What Is a Mortgage Refinance?

A mortgage refinance replaces your existing home loan with a new one, offering an opportunity to update your loan terms, adjust your rate structure, or access your home’s equity. Whether your goal is to reduce payments, tap into equity, or consolidate debts, refinancing gives you flexibility — and Lendmire is here to guide you through it.

Key Benefits of Refinancing

• Access Home Equity
  Use built-up equity to fund renovations, investments, or major expenses through a cash-out refinance.

• Restructure Loan Terms
  Modify the length of your loan or adjust your rate type to better align with your current financial goals.

• Consolidate Debt
  Refinance multiple obligations into one streamlined monthly payment (where eligible).

Refinance LTV Guidelines

Conventional Loans

• Up to 90% LTV for cash-out refinance

• Up to 95% LTV for rate-and-term refinance (primary residence, 1-unit property)

VA Loans

• Up to 100% LTV for cash-out refinance (for eligible veterans)

• VA IRRRL (Interest Rate Reduction Refinance Loan) options available with no appraisal in many cases

FHA Loans

• Up to 80% LTV for cash-out refinance

• Up to 97.75% LTV for rate-and-term refinance (FHA-to-FHA, primary residence)

Loan-to-value ratios vary by loan type, occupancy, and borrower qualifications. All loans subject to underwriting and program approval.

When to Refinance

Refinancing is a strategic move based on your current mortgage, equity position, and financial goals. It may be worth considering if:

• You’ve built up equity and want to convert it into cash

• You’d benefit from adjusting your loan term or payment structure

• Market conditions make refinancing financially beneficial

Why Lendmire

At Lendmire, we simplify the refinance process. Whether you’re looking to lower your payments or leverage equity, our mortgage experts offer transparent guidance, fast processing, and personalized solutions that align with your goals. We’ll help you evaluate your options and make the best decision for your future.

Compliance Notice

Lendmire complies with all federal and state mortgage regulations. Refinance program availability, loan terms, and LTV limits are subject to borrower eligibility, credit review, and lender guidelines. A Loan Estimate (LE) will be provided upon receipt of a completed application and required documentation.

Applicants should not assume that any debt will be eliminated by refinancing since the debts are consolidated into a new loan. As a result of refinancing, your total finance charges may be higher over the life of the loan. Payments may reflect longer loan terms and higher interest charges over the life of the loan. Interest and other charges, if assessed, will accrue from the date of disbursement of the loan funds until the first payment is due. Low documentation programs may have a higher interest rate, more points and more fees than other products requiring documentation.