Refinance
Only worth it if the numbers work. We run the break-even before anything else.
Short answer
A refinance only makes sense when the math works. We calculate your break-even, the month your monthly savings pass your closing costs, before anything else. Rate-and-term, cash-out, and streamline options each fit different situations. If the numbers do not work, I will tell you to keep the loan you have.
Who this is for
- Homeowners whose rate is meaningfully above today's market
- Owners consolidating a first mortgage and second lien into one loan
- FHA borrowers ready to shed mortgage insurance with a conventional refinance
- Anyone who wants the break-even math before the sales pitch
What it takes to qualify
- Enough equity for the new loan to work, with requirements varying by refinance type.
- Income and credit review, unless you qualify for a streamline program with reduced documentation.
- A break-even that fits how long you plan to keep the home. This is my gate, not just the lender's.
Private lender. Not affiliated with or endorsed by the U.S. Department of Veterans Affairs or any government agency.
How it works with me
A process you can see the whole way through
Break-even math first
Send me your current statement. You get the break-even month and a keep-or-refinance verdict, even when the verdict is keep.
The right flavor
Rate-and-term, cash-out, or streamline. We match the tool to the goal instead of forcing the goal into a product.
A quiet, managed close
Refinances should be boring. My team runs the file with weekly updates while you go about your life.
What to know before you decide
Break-even first, always
Every refinance has a cost, whether you pay it in cash, roll it into the balance, or accept a higher rate in trade. Divide that cost by your true monthly savings and you get the break-even month. Plan to keep the home well past it, and the refinance earns its keep. Sell or refinance again before it, and you paid for someone else's party. That one division answers most refinance questions, and it is the first number I put in front of you.
Three flavors, three jobs
Rate-and-term changes your rate, your term, or both, without pulling cash out. It is the classic move when rates drop below what you hold, and shortening the term can save more than the rate itself. Cash-out replaces your loan with a larger one and hands you the difference, best judged against a HELOC before committing. Streamline programs, including the FHA streamline and the VA IRRRL, cut the paperwork for borrowers already in those loans when the change clearly helps. Each tool has a job. The mistake is using the one that happens to be advertised.
Rates and terms subject to change without notice. Not a commitment to lend. Not available in all states. This is not tax, legal, or financial advice. Consult a qualified professional for your specific situation.
Run your own numbers first
The refinance calculator runs your break-even in about two minutes. Bring the result to our call and we start ahead.
Open the calculatorsRelated programs
Refinance: common questions
How do I know if refinancing is worth it?
Run the break-even: total refinance cost divided by true monthly savings gives you the month the deal starts paying you back. If you will keep the home well past that month, it is worth a serious look. If not, keep your loan. I run this math first on every refinance call, and I share the verdict either way.
What is the difference between rate-and-term and cash-out?
Rate-and-term changes your rate or your term without increasing what you owe, and it is priced most favorably. Cash-out replaces your mortgage with a larger one and hands you the difference at closing, at somewhat tougher pricing and equity requirements. If cash is the goal, we compare it against a HELOC before you commit.
What is a streamline refinance?
A reduced-documentation refinance for borrowers already in a government loan, including the FHA streamline and the VA IRRRL. The premise is simple: you are already in the program and paying on time, so a change that clearly benefits you should not require rebuilding the whole file. When you qualify, they are the easiest closes in the business.
Does refinancing restart my 30 years?
Only if you choose a new 30-year term. You can refinance into a shorter term, or into a term matching what you have left. Restarting a long term can lower your payment while raising lifetime interest, which is exactly the tradeoff the break-even math surfaces. We look at total cost, not just the monthly line.
What does a refinance cost?
Closing costs vary with the loan and how you structure them. You can pay them in cash, roll them into the balance, or take a higher rate that offsets them, sometimes called a no-cost refinance. None of those makes the cost disappear, they just move it. The break-even math accounts for whichever structure you pick.
How soon and how often can I refinance?
There is no legal limit on frequency, though some programs have seasoning requirements after your last transaction. The real constraint is math: each refinance has a cost, and refinancing again before you have crossed the last break-even means stacking costs. When rates genuinely move in your favor, we run the numbers fresh.
Fine-tune your Refinance plan
Send the property, purpose, timing, and numbers you already know. The email opens prefilled for this Refinance page so the review starts in the right lane.
MortgageOne Inc. is licensed for consumer mortgage lending in 41 states and Washington, DC. Chris Lamm is individually licensed in 19 states.