Refinance Loan

Refinance loans — a new mortgage on the same home
Loan Program

A new mortgage on the same address.

Replace your existing home loan with a new one — a different rate, a shorter term, an adjustable loan made fixed, or mortgage insurance left behind. Conventional rate-and-term to 95% of value under agency rules, FHA Streamline and VA IRRRL for existing government loans, and jumbo lanes above the conforming limit. When the goal is cash at closing, the cash-out programs carry that.

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The Fundamentals

The old loan is paid off; the new one takes its place.

A rate-and-term refinance — the agencies call it a limited cash-out refinance — pays off your existing first mortgage with a new loan sized to the old balance, the closing costs, and any purchase-money second lien, with only incidental cash returning to you. On a one-unit principal residence the conventional programs reach 95% of the appraised value, and 97% where the existing loan is agency-owned and the first-time-buyer program allows. Mortgage insurance applies above 80% loan-to-value, can be cancelled on request at 80% of the original value, and terminates automatically at 78%.

What decides the file is the appraisal, the credit and income picture, and the math: the new payment against the current one, the closing costs against the monthly difference, and the months it takes to break even. The wholesale conventional programs behind these pages start at a 620 decision score, and the automated finding sets the ratio ceiling at 50%. An existing FHA or VA loan has its own lighter path, a balance above the conforming limit moves to the jumbo lanes, and a homeowner who wants cash at closing belongs with the cash-out programs linked below.

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Three Refinance Paths

Pick the path that fits the loan you have.

The program follows the loan being replaced: conventional for most files, the FHA and VA streamlines for existing government loans, and jumbo above the conforming limit.

Conventional

Conventional Rate-and-Term

To 95% LTV on a one-unit principal residence under agency rules (97% on the first-time-buyer programs for an agency-owned loan), a 620 wholesale credit floor, a 50% automated ratio ceiling, and mortgage insurance above 80% that cancels at 80% and ends at 78%.

FHA & VA

Government Streamlines

An existing FHA loan refinances through the Streamline with no appraisal, a limited credit review, and a net tangible benefit; the premium continues, and with an appraisal the FHA rate-and-term reaches 97.75%. An existing VA loan refinances through the IRRRL with no VA appraisal, a 0.5% funding fee that exempt veterans do not pay, a net tangible benefit, and seasoning of the later of 210 days and six payments.

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Jumbo

Jumbo Rate-and-Term

Above the conforming limit the wholesale jumbo lanes take over: a 660 decision score on the headline lane, leverage to 90%, loans to $5,000,000, a 50% ratio ceiling on the fixed lanes, and reserves measured in months of payments.

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Leverage limits and credit floors are program parameters, not offers. The appraised value, occupancy, credit, income, and underwriting decide every file. A refinance replaces your mortgage; closing costs apply and may be included in the new loan.
Program Highlights

What makes a refinance work.

95% LTV Rate-and-Term
Conventional limited cash-out to 95% of the appraised value on a one-unit principal residence, 97% on the first-time-buyer programs where the existing loan is agency-owned.
Mortgage Insurance That Ends
Insurance applies above 80% loan-to-value, can be cancelled on request at 80% of the original value, and terminates automatically at 78%. A refinance at or below 80% carries none.
Streamlines For Government Loans
An FHA loan refinances through the Streamline with no appraisal and a limited credit review; a VA loan through the IRRRL with no VA appraisal and a 0.5% funding fee. Each requires a net tangible benefit.
Jumbo Above The Limit
A 660 decision score on the headline lane, leverage to 90%, loans to $5,000,000, and a 50% ratio ceiling on the fixed lanes, with reserves measured in months of payments.
Why Lendmire

The break-even, run on your numbers.

A refinance is a math problem before it is a loan: the new payment against the one you have, the closing costs against the monthly difference, and the number of months until the costs are recovered. Lendmire runs that break-even on your figures, and if the answer is to keep the loan you have, that is the answer you get.

We place conventional, FHA, VA, and jumbo refinances with multiple wholesale lenders, so the file lands on the program that fits it — the agency rate-and-term, a streamline on an existing government loan, or a jumbo lane — and the terms arrive in writing from a licensed loan officer before anything is signed. Consumer mortgages are arranged in sixteen states.

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Also Consider

Programs worth comparing.

A rate-and-term refinance replaces the mortgage you have with a new rate and term. If the goal is cash from your equity, or a first mortgage on a home you are buying, the programs below fit that goal under their own rules.

Cash At Closing

Cash-Out Refinance

Replace the mortgage with a larger one and take the difference at closing: conventional to 80% LTV under agency rules, with FHA, VA, and jumbo cash-out programs of their own.

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Keep Your First Mortgage

Home Equity Line of Credit

Borrow against equity up to 90% combined loan-to-value while your existing mortgage stays in place. Draw what you need, when you need it.

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The Purchase Side

Conventional Loans

The agency programs behind most refinances, on the purchase side: fixed and adjustable terms, mortgage insurance that cancels, and the same 620 wholesale credit floor.

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Learning Center

Know before you borrow.

Guides, scenario breakdowns, and refinance strategy from our licensed loan officers.

Take the Next Step

Tools to move from reading to action.

Tool One

Mortgage calculator

Run the numbers on a refinance — including principal, interest, taxes, and insurance on the new loan.

Calculate Tool Two

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See your offer in seconds. No credit pull, no obligation.

Start Tool Three

Compare refinance and cash-out

See whether a rate-and-term refinance, a cash-out refinance, or a home equity line fits the goal, on the same home and the same equity.

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Get Started

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Available In 16 States

Refinancing, state by state.

The programs are national, and the mortgages are local. Explore the conventional, FHA streamline, VA IRRRL, and jumbo routes, the markets, and the scenarios for your state.