How does a refinance mortgage work?

• Step 1: Tell us your goals
  You’ve got goals. Let’s make a plan to reach them. See your choices. Pick the one that’s best for you.
• Step 2: Discover how much equity you’ve built
  You’ll get a copy of your appraisal. Find out how much your home is worth and how much equity you’ve built.
• Step 3: Move through underwriting
  Share information securely and track your progress. Your refinance Professional stays with you from application to closing and beyond. We want to be your lender for life.
• Step 4: Close where and when you want
  Pick when and where to close on your new home loan – your home, our office, the bagel place around the corner?

Your Refinance Professional stays on call to answer your questions throughout the process. Call # or sign up to start now!

Refinance Mortgage Frequently Asked Questions

How much can I borrow from my home when I refinance to pay off debt?

• Homeowners with good credit: The FHA, Freddie Mac, and Fannie Mae guidelines allow borrowers with good credit to cash out up to 80% of home value.
• VA home loan rules say veterans and service members may cash out up to 100% of home value.

Your credit history influences how much you can borrow. If you have credit dings, your cash-out limit may be lower.

Call # to talk to a Refinance Professional about how the rules apply in your specific situation.

How do refinance mortgage rates compare to purchase mortgage rates?

Mortgage refinance interest rates typically run somewhat higher for a cash out home loan. You get the lowest refinance mortgage rates for the shortest home loans.

• 10 year mortgage refinance rates are usually lower than 15 year fixed refinance mortgage rates
• 15 year rates are usually lower than 20 year refinance mortgage rates
• 20 year fixed mortgage rates often are lower than 30 year mortgage refinance rates

How will my total monthly payments change when I refinance my home loan to pay off debt?

Our Refinance Professionals can give you an exact answer, or you can use our debt consolidation mortgage refinance calculator to get an estimate.

In general, when you refinance a mortgage to pay off credit card debt or other high-cost debts, your total monthly payments go down. Depending on whether you stick with your current mortgage payoff date or go for a longer term, you may be making those payments longer.¹

Want to pay off your mortgage faster? Our refinance experts can show you how fast you’ll pay off your home loan if you apply some of your monthly savings toward your principal each month.

Call # to talk to a Refinance Professional about how the rules apply in your specific situation.

Can I refinance a mortgage with bad credit?

We offer mortgages to people in a big credit spectrum. Some streamline refinance mortgages don’t require a credit check.

Another option: VA and FHA mortgages don’t have official minimum credit scores. We consider your whole credit picture, not just your credit score.

Been told “no” by other lenders? Made a credit “oops?” Our Refinance Home Loan Professionals may still be able to help you. Call # or sign up to start now!

I want to refinance my home without starting a 30-year mortgage all over. Can I keep my same payoff date?

When you refinance your home, you can choose the same or different loan terms. Pick a shorter, longer, or similar payoff date.

Want to see what your payments would be for different home loans? Our Refinance Professionals can show you. Call # or sign up to start now!

What are closing costs for refinance loans? Do I have to pay mortgage refinance fees myself?

Want a no out-of-pocket cost refinance mortgage? You may be able to finance your closing costs or pay a higher interest rate and get a credit to cover them.

Call # or sign up to start now!

What’s the difference between an FHA streamline refinance or a VA streamline refinance versus a regular refinance?

With a streamline refinance, there’s typically no credit check, no income check, and no appraisal. The catch? You can’t take any cash out.

Streamline refinance an FHA mortgage or a VA mortgage to lower your monthly payment, pay off sooner, or shift into a safe fixed rate.

How much is the VA Funding Fee for Refinance loans?

Cash out Refinance:

Streamline no Cash out (IRRRL):

Is there a “when to refinance mortgage” rule of thumb? A way to know it makes sense to refinance?

It makes sense to consider the break-even point before you refinance a home mortgage. You find the break-even point by comparing any extra payments you’ll make over the long term and your closing costs versus the money you save because your monthly payment changes – not by applying a general rule of thumb.

Can Planet tell me how to refinance a manufactured home mortgage?

Yes, our Refinance Professionals know the rules for refinancing a manufactured home with a conventional mortgage. They know FHA and VA manufactured refinance home loan rules, too.

Call # to find out more!