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Mortgage Refinance
Accessing your home's equity may be easier than you think
Mortgage refinance loans are provided and serviced by third parties.. Read more
Why should I consider a mortgage refinance?
Refinancing your mortgage can benefit you in several ways:
- Access cash for other purposes: A mortgage refinance allows you to tap into your home's equity (the difference between what you owe on your home and what it's worth) to pay for home renovations, repairs, pay down other debts, or just have cash on hand.
- Lower monthly payment & rate: If rates are lower than when you first bought your home, you could refinance your mortgage to a lower interest rate and save even more each month.
- Shorter loan term: A mortgage refinance loan can be shorter than your existing loan, allowing you to pay it off faster and reduce your monthly payments.
Ready to refinance? Mr. Cooper® has a team of licensed professionals to guide you through your refinancing options.
Refinance your mortgage your way
You may be able to refinance into many types of mortgages, including conventional, FHA, and VA loans, as long as you meet the requirements. If you have some big expenses on the horizon, you may consider options that allow you to get cash from the equity you have in your home. There are also refinancing options specifically for homeowners with FHA or VA loans. Here are just a few options to consider.
HOME LOAN OPTIONS
Cash-out refinance
A cash-out refinance is a type of mortgage refinance that allows you to "cash out" your home's equity by taking out a larger mortgage that covers what you owe plus a portion of your equity. You then receive cash for the portion of your equity you refinanced after closing.
FHA streamline loan
If you already have an FHA loan, you can refinance to an FHA streamline loan, which may offer lower payments and interest rates. An FHA streamlined refinance may have simpler requirements and may be processed faster than other refinance types.
VA IRRRL (Interest Rate Reduction Refinance Loan)
Specifically for homeowners with VA loans, a VA IRRRL can help lower your monthly payment — possibly without paying any fees and getting an appraisal may not be required.
Frequently asked questions about home refinancing
When is a good time to refinance my mortgage?
It depends on your financial situation and goals. If you have expenses or high-interest debt, such as credit cards, and need access to cash, it could make sense to tap into the equity built in your home with a cash-out refinance. When interest rates are low, or at least lower than when you first bought your home, you may consider a rate-term refinance and get a lower interest rate and lower your monthly payment. Consult a licensed mortgage professional to help determine if and when to refinance your mortgage.
What do I need to refinance my home mortgage?
In general, you need to have documentation about your income and debts, as well as an acceptable credit score and equity amount for the loan type you're seeking. Depending on your specific needs and financials, you could be required to obtain mortgage insurance.
How long does it take to refinance a mortgage?
Several factors can affect how long the process takes, especially if you need to get your home appraised. However, depending on your loan type, there may be streamlined refinance options available if you're interested in an expedited process.
