Mortgage refinancing replaces the existing mortgage with a new loan/agreement.

Refinancing can be used to:

  • replace an existing term and rate

  • complete a debt consolidation utilizing home equity

  • utilized equity to fund a large purchase such as a car or vacation

  • home renovation loans are also refinances

Conforming (Conventional ) Fixed

  • RefiNow (Fannie Mae) & Refi Possible (Freddie Mac) offers expanded eligibility to benefit borrowers at or below 100% of the area median income (AMI) and helps more borrowers take advantage of refinance opportunities afforded during low interest rate environments.

  • Rate/Term refinance only

  • Loan must be season at least 12 months

  • Borrowers income must be at or below 100% of the AMI for the subject property location

  • New refinance transaction must result in a minimum 50 basis point interest rate reduction

  • New refinance transaction must result in a reduction on monthly payment of principal, interest and mortgage insurance.

  • Minimum credit score 620

VA Interest Rate Reduction Refinance Loan (IRRRL)

VA -guaranteed loan made to refinance an existing VA-guaranteed loan, generally at a lower interest rate than the existing VA loan, and with a lower principal and interest payment than the existing VA loan.

  • NO limit to the number of times the IRRRL program is used providing 210 days have elapsed between each refinance and each has a 'net tangible benefit'

  • Rate and term refinance

  • Must have an existing VA loan that has been open for at least 7 months (210 days)

  • Must be current on mortgage payments

  • VA funding fee may be required

  • Can be used on an investment property providing you certify it was a previous primary residence


Product guidelines are determined by the the corresponding Government-Sponsored Enterprise (GSEs) such as Fannie Mae, Freddie Mac, FHA, etc. and are subject to change. Lenders and investors may have their own additional requirements/conditions called overlays. Not all programs are available in all areas. This is for informational purposes. Discuss your loan needs with a licensed mortgage professional.