Refinancing should save you money or solve a specific problem. Clear2 runs the numbers on every option, including keeping your current loan, so you can see the break-even point before you decide.
A refinance replaces your current mortgage with a new one. It makes sense when the new loan lowers your total cost, changes your payment in a way you need, or gives you access to equity on better terms than other borrowing.
If rates have dropped since you bought, a lower rate can reduce your monthly payment and total interest.
Move from a 30-year to a 15-year to pay off faster, or extend your term to lower the payment.
If your home has gained value, refinancing an FHA loan to conventional can remove monthly mortgage insurance.
Each option fits a different goal. Pick the one closest to yours to learn more.
Replace your mortgage with a larger one and take the difference in cash for renovations, debt payoff, or investing.
Keep your current first mortgage and its rate, and open a line of credit against your equity instead.
Already have an FHA loan? A streamline refinance can lower your rate with reduced paperwork and often no appraisal.
Already have a VA loan? The Interest Rate Reduction Refinance Loan lowers your rate with minimal documentation.
Here is how the three most common choices compare.
Most refinances close in about 30 days.
Three common reasons homeowners refinance.
A homeowner who bought with FHA built enough equity to refinance into a conventional loan and drop monthly MIP.
A family consolidated high-interest card balances with a cash-out refinance and replaced several payments with one.
A homeowner with a low first-mortgage rate chose a HELOC for a kitchen remodel instead of refinancing.
We'll tell you when a refinance doesn't make sense. Every analysis includes your break-even point and what you'd pay over the life of each option.
You work with one loan officer from your first question to the closing table. Clear2 is licensed in 22 states, and every loan officer has the same lender network behind them.
Clear2 Mortgage2600 W Big Beaver Rd, Suite 100Troy, MI 48084(248) 970-0040
Christopher Kas-Marogi founded Clear2 Mortgage and has more than $1 billion in funded residential loans. He built Clear2 as an independent broker so borrowers could get their loan matched to the right lender instead of a single bank's product list.
Five-star reviews from Clear2 clients on Google.
"Donavin was straightforward and a breeze to work with. Communication was quick and easy. The whole process was seamless and he was available for guidance or questions. I would not hesitate to use Clear2 Mortgage in the future."
"Alex was absolutely amazing from the beginning. He was patient and thorough with all of our questions. He even followed up after the process was finalized to ensure everything was still good. I would recommend him to everyone!"
"The process was seamless and every question I had as a first-time home buyer was answered. My loan officer gave me his professional opinion based on my specific circumstances to personalize my loan."
How do I know if refinancing is worth it?
Compare your closing costs to your monthly savings. The number of months it takes to recover the costs is your break-even point. If you plan to stay longer than that, refinancing usually makes sense.
How much equity do I need to refinance?
It depends on the program. Rate-and-term refinances generally need less equity than cash-out refinances, and FHA and VA streamlines can work with very little equity.
What is an FHA streamline refinance?
It's a refinance for existing FHA borrowers that lowers the rate with less paperwork and often no appraisal.
What is a VA IRRRL?
The Interest Rate Reduction Refinance Loan lets existing VA borrowers refinance to a lower rate with minimal documentation.
Should I refinance or get a HELOC?
If your current rate is low, a HELOC lets you keep it and borrow only what you need. If today's rate beats your current one, a refinance may cost less overall.
Will refinancing restart my loan term?
It can. You choose the new term, so you can keep a similar payoff date by picking a shorter term.
No obligation and no hard credit pull to start. We'll show you every option side by side.
Clear2 Mortgage, LLC. NMLS #1911663. Licensed Mortgage Broker. 2600 W Big Beaver Rd, Suite 100, Troy, MI 48084. Equal Housing Lender. This is not a commitment to lend. All loans subject to credit approval, property appraisal, and underwriting guidelines. Rates and terms subject to change without notice.
By refinancing an existing loan, total finance charges may be higher over the life of the loan.
