your New Mortgage
Review final loan terms and complete
the refinance closing process.
Review your final loan disclosures and closing documents. After signing and any applicable waiting periods, your new loan generally pays off the existing mortgage when funded.
- Review the Closing Disclosure.
- Confirm your new payment and terms.
- Sign required closing documents.
- Complete applicable funding periods.
Ready to Start Your Refinance Journey?
Connect with the iLoan team to explore available programs and your next steps.
UNDERSTANDING REFINANCE ELIGIBILITY
What Do You Need to Refinance a Mortgage?
Mortgage refinance requirements vary by loan program and lender. Understanding the factors commonly reviewed can help you prepare for the application process.
Credit Score & History
Your credit profile can influence loan eligibility and available terms. Requirements differ among conventional, FHA, VA, and other refinance programs.
Income & Employment
Lenders may review income stability, employment history, and documentation demonstrating your ability to repay the proposed mortgage.
Debt-to-Income Ratio
Your debt-to-income ratio compares qualifying monthly debt obligations with gross monthly income. Program limits and calculation rules vary.
Home Equity & Property Value
Your property’s value and outstanding mortgage balances help determine loan-to-value ratios and available refinance options.
Current Mortgage Information
Your existing loan type, payment history, outstanding balance, and mortgage terms may affect which refinance programs are available.
Property & Loan Documentation
Depending on the program, you may need mortgage statements, tax information, insurance details, and other supporting documentation.
Documents to Prepare for Refinancing
Having key financial information ready may help streamline the refinance process. Your lender will identify the documents required for your specific loan program.
- Recent mortgage statements.
- Income and employment documentation.
- Recent bank or asset statements.
- Homeowners insurance information.
- Property tax and housing expense details.
- Additional documents requested by underwriting.
Not Sure If You Qualify?
Every homeowner’s financial situation is different. The iLoan mortgage team can help you explore available refinance programs and understand the information needed to evaluate your options.
Speak With an iLoan Consultant →
Loan eligibility is subject to
applicable underwriting guidelines,
program requirements, and approval.
FIND YOUR REFINANCE SOLUTION
Compare Your Mortgage Refinance Options
Different refinance programs serve different homeowner needs. Explore available options and learn how each may align with your mortgage goals.
Rate & Term Refinance
Explore changing your interest rate, loan term, or mortgage structure without substantial cash-out.
Explore Rate & Term →Cash-Out Refinance
Eligible homeowners may replace their existing mortgage with a larger loan and access a portion of available equity.
Explore Cash-Out Refinance →FHA Streamline Refinance
Existing FHA borrowers may qualify for a streamlined refinance process, subject to applicable FHA requirements.
Explore FHA Streamline →VA IRRRL Refinance
Eligible homeowners with VA-backed mortgages may explore a VA Interest Rate Reduction Refinance Loan.
Explore VA IRRRL →Home Equity Line of Credit
A HELOC may allow eligible homeowners to access equity while retaining their existing first mortgage.
Explore HELOC Options →Refinance Comparison Calculator
Compare estimated mortgage payments, interest expenses, closing costs, and a simple break-even timeline.
Compare Refinance Payments →How Do You Compare Refinance Programs?
Choosing a refinance program involves more than comparing interest rates. Consider the complete loan structure and how it supports your goals.
- Compare estimated monthly payments.
- Review interest rates and loan terms.
- Understand closing costs and fees.
- Consider mortgage insurance requirements.
- Evaluate total interest over time.
- Review eligibility and program restrictions.
Need Help Choosing a Refinance Program?
The iLoan mortgage team can help you understand your options and compare programs based on your financial circumstances.
Speak With an iLoan Consultant →
Program availability and eligibility
depend on applicable underwriting
requirements and approval.
KNOW YOUR REFINANCE COSTS
Understanding Mortgage Refinance Closing Costs
Refinancing replaces your existing mortgage with a new loan, and that process may involve closing costs. Understanding these expenses can help you compare offers and make informed financial decisions.
Lender Fees & Loan Charges
Depending on the lender and loan, charges may include origination fees, underwriting-related costs, and discount points if selected. Review your Loan Estimate for applicable charges.
Appraisal & Property Costs
Some refinance programs require a property appraisal or other valuation. Requirements vary by loan type, property, and lender.
Title & Settlement Services
Closing expenses may include title searches, lender’s title insurance, settlement services, recording fees, and other applicable third-party costs.
Prepaid Items & Escrow Funding
Your closing disclosure may include prepaid interest, property taxes, insurance, or initial escrow deposits. These amounts should be distinguished from lender and settlement fees.
What About a No-Closing-Cost Refinance?
Some refinance structures reduce upfront closing expenses by using lender credits or financing eligible costs into the new loan. These approaches may involve a higher interest rate, larger loan balance, or additional long-term expense. Compare the complete loan terms.
6 Common Mortgage Refinancing Mistakes to Avoid
Refinancing can offer valuable financial flexibility, but understanding potential tradeoffs is essential before choosing a new mortgage.
01
Focusing Only on the Interest Rate
A lower rate doesn’t automatically mean a better loan. Compare APR, closing costs, monthly payments, and overall financing terms.
02
Ignoring the Break-Even Timeline
Consider how long it may take for potential monthly savings to offset refinance costs, especially if you expect to move or refinance again.
03
Extending the Loan Unnecessarily
Restarting a longer repayment term may lower monthly payments but increase total interest over time.
04
Overlooking Mortgage Insurance
Mortgage insurance requirements vary by loan program. Understand how any applicable insurance premiums affect your payment.
05
Borrowing More Than Necessary
A cash-out refinance increases your mortgage balance. Consider your long-term repayment ability before accessing home equity.
06
Not Comparing Complete Loan Offers
Review Loan Estimates, closing costs, rate structures, and repayment terms before selecting a refinance option.
Want to See How Refinancing Could Affect Your Payments?
Use our interactive refinance calculator to compare estimated payments, interest, and closing costs.
MORTGAGE REFINANCE QUESTIONS ANSWERED
Mortgage Refinance Frequently Asked Questions
Get straightforward answers to common questions about mortgage refinancing, eligibility, documentation, and the process of replacing your existing loan.
How do I know if I qualify for mortgage refinancing?
Qualification depends on your loan program, credit profile, income, existing debts, property value, and other underwriting factors. Requirements vary by lender and mortgage program.
Do I need a certain amount of home equity to refinance?
Equity requirements depend on the refinance program. Some programs have different loan-to-value rules or streamlined requirements. A mortgage professional can review your existing loan and property details.
Can I refinance with less-than-perfect credit?
Possibly. Credit requirements vary among conventional, FHA, VA, and other mortgage programs. Your full financial profile is considered, not just your credit score.
Will I need a new home appraisal?
Not necessarily. Some refinance programs may allow an appraisal waiver or use alternative valuation methods. Other loans require a property appraisal.
What documents are needed to refinance?
Depending on the loan program, documentation may include income verification, bank statements, current mortgage information, homeowners insurance details, and property-related records. Streamlined programs may have different documentation requirements.
How long does mortgage refinancing take?
The timeline varies based on the loan program, lender, appraisal requirements, documentation, underwriting, and closing conditions. Your mortgage professional can explain the anticipated process.
Can I refinance shortly after buying my home?
Possibly. Some refinance programs have seasoning requirements or minimum waiting periods. Eligibility depends on your existing loan, proposed refinance program, and applicable lending guidelines.
Can I refinance if I’m self-employed?
Self-employed homeowners may qualify for refinancing. Lenders generally review applicable income documentation, business history, tax returns, and other financial information based on program requirements.
Does refinancing affect my credit score?
A mortgage refinance application may involve a hard credit inquiry. Opening a new loan and closing an existing mortgage can also affect your credit profile. The impact varies by individual.
Can I refinance my mortgage more than once?
Yes, homeowners may refinance multiple times, subject to applicable program rules, waiting periods, and qualification. Each refinance should be evaluated based on its costs and potential financial benefits.
Still Have Questions About Refinancing?
Connect with an experienced iLoan mortgage consultant to discuss your situation and explore your options.
PERSONALIZED MORTGAGE GUIDANCE
Your Mortgage Refinance Journey Starts Here
Ready to explore your options? Connect with the iLoan team to discuss your financial goals and learn more about available refinance programs.
Let’s Find the Right Refinance Strategy for You.
Whether you’re looking to adjust your monthly payment, shorten your loan term, or explore home equity options, our mortgage professionals can help you understand the possibilities.
✓
Discuss Your Mortgage Goals
Tell us what you’d like to accomplish through refinancing.
✓
Explore Available Programs
Review refinancing options based on your circumstances and eligibility.
✓
Understand Your Next Steps
Get guidance on documentation, qualification, and the loan process.
Prefer to speak with us directly?
(888) 416-4805
Request Your Mortgage Refinance Consultation
Complete the form below and an iLoan team member can help you explore your refinancing options.
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Loan options are subject to applicable
underwriting requirements and approval.
Submitting an inquiry does not guarantee
financing.
