Should I refinance my mortgage?

Choosing to refinance your mortgage is a major decision and should be handled as such.

Several factors will determine if refinancing is something from which you'll benefit. How long you expect to own your home may ultimately be what determines whether or not refinancing makes sense. The long-term savings of refinancing to a lower rate or reduced term are often undeniable.

However, sometimes there are costs associated with refinancing that may take time to recoup before your savings kick in. That’s why it's so important to analyze refinance offers to determine the breakeven point, potential costs, and true savings.

How do I refinance my mortgage?

A mortgage refinance is essentially a new mortgage loan. In order to refinance, you'll need to apply with a licensed mortgage lender the same way you would if you were purchasing a home. Utilizing a refinance calculator and obtaining quotes from multiple lenders will give you an opportunity to maximize the benefits of refinancing.

What is a streamline refinance?

In some circumstances, you may be able to refinance without jumping through the normal hoops associated with obtaining a traditional mortgage or refinance.

FHA Streamline Refinance

If your current loan is an FHA loan, refinancing to another FHA loan may provide the easiest path to a lower payment. A streamline refinance typically does not require a new home appraisal or income verification.

There are restrictions to FHA streamlines, but if you meet them, they are a great way to expedite the refinance process.

VA Interest Rate Reduction Refinance Loan

If you already have a VA loan, you are well aware of the tremendous value of buying a home with a VA loan. The VA Interest Rate Reduction Refinance Loan is an extension of those benefits and a fantastic way to immediately lower your payment with minimal paperwork, including no appraisal or income documentation.

Like all refinances, the new loan should provide a tangible net benefit to the homeowner. Your VA loan payment must decrease by enough to offset any costs associated with refinancing.


HARP loans were introduced after the housing crisis of the mid/late-2000s. Unfortunately, that program has expired.

As with all mortgage loans, terms and qualifications may vary from lender to lender. Please consult a mortgage lender for the most up to date streamline refinance information.

What are today's refinance rates?

Mortgage rates are determined by the market for mortgage bonds. Rates change daily and can even update throughout the day as market conditions fluctuate. Each mortgage lender determines what rates they offer. Therefore, rates vary from lender to lender, and one lender's FHA or VA rate may be higher or lower than another's.