Conventional, FHA, VA, and cash-out refinance options — with expert guidance and a fast, straightforward process. Find out what you could save.
See side-by-side estimates for 3 popular refinance scenarios — including monthly and yearly savings estimates.
Try the CalculatorNeed funds for home improvements, debt consolidation, or a major expense? A cash-out refinance could help.
See Cash-Out OptionsOur licensed loan officers will walk you through your options honestly — no pressure, no obligation, ever.
Schedule a CallNot every refinance is the same. Whether you want a lower payment, a shorter term, or cash from your home's equity — we have the right loan option for you.
Lower your interest rate and/or shorten your loan term without taking cash out. The most common refinance goal — reduce your monthly payment or pay off your mortgage faster. Available for Conventional, FHA, and VA loans.
Replace your current mortgage with a larger loan and receive the difference as cash at closing. Use it for home improvements, high-interest debt consolidation, or any major financial need. Often a lower-cost alternative to a personal loan or HELOC.
If you currently have a VA loan, the Interest Rate Reduction Refinance Loan (IRRRL) is the fastest and simplest path to a lower rate. This streamline refinance requires no income documentation and no appraisal, making it a great option for eligible borrowers.
Once you have at least 20% equity, refinancing out of an FHA loan into a conventional loan eliminates the monthly Mortgage Insurance Premium (MIP) — which on FHA loans continues for the life of the loan. This is a great way to lower your payment.
Payment estimates are for illustrative purposes only. Assumes 770+ credit score, 80% LTV, owner-occupied primary residence. Not a commitment to lend. View full disclosures ↓
This is not a commitment to lend. All loans are subject to credit approval. Not all applicants will qualify. Affinity Mortgage, LLC is an Equal Housing Lender. NMLS# 2579. Affinity Mortgage, LLC is not a government agency and is not affiliated with or acting on behalf of the Department of Veterans Affairs, FHA, HUD, or any other government entity. When refinancing an existing loan, your total finance charges may be higher over the life of your new loan.
Rates shown assume a borrower with a 770+ credit score, owner-occupied primary residence, and 30-year fixed term. For conventional loan scenarios, rates assume 80% loan-to-value (LTV). VA and FHA programs assume LTV and eligibility requirements as specified by those programs. Rates are for illustrative purposes only and are not a commitment to lend. Contact Affinity Mortgage for a personalized rate quote.
The "Current Est. P&I" shown is calculated using the loan balance and interest rate you entered, assuming a 30-year remaining term. This is a simplified estimate and will differ from your actual current payment if your remaining term differs from 30 years. This estimate does not account for extra payments made, loan modifications, or principal balance changes since origination.
Monthly savings shown represent the estimated difference between your current P&I payment and the new estimated P&I payment for each option. Savings estimates are for comparison purposes only. Actual savings will vary. These estimates do not account for closing costs beyond discount points and the assumed lender fee. Financing closing costs into your new loan increases your total loan balance and the total amount of interest paid over the life of the loan.
Discount points are prepaid interest paid at closing to reduce your interest rate. One point equals 1% of the loan amount. The break-even period shown estimates the number of months to recover the upfront cost of discount points through reduced P&I payments, compared to the zero-point option. This calculation is based solely on the additional upfront cost of discount points and does not account for all loan closing costs.
APR is calculated using the stated interest rate plus upfront finance charges (discount points and an assumed lender fee of $1,195), spread over the full 30-year loan term. APR does not include title, escrow, recording fees, or other third-party costs. Your official APR will be disclosed on your Loan Estimate after application.
VA IRRRL funding fee is 0.5% of the loan amount, which may be financed into the loan or paid at closing. For VA cash-out refinances, the funding fee is 2.15% for first-time use and 3.3% for subsequent use. Borrowers with a qualifying service-connected disability are typically exempt. VA cash-out refinances require the lender to determine a net tangible benefit to the borrower as defined by VA guidelines. Affinity Mortgage, LLC is a VA-approved lender but is not acting on behalf of or at the direction of the Department of Veterans Affairs.
FHA refinances require an Upfront Mortgage Insurance Premium (UFMIP) of 1.75% of the new loan amount, which may be financed into the loan or paid at closing. An annual MIP of 0.55% is required, paid monthly. For most FHA loans with less than 10% down, the annual MIP is required for the life of the loan. FHA loans are subject to county loan limits.
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Refinancing is simpler than your original purchase — no house-hunting, no real estate agents. Here is the typical journey from first call to closing day.
Are you lowering your rate, reducing your term, eliminating mortgage insurance, or tapping equity? Knowing your goal helps us point you to the right loan program and avoid refinances that don't make financial sense.
Use our calculator above or call us directly. We'll show you estimated savings, break-even timelines, and new monthly payments for each option — so you can make a confident, informed decision before applying.
Once you're ready to move forward, the application takes 15–20 minutes. We collect income and asset documentation, pull your credit, and order a home appraisal if required. Our team handles the coordination from here.
Your file goes to underwriting for review. If an appraisal is required, we schedule it and keep things moving. This is also when you may receive requests for additional documents — respond quickly to avoid delays.
After underwriting reviews your file, you'll receive a conditional approval followed by a final clear to close. We walk you through any conditions quickly — most are straightforward items like updated pay stubs, or contact info for your insurance provider.
You sign the new loan documents — typically at a title company or in your home. Three business days after signing, the loan funds and your old mortgage is paid off. Your new lower payment kicks in with the next billing cycle.
Refinancing is a powerful financial tool — but only when the numbers make sense. Here are four concepts worth understanding before you move forward.
Refinancing has upfront costs — points, origination fees, appraisal. The break-even point is how long it takes for your monthly savings to recover those costs. If you plan to move in 2 years but your break-even is 4 years, refinancing may not make sense — even if the rate looks attractive. Our calculator shows this estimate for each option.
Equity is the difference between your home's current value and what you owe. More equity typically means better rates and more refinance options available to you. For conventional loans, 20% or more equity eliminates mortgage insurance — and a cash-out refi lets you turn that equity into usable funds.
A rate/term refinance simply adjusts your rate or loan term with no change to your balance. A cash-out refinance increases your loan balance to give you money at closing. Cash-out typically comes with a slightly higher rate — but compared to personal loans or credit cards, it can still be the lowest-cost way to borrow.
A refinance makes sense when you'll save enough over your expected stay in the home to justify the upfront costs. If you're selling within a year, it rarely makes sense. If rates have dropped and you plan to stay long-term, it often does. Run the real numbers first — our calculator is here to help with the math.
We know you have choices. Here is why many homeowners choose Affinity Mortgage to refinance — and why so many come back.
Our streamlined process means less paperwork and less waiting. We handle the coordination — appraisal scheduling, document collection, underwriting follow-up — so you can focus on what matters: knowing your new payment and when it starts.
Conventional, FHA, VA, cash-out — we do them all. Whether you're refinancing your existing loan or switching from FHA to conventional to eliminate PMI, we have the product and the expertise to make it happen.
You will work with a licensed loan officer — a real person — who will tell you honestly whether a refinance makes sense for your situation. If the numbers don't work for you right now, we'll tell you that too. We're here to help, not just close loans.
These are the questions we hear most often from homeowners thinking about refinancing. Still not sure? Call us.