Who this is for
Good reasons to refinance
Rates dropped
If market rates are meaningfully below yours, compare the savings to the cost.
Drop mortgage insurance
Move from FHA to conventional once you have enough equity.
Pay off faster
Switch to a shorter term.
End an ARM
Lock a fixed rate before an adjustment.
Program highlights
How I evaluate a refinance
Breakeven month
Total costs divided by monthly savings tells you how long until it pays off.
Lifetime interest
A lower payment over a new 30 years can cost more overall; I show both.
Lender credits
Sometimes a slightly higher rate with credits covering costs wins.
Your timeline
If you'll sell in two years, the answer changes.
Qualification guidelines
What lenders look at
Typical guidelines across my lender network. Every file is different, and I will tell you exactly where you stand after a quick review.
| Factor | Typical requirement | Required? |
|---|---|---|
| Equity | Depends on program | ✓ YES |
| Credit score | 620+ conventional, 580+ FHA | ✓ YES |
| Income docs | Usually; streamlines may skip | SOMETIMES |
| Appraisal | Often waived by lenders' valuation tools | SOMETIMES |
| Same lender | Not required | ✗ NOT REQUIRED |
In Hawaii
Refinancing in Hawaii
- Condo rules apply again. A building that was approved when you bought may not be now. I check before you pay for an appraisal.
- VA loans may qualify for the IRRRL streamline. VA IRRRL →
- Need cash too? Compare a cash-out refi with a HELOC that keeps your current rate.
How it works
From first call to closing
- Send your statementCurrent rate, balance and payment.
- Breakeven testI show the numbers before you apply.
- Shop65+ lenders compete.
- CloseClose, usually without leaving home.
Common questions
Refinance FAQ
How much lower should the rate be?
There's no magic number. What matters is how fast the savings repay the costs, and how long you'll keep the loan.
Will refinancing restart my 30 years?
Only if you choose a new 30-year term. You can pick a shorter term to stay on track.
Can I refinance a condo my lender won't touch?
Often yes, with a portfolio or non-QM lender. Learn more →
Is there a no-cost refinance?
You can trade a slightly higher rate for lender credits that cover closing costs. I price both ways.
Sources: 12 CFR 1026.37 (Loan Estimate); Fannie Mae Selling Guide; HUD Handbook 4000.1.
