Refinance or take cash out, if the numbers work
A refinance only makes sense when the savings pay back what it costs before you move. Stella checks that with you first.
Call any time. An automated assistant answers day and night, takes your details and books a callback with Stella.
Kinds of refinance
- Rate and term. Change the rate, the length of the loan, or both
- Cash-out. Borrow against your equity for repairs, debts or other goals. Lenders keep some equity in place, often around 20% on a conventional loan
- Remove mortgage insurance. Move from an FHA loan to a conventional loan once you have enough equity
- Streamline options. VA IRRRL and FHA streamline refinances need less paperwork for existing VA and FHA loans
Check the break-even first
Divide the closing costs by the monthly saving. That is how many months it takes to pay back the refinance. If you will move before then, it does not pay off. The break-even calculator works it out with the rate you were quoted.
A refinance can increase the total you pay over the life of the loan, even when it lowers the monthly payment.
Common questions
How soon can I refinance?
Does a cash-out refinance raise my payment?
Talk it through with Stella
Send her a short note or call (918) 395-9200. No credit check until you say so.
Programs are subject to eligibility, underwriting and lender guidelines; not all applicants will qualify. Nothing on this page is a commitment to lend or a rate quote. Raystar Mortgage Group Inc, NMLS 305952. Stella Courtney, NMLS 307689. Equal Housing Lender.