Whether you want to reduce your monthly payment, shorten your term, or access your home equity — we'll show you exactly how much you can save before you commit to anything.
Refinancing typically makes sense when current rates are 0.75-1% below your existing rate, when you want to switch from FHA to conventional to drop mortgage insurance, when you need to tap home equity for renovations or debt consolidation, or when you want to shorten your loan term. Express runs a free break-even analysis to confirm the math before you commit.
Lower your interest rate or change your loan term. Even a small rate reduction can save hundreds per month and tens of thousands over the life of your loan.
Access your home equity for renovations, debt consolidation, investments, or major purchases. We'll help you determine how much equity you can tap.
FHA and VA borrowers may qualify for streamline refinances with minimal documentation and no appraisal. Fast, simple, and designed to save you money.
We don't just quote you a rate — we show you exactly when the refinance pays for itself so you can make an informed decision.
There are two fundamental kinds of refinances, and they solve different problems. The right choice depends on what you want to accomplish.
Replace your existing mortgage with a new one at a lower interest rate, a different term (e.g., 30-year to 15-year), or both. No cash comes back to you at closing — the goal is to reduce your monthly payment or pay off the home faster. Best when rates have dropped at least 0.75-1% since you took out your current loan.
Common scenarios: Drop FHA mortgage insurance by refinancing to conventional once you hit 20% equity. Shorten 30-year to 15-year now that your income has grown. Switch from ARM to fixed-rate as your existing rate adjustment approaches.
Refinance into a new, larger mortgage and take the difference as cash. You can typically borrow up to 80% of your home's current appraised value (85% on VA cash-out refinances). The new mortgage replaces your old one entirely — different from a HELOC, which adds a second loan alongside.
Common scenarios: Home renovation that'll add resale value. Consolidate high-interest credit card debt at a much lower rate. Pay for a child's tuition. Fund a small-business launch or major investment.
The break-even question is simple: how many months of lower payments will it take to recover your closing costs? If you plan to keep the home longer than that, refinancing wins. If not, it doesn't.
| Current rate | 7.25% |
| New rate | 6.25% |
| Monthly savings | $197 |
| Closing costs | $6,500 |
| Break-even point | 33 months |
In this example, if you plan to keep the home more than 33 months (2 years, 9 months), the refinance pays off. We run this exact calculation, with your real numbers, for free before you commit. Get your break-even analysis →
Generally, if you can lower your rate by 0.5% or more, it's worth exploring. But it depends on your break-even timeline, how long you plan to stay, and your goals. We'll run the numbers for you.
Refinancing typically costs 2-3% of the loan amount. However, some options allow you to roll costs into the loan or choose a slightly higher rate for a no-cost refinance.
Yes. FHA streamline refinances have relaxed credit requirements, and we have lender partners who work with a range of credit profiles. Let's discuss your options.
Most refinances close in 21-30 days. Streamline refinances can be even faster since they require less documentation.
The information on this page reflects current program guidance from the agencies below. For the most authoritative and up-to-date details, refer directly to these primary sources or speak with our team.
Express Home Loans, LLC (NMLS #2485075) is an independent mortgage broker and is not affiliated with, endorsed by, or acting on behalf of HUD, the VA, the FHA, the CFPB, Fannie Mae, Freddie Mac, MSHDA, or any government agency. Links are provided for reference only. Program terms and availability are subject to change and to lender and agency approval.