A refinance only matters if the math works. I compare your current loan against what is available now, put the costs in writing, and say so plainly when staying put is the better call.
Four situations usually put a refinance on the table: you bought when rates sat higher, your adjustable loan is about to move, you are carrying mortgage insurance you may no longer need, or you want a 30-year term cut shorter. I keep relationships with over 150 lenders, so several structures can sit side by side before you commit to any of them.
- Existing mortgage on a primary residence, second home, or investment property
- Minimum equity requirements vary by loan program (typically 5–20%)
- Credit score requirements vary by loan type and lender
- Debt-to-income ratio reviewed per lender guidelines; non-QM options available for non-traditional borrowers
- Property appraisal typically required (some streamline programs may waive this)
- Current mortgage must be in good standing in most cases; exceptions apply for certain government-backed programs
Frequently Asked Questions
Look at the break-even point. Add up the closing costs, then divide by however much the monthly payment drops. That gives you the number of months it takes to recover what you spent. If you expect to sell or move before then, a refinance rarely pays.
Usually yes. The second lien holder has to agree to stay in second position, which is called a subordination. I request it early, since that decision sits with the other lender and can take a few weeks.
Most files run roughly three to five weeks, depending on your file, the appraisal, and how quickly documents come back. Some move faster when conditions allow. You get a timeline from me up front.