Refinancing your home loan can help you lower your rate, reduce your monthly payment, or access cash from your home’s equity. Whether you’re looking to save money or restructure your loan to better fit your needs, we’ll guide you through your options and handle the process from start to finish.
A refinance loan replaces your current mortgage with a new one, usually to secure a lower rate, shorten the loan term, switch from adjustable to fixed rates, or cash out home equity. It’s a powerful way to improve your financial situation without changing homes.
Lowering your interest rate can reduce your monthly payment and help you pay less over the life of the loan. You can also refinance to eliminate mortgage insurance, switch loan types, or consolidate high-interest debt using a cash-out option.
Refinancing makes sense when rates are lower than what you’re currently paying or when your financial goals have changed. It’s also a smart move if your credit has improved or if you want to adjust your loan term for better long-term planning.
Yes. A cash-out refinance allows you to borrow more than you owe on your home and take the difference in cash. It’s often used for home improvements, debt consolidation, or other large expenses.
The refinance process typically takes 30 to 45 days from start to finish. Lenders will review your income, assets, credit, and home value to determine your new loan terms and eligibility.
If your current mortgage no longer fits your lifestyle or financial needs, refinancing can be a smart way to create new possibilities. We’ll help you compare your options and determine the potential savings or benefits of a new loan.
LUMI Funding Group takes the stress out of refinancing by offering clear, honest guidance and personalized support. We help you understand every option, run the numbers, and move through the process smoothly. Whether your goal is to lower your payment, change loan types, or tap into home equity, we’ll help you refinance with confidence and clarity.
Explore the most common questions about refinancing, from eligibility and closing costs to choosing between rate reduction and cash-out options. We’ll help you decide if it’s the right step for your financial future.
A rate-and-term refinance changes your interest rate, loan term, or both without giving you cash back. A cash-out refinance lets you access home equity and take out cash while also modifying your mortgage terms.
A small dip in your credit score may occur due to the credit inquiry, but this is usually temporary. Over time, refinancing can help improve your financial profile if it reduces debt or stabilizes your payments.
Yes, refinancing comes with closing costs, typically two to five percent of the loan amount. These can often be rolled into the new mortgage so you don’t have to pay them upfront.
Yes. You can refinance from an FHA or VA loan into a conventional loan to remove mortgage insurance or switch loan types. You can also use streamlined FHA or VA refinance programs for faster processing.
In most cases, yes. An updated appraisal helps the lender determine your home’s current market value and equity. Some streamline refinance programs may waive the appraisal under certain conditions.
It depends on your break-even point. If the savings from a lower rate will exceed the refinance costs before you sell, it may be worthwhile. We’ll help you calculate the numbers so you can make the right call.
Refinancing your mortgage can help you achieve a lower monthly payment, shorten your loan term, or access the equity you’ve built. Whether your goal is to reduce interest, eliminate mortgage insurance, or free up funds for other needs, a refinance offers flexible solutions. It’s important to understand the costs, timing, and long-term impact, but with the right approach, refinancing can be one of the smartest financial decisions a homeowner makes.
