When does it make sense to refinance?

Refinancing makes sense when you can lower your rate, reduce your term, access cash from equity, or remove PMI. A common rule of thumb is to refinance if you can lower your rate by at least 0.5–1%, but each situation is unique. Use our calculator to run the numbers.

What is a cash-out refinance?

A cash-out refinance replaces your current mortgage with a larger loan and gives you the difference in cash. For example, if your home is worth $500,000, you owe $300,000, and you do a cash-out refi to $400,000, you receive $100,000 in cash.

How long does a refinance take?

A standard refinance typically takes 21–30 days. Cash-out refinances or investment property refis may take slightly longer due to additional documentation requirements.

What is a break-even analysis for refinancing?

The break-even point is how long it takes for your monthly savings to recoup the closing costs. If closing costs are $4,000 and you save $200/month, your break-even is 20 months. If you plan to stay in the home longer than that, refinancing is likely worthwhile.

Can I refinance if I have less than 20% equity?

Yes, you can refinance with less than 20% equity, though you may be subject to PMI. FHA streamline and VA IRRRL programs have no minimum equity requirement for rate-and-term refinances. We'll find the best option for your situation.

Refinance | MtgPro.ai

Refinance

Consolidate your first mortgage plus any other debts into one loan

Refinancing can reduce your monthly payment, shorten your loan term, or give you access to cash from your home's equity. With rates changing frequently, now may be the right time to review your options.

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Key Advantages

Why Choose a Refi?

Here's what sets this loan product apart and who it works best for.

Lower Your Rate

Reduce your interest rate to decrease your monthly payment and save thousands over the life of the loan.

Cash-Out Option

Access your home's equity as cash for renovations, debt payoff, or investments.

Shorten Your Term

Move from a 30-year to a 15-year mortgage to build equity faster and pay less interest.

Remove PMI

If your home has appreciated, you may qualify to eliminate private mortgage insurance.

Calculator

Refinance Calculator

Compare your current loan to a potential refinance and see your savings.

Current Loan Balance$350K

$50K$2.0M

Current Interest Rate

Enter the rate you want to model. We don’t advertise rates; your pricing is quoted individually.

New Interest Rate

Enter the rate you want to model. We don’t advertise rates; your pricing is quoted individually.

Cash-Out Amount$0

$0$500K

New Loan Term

Enter an interest rate above to see your results.

Calculator results are estimates only and do not constitute a loan offer, pre-approval, or commitment to lend. Actual terms may vary.

Eligibility

Qualification Requirements

General guidelines for Refinance eligibility. Requirements vary by lender and scenario.

Requirement	Guideline
Minimum Credit Score	620+
Existing Mortgage	Must have a current mortgage to refinance
Home Equity	Typically 20%+ for best pricing; cash-out up to 80% LTV
Documentation	Income, assets, and property appraisal

These are general guidelines only. Specific program requirements may vary. Contact us for a personalized review of your scenario.

FAQ

Frequently Asked Questions

Common questions about Refinance loans.

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Answer a few quick questions and get a personalized strategy recommendation, including whether Refi is right for your situation.

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West Capital Lending, Inc. is an Equal Housing Lender. We do not discriminate on the basis of race, color, religion, national origin, sex, handicap, or familial status.

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