// Program 02
Refinance
Refinancing only makes sense when the math works. We start with your break-even point, then decide together whether a lower payment, a shorter term, or accessing equity is the right move.
Types of refinance
- Rate-and-term — replace your current loan with a lower rate or a shorter payoff, without taking cash out.
- Cash-out — convert equity into funds for renovations, debt consolidation, or investment. Typically up to 80% of value on a primary residence.
- FHA streamline / VA IRRRL — reduced documentation and often no new appraisal for existing FHA and VA borrowers.
- PMI removal — sometimes a new appraisal on your current loan is all you need, and no refinance is required at all.
Break-even, plainly
Divide your total closing costs by your monthly savings. If you'll stay in the home longer than that number of months, the refinance pays for itself. Extending your term can lower the payment while raising total interest paid — we'll show you both figures side by side.
What to have ready
Your current mortgage statement, homeowners insurance declaration page, recent income documentation, and your best estimate of the home's value. Most refinances close in three to four weeks.
Ready to talk it through?
Meghan Barnes · NMLS #1436422 · Edge Home Finance Corp · NMLS #891464 · Equal Housing Opportunity