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    Refinance Program

    Refinance to a Lower Rate, Shorter Term, or Cash in Hand.

    Last updated October 13, 2026

    Rate-and-term, cash-out, and FHA/VA Streamline refinancing across Illinois, Texas, Florida, and Georgia. We'll run your actual break-even math before you apply, so you refinance only when it genuinely helps you.

    Check My Refinance Rate (60 Seconds)Run the Break-Even Calculator

    No hard credit pull required to check preliminary eligibility. Over $5B funded since 2002.

    Program terms as of September 17, 2026; subject to change. Eligibility and closing timing vary by borrower and file. No closing timeline is guaranteed. This is not a commitment to lend.

    Mortgage refinance options in Illinois, Texas, Florida, and Georgia — rate-and-term, cash-out, and streamline refinancing | ABS Home Mortgage
    Local underwriting insight

    Refinance Rules Aren't the Same in Every State

    Choose your state to see the details that actually change your refinance.

    Refinancing in Illinois

    We handle refinances across the Chicago metro and collar counties, including condos in high-rises that need extra HOA/project documentation and cash-out scenarios tied to Illinois's higher property tax escrow requirements.

    Four Reasons Homeowners Refinance

    There's no single "best" reason to refinance — it depends on what you're actually trying to fix about your current loan.

    Lower Your Rate

    Rate-and-term refinance to lower your monthly payment or shorten your loan term without touching your equity.

    Cash-Out for Equity

    Turn home equity into cash for renovations, debt payoff, or investment — typically up to 80% combined loan-to-value.

    Drop FHA MIP or PMI

    Refinance out of FHA mortgage insurance into a conventional loan, or eliminate PMI once you've reached roughly 20% equity.

    No-Closing-Cost Option

    Roll closing costs into a slightly higher rate instead of paying them out of pocket — useful if rates drop again later and you want to refinance again without re-paying costs.

    Rate-and-term vs. cash-out vs. streamline

    FeatureRate-and-TermCash-OutFHA/VA Streamline
    What it doesLowers your rate and/or changes your termConverts home equity into cash at closingLowers your rate on an existing FHA or VA loan
    Equity requiredLittle to none beyond standard LTV limitsMust retain equity after cash-out, typically down to 80% LTVNone — no new appraisal in most cases
    Cash back at closingNo (aside from minor overages)Yes — that's the pointNo
    New appraisalUsually requiredUsually requiredOften waived (FHA Streamline, VA IRRRL)
    Income re-verifiedYesYesOften reduced documentation
    Best forLowering payment or dropping PMI/MIPFunding a large expense using home equityExisting FHA/VA borrowers when rates drop

    Program availability and terms vary by loan type, state, and lender. We'll confirm which options your current loan actually qualifies for.

    Who qualifies for a refinance?

    Qualification depends on which type of refinance you're after. A rate-and-term refinance generally looks for a credit score around 620+, stable income, and loan-to-value within your loan type's limits.

    A cash-out refinance adds a requirement to retain equity after you pull cash out — commonly down to around 80% loan-to-value, though this varies by loan type and property. Both typically require a new appraisal and updated income documentation.

    If you already have an FHA or VA loan, ask about Streamline Refinance or IRRRL first — both are built specifically for existing FHA/VA borrowers, often skip the appraisal, and close faster because there's less to re-verify.

    21 Days

    Our average purchase and refinance closing is about 21 calendar days, with some refinances closing faster when appraisal, title, and documents line up.

    Company average, not a guaranteed timeline. Varies by file.

    Program at a Glance

    Real numbers, not marketing fluff. Actual terms depend on credit, equity, and loan type - we'll price your exact scenario in one call.

    Loan Types
    Conventional, FHA Streamline, VA Streamline (IRRRL), cash-out
    Minimum FICO
    ~620 conventional; more flexible on FHA/VA Streamline
    Cash-Out LTV
    Typically up to 80% combined, varies by loan type
    Appraisal
    Usually required; often waived on FHA/VA Streamline
    Average Close
    21 calendar days company average; varies by file
    Closing Costs
    Typically 2-5% of loan amount, or a no-closing-cost option
    PMI/MIP Removal
    Possible via rate-and-term refinance once you reach ~20% equity

    What You'll Provide

    • Photo ID and credit authorization
    • Most recent 30 days of pay stubs (or 2 years of tax returns if self-employed)
    • 2 months of bank statements
    • Current mortgage statement
    • Homeowners insurance declarations page
    • Most recent property tax bill, if not escrowed

    Before you gather documents, run the numbers on our refinance break-even calculator to see if it's worth it yet.

    Refinance FAQs

    Refinancing replaces your current mortgage with a new one, usually to get a lower interest rate, change your loan term, switch loan types (for example out of FHA mortgage insurance), or convert home equity into cash. You pay off the old loan with the new one and start over under the new terms.

    A rate-and-term refinance changes your interest rate and/or loan length without pulling cash out — it's aimed at lowering your payment or paying the loan off sooner. A cash-out refinance replaces your mortgage with a larger loan and gives you the difference in cash at closing, typically up to about 80% combined loan-to-value depending on the property and loan type.

    Closing costs typically run about 2-5% of the loan amount, covering the appraisal, title work, lender fees, and recording costs. We also offer a no-closing-cost structure where those costs are rolled into a slightly higher rate instead of paid out of pocket — ask us to price both ways side by side.

    Yes. Instead of paying closing costs out of pocket, the lender covers them in exchange for a modestly higher interest rate. It trades a small amount of monthly savings for zero cash due at closing, which is often the better trade if you think you might refinance again within a few years. See our breakdown in "No Closing Cost Refinance: Why It Matters Most If Rates Drop Again" for the mechanics.

    For a rate-and-term refinance, you generally just need to meet standard loan-to-value limits for your loan type. For a cash-out refinance, most programs require you to retain roughly 20% equity after the cash-out, meaning you can typically borrow up to about 80% of your home's value. FHA and VA cash-out limits can differ — we'll confirm the exact number for your file.

    Conventional refinances typically look for a credit score around 620 or higher, with better pricing above 740. FHA Streamline and VA IRRRL refinances are generally more flexible on credit since they're designed for existing FHA/VA borrowers. Cash-out refinances tend to have somewhat stricter credit requirements than rate-and-term.

    Our average purchase and refinance closing is about 21 calendar days, and we've closed refinances faster when appraisal, title, and documents all line up quickly. FHA Streamline and VA IRRRL refinances, which often skip the appraisal, can move faster. Timelines vary by file and no timeline is guaranteed.

    It comes down to your break-even point: how many months of payment savings it takes to recover what the refinance costs you. If you plan to stay in the home past that break-even point, it's usually worth it; if you might move or refinance again sooner, it may not be. Run your own numbers with our refinance break-even calculator, or we'll run them with you on a call.

    Often, yes. FHA Streamline Refinance and VA Streamline Refinance (IRRRL) programs are built for existing FHA/VA borrowers refinancing to a lower rate, and both typically waive the appraisal and reduce income documentation. They're not available for cash-out and require the refinance to show a net tangible benefit to you.

    It can, but doesn't have to. If you refinance a loan with 22 years left into a new 30-year loan, your amortization schedule resets and you'll pay interest over a longer window even if your rate drops — though your monthly payment will likely still be lower. We can also structure a refinance to a 20- or 15-year term to avoid resetting the clock; we'll show you the total interest cost under each option before you decide.

    Ready to see if refinancing makes sense for you?

    Get a real refinance quote - rate, payment, and break-even point - compared against staying in your current loan.

    Get My Rate QuoteStart My ApplicationCall 630-357-1600

    Toll Free: 1-866-666-2378 (866-666-BEST)

    Also see: all loan products · refinance break-even calculator · get a rate quote · refinancing 101

    Homeowners 62 and older can also look at a reverse mortgage.

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