main principles

Make possible happen with a refinance.

What is mortgage refinancing?

There are many reasons people refinance their mortgage, but the most common are to either save money on their monthly mortgage payment or reduce their interest rate.* Some people also take advantage of refinancing to shorten the length of their mortgage or to access some of the available equity in their homes to cover other expenses.

Good reasons to refinance your mortgage?
  • Lower your payment
  • Take cash out to pay off high interest debt or improve your home
  • Pay off your loan faster
  • Get a low rate for the life of your loan
How often can I refinance my home?

Limitations on refinancing can vary from state to state, so you’ll want to check the regulations for the specific state where the property is located. Another factor to weigh is payoff fees, which are different from prepayment penalties. While prepayment fees are meant to prevent you from paying off additional principal, an early payoff fee is a fee paid to the originating lender for loans that have only been on the books a few months. Your loan officer can tell you which types of loans carry these kinds of restrictions.

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Frequently Asked Refinancing Questions


Many refinance loans can take 30-45 days to close but there are lots of exceptions if your finances...


We’ve been a strategy thought leader for nearly five decades and we bring unrivaled


Your documentation allows underwriters to verify that you’re a good fit for the loan option you’ve selected...


In many cases, yes. As rates have dropped and home values have risen, many homeowners...

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We are happy to guide you through the many options available for your home financing.

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How to refinance a mortgage

A rate-and-term refinance lets you change the term (which includes the length of your loan and payment amount) or interest of your loan or both. This gives you options to lower your rate, bring in cash to lower your principal loan balance or pay off your loan faster.




A cash-out refinance replaces existing mortgages on a property, plus potentially provides cashback at closing. Because the loan is typically higher than what you currently owe, the difference between the cost of the transaction and your current loan is paid to you in cash.




Borrowers may elect not to provide income and credit documentation in exchange for a smaller discount on their interest rate.





Extra Payment Mortgage Calculator

See if you should refinance your mortgage. Enter the details of your current home loan along with details of a new loan to estimate your savings and see if refinancing is right for you!

Current Mortgage
New Mortgage
Loan Amount
Interest Rate
Loan Term
Start of Payment
Extra Principal Payment

Refinance Saving

per month
Lifetime Savings
New Payment
Payoff Period
Calculator By: Choice Home Mortgage