Looking to Refinance Your Home Loan?
Get Matched With a Local Broker and Complete the Process In less than 45 days, Not Months.
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How The Process Works
Refinancing your mortgage can free up cash flow, lower your monthly payments, or provide extra cash for a major purchase like home improvement or college education funds.
1. Tell Us About Your Goals
2. Get Matched With A Loan Mortgage Broker
(a licensed mortgage loan officer in your area)
3. Complete the Mortgage Application
Remove the guesswork from the refinancing process. Your loan officer can provide a no-obligation quote based on your family’s needs.
Here’s what a few of our customers had to say…
The process was seamless from finish to…
“The process was seamless from finish to start. We got matched with a local mortgage broker. The deal was closed within three months. The team was really supportive and great attention to detail.”
– Evelyn O. from Washington, USA, on September 08, 2022
Was matched with the team at Redify I was able to save money by Refinancing
“With the team at Redify, I was able to increase my credit score by over 200 points and get a really low-interest rate on refinancing both of my properties. They were very knowledgeable and professional and they simplified the entire process. I would recommend this company if you want to buy or refinance a home.”
– Angela T. from Virginia, USA, on October 05, 2022
I co-signed with my mum the experience…
“I co-signed with my mum the experience was good and great she got excellent customer service and was nice personally”
– Marvin M. from Washington, USA, on September 20, 2022
How would you feel if you could take control of your debt and improve your cash flow in as little as 30 days?
How Does Mortgage Refinancing Work?
Refinancing a home loan is when a homeowner gets a new mortgage to replace their current one. The new loan should help them save money or meet another financial goal.
Most people refinance to lower their interest rates on other high-interest debt like credit cards so they can reduce their total monthly payments, often saving thousands in interest dollars.
However, you can also refinance into a new loan type (e.g., from FHA to a Conventional loan to remove the monthly Mortgage Insurance Premium), shorten your loan term to pay off the mortgage early, or cash out on your home equity.
There are two main ways to refinance a loan:
Cash Out Refinance
- This is when you take out additional cash during the refinance process
- Can tap into significant equity of your home
- Takeout cash for major purchases, e.g., home improvement, debt consolidation, divorce
- Keep the loan for the entire term
- Closing costs are higher
- Can roll closing costs into the loan
- Need a higher credit score
- Stricter underwriting requirements
Rate & Term Refinance
- This is when you do not take out additional cash (or a max of $2K cash out) during the refinance process
May not have 20% equity - Increase cash flow by extending the loan term up to 30 years
- Payoff home sooner
- Closing costs are typically lower
- You may need to have extra cash available for closing
- Can qualify with a lower credit score
- More lenient underwriting requirements
We’re saving this spot for you! Why wouldn’t you put your home equity to work for you?
Should I Refinance a Mortgage?
It depends. You should only refinance if you have a net tangible benefit.
What this means is it makes financial sense to do a refinance home loan. Most people automatically think of lowering their mortgage rate; however, in a rising interest rate environment, the focus needs to shift from interest rate to interest dollars out of pocket or opportunity cost.
Here are some examples of net tangible benefits that you may not be thinking of:
- Removing a spouse’s name from the deed in a divorce
- Removing a cosigner from a loan because the current loan is causing their debt-to-income to be too high for them to qualify for their own mortgage
- Moving the property out of your personal name into your business name
- Taking cash out to start a new business or grow an existing business
- Paying off high-interest debt such as a credit card, HELOC, installment loans
- Using the cash to pay for your kid’s education
- Using the cash to make improvements to your current home
- Using the cash as a down payment to buy your dream home while renting out your current home
- … and more!
There are several reasons why you should refinance a mortgage, but it needs to make sense for your family.
A real-life example of how a refi transaction makes sense on a before and after refinance loan.
| Before Refinancing | After Refinancing | |
|---|---|---|
| Mortgage Bal. $268K | $2,036 | $2,382 |
| Credit Card Bal. $29K | $642 | $0 |
| Installment Loan Bal. $136K | $3,434 | $0 |
| Total $382,495 | $5,215/month | $2,382/month |
Result: Saved $2,833/mo and received $20K cash out for emergency funds
Still not sure if you should refinance your mortgage?
“Lender-Proof” your Mortgage Refinance Home Loan Process
Wouldn’t it be nice to have someone on your side helping you understand the refi process so you can know exactly what you need to do for a successful home loan refinancing?
We want you to be the next success story with your credit analysis. So don’t wait or put it off; start the process for a chance at a higher credit score. We think you’ll be pleasantly surprised.
What would prevent you from starting your mortgage refinance rate journey?