Refinance
Find out whether refinancing is actually worth it.
Not every rate drop justifies the closing costs. The number that matters is your break-even point — how long it takes the saving to repay the cost — measured against how long you plan to stay.
Types of refinance
Rate and term refinance
Homeowners whose rate is meaningfully above current pricing, or who want to move from a 30-year to a 15-year term.
Instant quoteCash-out refinance
Homeowners consolidating higher-interest debt, funding renovation, or covering a large one-off cost.
Instant quoteFHA and VA streamline refinance
Homeowners who already hold an FHA or VA loan and want a lower rate with minimal paperwork.
Quoted by phoneFour reasons people refinance
A lower rate
The obvious one. Worth checking whenever pricing has moved since you closed — and worth measuring against the closing costs rather than assuming.
Dropping mortgage insurance
If you bought with FHA and now hold 20% equity, moving to conventional removes mortgage insurance for good. This is often worth more than the rate change.
Consolidating expensive debt
A cash-out refinance can replace credit-card interest with mortgage interest. Much cheaper — but it secures that debt against your home, which is a real trade.
Shortening the term
Moving from 30 years to 15 usually raises the payment and cuts total interest sharply. Worth seeing both numbers before deciding.
Self-employed? Income is documented from tax returns the same way on a refinance as on a purchase — how self-employed income is calculated.
Questions homeowners ask us
Is it worth refinancing right now?
It depends on your break-even point, not on any rule of thumb. Divide your total closing costs by the monthly saving to get the number of months needed to recover them, then compare that against how long you plan to keep the house. If you will be there well past break-even, it usually makes sense.
How soon after buying can I refinance?
Sooner than most people think, though the specifics vary by program. Some loans have a seasoning requirement of several months, and streamline refinances have their own minimums. If rates have moved meaningfully since you closed, it is worth asking rather than assuming you have to wait.
Can I refinance to get rid of mortgage insurance?
Frequently, yes. If you have an FHA loan and your home has appreciated enough to give you 20% equity, refinancing to a conventional loan removes mortgage insurance permanently. For Triangle homeowners who bought with FHA a few years ago, this alone often justifies the refinance.
Does refinancing hurt my credit?
The credit inquiry has a small, short-lived effect. Rate shopping across lenders within a short window is generally treated as a single inquiry by scoring models, so comparing offers does not multiply the impact. The larger factor is your payment history afterwards.
Find your break-even in two minutes
Price a refinance against your current loan — no credit pull, no obligation, and no contact details needed to look.