Loan Programs
Refinance
Lower your payment. Shorten your term. Tap your equity. We'll find the best option.
Why Refinance?
Refinancing replaces your existing mortgage with a new one — ideally with better terms. Whether rates have dropped, your credit has improved, or you need cash for home improvements, refinancing can put thousands back in your pocket.
Refinance Options
Rate & Term Refinance
Lower your interest rate or change your loan term (e.g., 30-year to 15-year) to save on total interest.
Cash-Out Refinance
Borrow against your home equity for renovations, debt consolidation, or other major expenses.
FHA Streamline
Already have an FHA loan? Streamline refinance requires minimal documentation and no appraisal in many cases.
VA IRRRL
Veterans with existing VA loans can use the Interest Rate Reduction Refinance Loan for a quick, low-doc rate reduction.
When Does Refinancing Make Sense?
- Rate Drop — If current rates are 0.5–1%+ lower than your existing rate, refinancing often pays for itself within 1-2 years.
- Credit Improvement — If your credit score has risen significantly since your original loan, you may qualify for a much better rate now.
- Remove PMI — If your home has appreciated and you now have 20%+ equity, you can refinance to eliminate private mortgage insurance.
- Shorten Your Term — Moving from a 30-year to a 15-year loan can save tens of thousands in interest.
- Cash Needs — Home improvements, college tuition, or debt consolidation with a cash-out refinance (typically up to 80% LTV).
Typical Requirements
| Credit Score | 620+ (conventional), 580+ (FHA), flexible (VA) |
| Home Equity | Varies — rate/term may need 3-5%, cash-out needs 20%+ |
| Debt-to-Income | 50% or less (varies by program) |
| Seasoning | Most lenders require 6+ months on current mortgage |
| Closing Costs | 2–5% of loan amount (can be rolled into the new loan) |
Could You Save?
Use our refinance calculator to see your potential monthly savings, then talk to Phi.
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