Mortgage Refinancing Made Simple

A Smarter Mortgage Starts With a Better Refinance.

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.

Personalized Loan Options Experienced Mortgage Professionals Clear, Straightforward Guidance
Explore mortgage refinancing options with iLoan
Refinancing Built Around You

Explore your options with guidance from the iLoan mortgage team.

REFINANCING BUILT AROUND YOU

Your Mortgage. Your Goals. More Possibilities.

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.

Explore Lower Monthly Payments

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 →

Change Your Mortgage Term

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 →

Access Your Home Equity

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 →

Switch Your Mortgage Program

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 →

Explore FHA & VA Refinance Options

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 →

Understand Your Long-Term Savings

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 →

Not Sure Which Refinance Is Right for You?

An experienced iLoan mortgage consultant can help you explore available options and understand the next steps.

Talk to an iLoan Consultant →
INTERACTIVE MORTGAGE TOOL

Refinance Savings Calculator

Compare your current mortgage with a potential refinance. Adjust the numbers to explore monthly payments, closing costs, break-even timing, and remaining interest.

Your Mortgage Details

Adjust the sliders to match your situation.

$250,000
$25,000$1,500,000
6.50%
1%15%
25 years
1 year40 years
5.50%
1%15%
30 years
5 years40 years
$5,000
$0$30,000

Your Refinance Comparison

Estimated principal and interest only.

Current Mortgage $0 Monthly principal & interest
New Mortgage $0 Monthly principal & interest
Monthly Payment Difference $0
Estimated Closing Costs $0
Current Remaining Interest $0
New Loan Total Interest $0
Estimated Simple Break-Even Point —

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.

LOOK BEYOND THE MONTHLY PAYMENT

Understanding the True Cost of Refinancing

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.

01

Refinance Closing Costs

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.

02

Your Break-Even Timeline

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.

03

Total Interest Over Time

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.

How Do You Know When Refinancing Makes Sense?

One helpful starting point is comparing your estimated closing costs with the monthly principal and interest savings from your new mortgage.

  • Review the monthly payment difference between your current and proposed loans.
  • Understand the upfront and financed costs of refinancing.
  • Estimate how long it may take to recover those costs.
  • Consider how long you plan to keep the mortgage.
  • Compare the remaining interest on your current loan with the new loan.

The iLoan refinance calculator above can help you explore these comparisons before discussing personalized loan options.

ILLUSTRATIVE BREAK-EVEN EXAMPLE

See How the Numbers Work

Estimated Closing Costs $4,000
Monthly P&I Savings $200
Calculation $4,000 ÷ $200
20 Months Illustrative Simple Break-Even Point

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.

FIND YOUR REFINANCE SOLUTION

Explore Your Mortgage Refinance Options

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.

Mortgage Refinancing

Explore mortgage refinancing fundamentals, potential benefits, closing costs, and considerations before replacing your existing home loan.

Explore Mortgage Refinancing →

Rate & Term Refinance

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 →

Cash-Out Refinance

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 →

FHA Streamline Refinance

Homeowners with eligible existing FHA mortgages may qualify for a streamlined refinancing process with specific program requirements.

Explore FHA Streamline →

VA IRRRL Refinance

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 →

Home Equity Line of Credit

A HELOC may allow eligible homeowners to access available equity without refinancing their existing first mortgage. Compare this alternative before deciding.

Explore HELOC Options →

Need Help Comparing Your Refinance Options?

Let the iLoan mortgage team help you understand available programs and explore financing solutions aligned with your goals.

Speak With an iLoan Consultant →
YOUR REFINANCE QUESTIONS ANSWERED

Mortgage Refinance Frequently Asked Questions

Refinancing your mortgage is a significant financial decision. Explore answers to common questions about the process, potential benefits, qualification requirements, and available refinance programs.

What does it mean to refinance a mortgage?

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.

When does refinancing make financial sense?

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.

How much does it cost to refinance a 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.

Will refinancing lower my monthly mortgage payment?

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.

What credit score do I need to refinance?

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.

Can I refinance and take cash out of my home?

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.

Can I refinance an FHA or VA mortgage?

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.

How long does the mortgage refinance process take?

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.

What is the break-even point when refinancing?

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.

Can I refinance without restarting a 30-year mortgage?

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.

PERSONALIZED MORTGAGE GUIDANCE

Your Next Mortgage Move Starts Here

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.

Let’s Find the Right Refinance Strategy 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.

✓
Discuss Your Financial Goals

Tell us what you’re hoping to accomplish with your mortgage refinance.

✓
Explore Available Loan Programs

Review refinancing options based on your circumstances and eligibility.

✓
Understand Your Next Steps

Get guidance on the refinancing process, documentation, and potential costs.

Prefer to speak with us directly? (888) 416-4805

Request Your Refinance Consultation

Complete our inquiry form and an iLoan team member can help you explore your refinancing options.