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Types of Mortgage Refinancing Options

Loan Details

Rate and Term Refinance

Traditional refinance to lower your current interest rate and loan term. Minimum 620 credit score. 

Cash-out Refinance

Replaces your current mortgage with a new loan, plus up to 80% LTV in cash in one mortgage. Minimum 620 credit score.

Home Equity Loan

A second mortgage loan using the equity in your home. Up to 80% LTV. Minimum 680 credit score. 


A line of credit to borrow from as needed. Up to 80% LTV. Minimum 680 credit score. 

Streamline Refinance

Streamlined FHA, VA, and USDA loan refinance quickly and easily. No income verification. Minimum 580 credit score.


cash-out refinance

Cash-Out Refinance

Convert the equity in your home to cash with a cash-out refinance. Get a refinance loan that pays off your current mortgage and replaces it with a new loan, plus up to 80% of the LTV ratio in cash.

Home Equity Loans and HELOC's

Turn your home equity into cash with a home equity loan, or line of credit. With a home equity loan, you will keep your existing loan and get a second mortgage loan.

Traditional Refinance

A traditional rate and term refinance replaces an existing home loan with a new mortgage and terms.

Streamline Refinancing

Lower your interest rate and the monthly payment on government-backed home loans with minimal paperwork.

How does a Mortgage Refinance Work?

A mortgage refinance is a new loan that replaces your current one with new loan terms and interest rates. Homeowners refinance their mortgage loan to take advantage of lower interest rates, get a new loan term, tap into their equity, or to get a lower mortgage payment.

Types of Refinance Loans

There is a refinance program for every situation. If you’re looking to get a lower interest rate, lower your monthly payments, Looking for a lower interest rate and mortgage payment?

Traditional Refinance

A traditional rate and term refinance replaces your current mortgage with a new loan with a new interest rate and loan term.

Cash-Out Refinance

2020 Cash-Out Refinance Requirements

• 620 credit score

• No mortgage late payments in past 12 months

• At least 30% equity in the home

• 50% debt-to-income ratio

• Available for primary residence only

• Borrow up to 80% LTV ratio

Home Equity Loans

2020 Home Equity Loan Requirements

• 680 minimum credit score

• No late payments in the last 12 months

• Loan-to-value ratio must be 70% or lower

• Maximum 45% debt-to-income ratio

• Borrow up to 80% of the home's market value

Streamline Refinance

2020 FHA Streamline Refinance Requirements

• You must currently have an FHA-insured mortgage

• 210 day waiting period since closing

• No late mortgage payments in the past 12 months

• Refinancing must produce a net tangible benefit

• Available for primary residence only

When Should I Refinance my Mortgage?

There are many different reasons people choose to refinance their mortgage. If your interest rate is over 6%, then you should look into refinancing into a loan with a lower mortgage rate.

If you have an adjustable-rate mortgage and the initial rate is set to adjust upward soon, then you can refinance into a fixed-rate.

Refinancing with Bad Credit

Having poor credit is does not necessarily mean you can’t refinance your home loan. There are some programs and mortgage companies that can refinance your mortgage with bad credit.

Typical minimum credit score requirements by refinancing type


mortgage refinance infographic