FAQs

Mortgage refinancing involves replacing your current mortgage with a new one, typically to secure a lower interest rate, reduce monthly payments, or change loan terms.

Your credit score, loan-to-value ratio, debt-to-income ratio, and the current market rates. The better your financial profile, the better rate you'll typically qualify for.

Usually 30-45 days from application to closing, though it can be faster with streamline programs.

Typically 2-5% of your loan amount. That includes things like the appraisal, title insurance, and lender fees.

When the numbers work in your favor. That usually means when you can get a meaningfully lower interest rate, when you need to change your loan terms, or when you want to access your home's [...]

You'll need sufficient equity in your home (usually at least 20%), a good credit score (typically 620 or higher), stable income, and a reasonable debt-to-income ratio. We'll also look at your payment history and overall [...]

Usually, yes. The lender needs to know what your home is currently worth to determine how much you can borrow. Some lenders offer "no appraisal" HELOCs for smaller amounts, but these typically come with higher [...]

Most lenders will consider single-family homes, condos, and townhomes. Some will also consider multi-family properties if you live in one of the units. You typically need to have owned the home for at least six [...]

Home equity loan rates are typically fixed, meaning the interest rate remains the same throughout the loan term. Rates are determined by factors such as credit score, loan amount, and market conditions. HELOC rates, on [...]

Most HELOCs have variable rates, which means your interest rate can go up or down based on market conditions. Some lenders offer the option to convert portions of your balance to a fixed rate, but [...]