Improve Your Mortgage
Lower Interest Rates
A rate and term refinance may allow you to lower your interest rate, helping reduce monthly payments and long-term interest costs.
Change Your Loan Term
Homeowners can refinance to a shorter or longer loan term, depending on whether the goal is to pay off the loan faster or improve monthly affordability.
Switch Loan Types
A rate and term refinance can be used to move from an adjustable-rate mortgage to a fixed-rate loan, or switch between loan programs when eligible.
Align With Your Goals
A rate and term refinance lets you adjust your mortgage structure as life changes, whether that means updating loan terms, lowering payments, or paying off your home sooner.
frequently asked questions
The refinance process usually takes 30 to 45 days, depending on documentation, appraisal timing, and loan complexity. Working with an experienced mortgage team can help keep the process smooth and predictable.
Refinancing may include closing costs such as appraisal, title, and lender-related fees. In some cases, these costs can be rolled into the loan, depending on the refinance structure and loan guidelines. There is no cost to apply with Homestead Financial Mortgage to review your refinancing options and see what may make sense for your situation.
Refinancing does involve a credit check, which can cause a small, temporary change in your credit score. However, Homestead Financial Mortgage can review your refinance options using a soft pull, which does not impact your credit score and costs nothing to see what you may qualify for. If you decide to move forward, a full credit check will be required later in the process.
Refinancing a mortgage means replacing your current home loan with a new one, often to lower your monthly payment, adjust your loan term, or tap into home equity. Many homeowners refinance to better align their mortgage with their current financial goals.
The right time to refinance depends on your goals, loan details, and how long you plan to stay in your home. In many cases, homeowners may be eligible to refinance as soon as six months after purchasing a home or completing a previous refinance, depending on the loan type. Our experienced loan advisors can help determine the right timing based on your specific situation.
On average, many Homestead Financial Mortgage customers save around $387 per month through refinancing, though actual savings vary based on loan terms, loan balance, and individual circumstances.
Customer Success Stories
