Mortgage refinancing allows you to replace your current loan with a new mortgage that better fits your financial goals. Whether you’re looking to lower your interest rate, reduce monthly payments, or access equity, refinancing can be a strategic financial move.
Competitive rates • Flexible options • Personalized guidance
Mortgage refinancing replaces your existing loan with a new mortgage—potentially with improved terms, a lower interest rate, or a different loan structure. Homeowners typically refinance to:
The most common option. Designed to improve your interest rate or change the loan term without taking cash out.
Allows eligible closing costs to be rolled into the loan balance, reducing out-of-pocket expenses. No additional cash is received.
Replaces your existing mortgage with a larger loan, allowing you to receive the difference in cash. Commonly used for renovations, debt consolidation, or other large expenses.
Refinancing typically involves closing costs ranging from 2% to 6% of the loan amount. These may include:
In many cases, these costs can be included in the new loan amount, depending on the refinance type and eligibility.
The loan amount compared to the home’s value. Lower LTV generally improves approval chances and pricing.
Your monthly debt obligations divided by gross income. Lower DTI improves affordability and approval outcomes.
Refinancing may be beneficial if your goals include:
| Your Goal | Potential Refinance Strategy |
|---|---|
| Lower monthly payments | Rate-and-Term Refinance |
| Pay off the loan faster | Shorter-term refinance (e.g., 15-year) |
| Fund a major renovation | Cash-Out Refinance |
| Eliminate an adjustable rate | Refinance to fixed rate |
| Remove a borrower | Rate-and-Term Refinance |
Each scenario is unique and should be evaluated based on current rates, equity, and long-term plans.
At Loans by Kelly, licensed mortgage advisors provide a free, no-obligation refinance review to compare options side-by-side. With support in English, Portuguese, and Spanish, we help you choose the most strategic path forward.
3 Simple Steps to Get Pre-Approved with Confidence
We begin with a quick conversation to understand your goals, review your financial situation, and identify the best loan options for you.
We match you with the right loan option, whether you’re a first-time homebuyer, investor, self-employed borrower, or using alternative documentation.
Submit your application and receive a fast, no-obligation pre-approval, so you can move forward with confidence.
