Refinance to a Lower Rate, Shorter Term, or Cash in Hand.
Last updated September 17, 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.
No hard credit pull required to check preliminary eligibility. Over $5B funded since 2003.
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.
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
| Feature | Rate-and-Term | Cash-Out | FHA/VA Streamline |
|---|---|---|---|
| What it does | Lowers your rate and/or changes your term | Converts home equity into cash at closing | Lowers your rate on an existing FHA or VA loan |
| Equity required | Little to none beyond standard LTV limits | Must retain equity after cash-out, typically down to 80% LTV | None — no new appraisal in most cases |
| Cash back at closing | No (aside from minor overages) | Yes — that's the point | No |
| New appraisal | Usually required | Usually required | Often waived (FHA Streamline, VA IRRRL) |
| Income re-verified | Yes | Yes | Often reduced documentation |
| Best for | Lowering payment or dropping PMI/MIP | Funding a large expense using home equity | Existing 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
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.
Toll Free: 1-866-666-2378 (866-666-BEST)
Also see: all loan products · refinance break-even calculator · today's rates · refinancing 101
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