Refinancing replaces your current loan with a new one that better fits your goals today.
If rates have dropped or your credit has improved, a new loan could reduce your monthly payment.
Move from a 30-year to a 15- or 20-year loan to pay off your home sooner and save on total interest.
Turn home equity into cash for renovations, education or paying off higher-cost debt.
Replace an adjustable-rate mortgage with a predictable fixed payment.
With enough equity, refinancing may remove PMI or FHA mortgage insurance.
FHA Streamline and VA IRRRL programs offer faster refinances with less paperwork.
Requirements depend on the type of refinance, but most homeowners need:
Enough Home Equity – Often at least 20% remaining after a cash-out refinance.
A Qualifying Credit Score – Commonly 620 or higher for conventional loans.
Stable Income – Enough to support the new payment.
On-Time Payment History – A recent record of paying your current mortgage on time.
A Clear Benefit – Savings or goals that outweigh your closing costs over time.
Answer a few quick questions about your plans, and a Woodcrest loan officer will reach out with options tailored to this loan program.
Get quick answers to the most common questions homebuyers ask. Our FAQ section is designed to help you understand the mortgage process, explore your options, and feel confident every step of the way.
When the savings or benefits outweigh the closing costs over the time you plan to stay in the home. We'll calculate your break-even point.
Conventional cash-out refinances typically allow up to 80% of your home's value, minus what you still owe.
It can, but you choose the new term. Many homeowners pick a shorter term to stay on track.
Many refinances close in about 30 days, depending on the appraisal and your documents.
