Mortgage Refinancing Frequently Asked Questions

A good time to refinance is not simply when rates drop — it’s when the savings justify the cost of getting the new loan.

One common way to evaluate a refinance is to compare the closing costs with your monthly savings. By dividing the estimated closing costs by the amount you save each month, you can determine how long it may take to recover those costs. If you expect to stay in your home longer than that timeframe, refinancing may be worth considering.

Refinancing typically involves closing costs, which may include lender fees, title services, appraisal fees, and other expenses associated with processing the new loan. The total cost varies depending on your loan amount, property, and financing options.

Your lender will provide a Loan Estimate that outlines the costs associated with your refinance.

Yes. You may want to consider changing from a 30-year term to a 15- or 20-year term loan if you can lower the rate while keeping the payment manageable.

Work with one of our Mortgage Bankers to calculate the total interest savings versus a monthly cost savings.

You may lock in your mortgage rate once you have identified a property and submitted your application. Rate locks are typically available for 60 days. If you need a lock period longer than 60 days, please discuss your options with your Mortgage Banker.

We will send you a rate lock agreement for your signature. If rates rise during the lock period, we will honor your locked rate. If rates fall during the lock period, you agree to keep the locked-in rate. We do not charge a fee to lock in a mortgage rate.

The refinancing timeline can vary depending on your financial situation, the property, and the documentation required. In general, the process includes application, underwriting, and closing.

Your lender will keep you informed throughout the process and let you know if additional information is needed.

Possibly. Refinancing options may be available even if you have not yet reached 20% equity in your home.

Eligibility will depend on factors such as your loan program, credit profile, and the amount of equity you have built. Our Mortgage team can help determine which options may be available to you.

In some cases, an appraisal may be required to determine the current value of your home. Depending on the loan program and transaction details, an appraisal waiver may be available. Your lender will let you know if an appraisal is needed for your refinance.

A great first step is to connect with one of our Mortgage Bankers. They have the knowledge and experience to help you determine if refinancing is right for you.