Resource Guide

Refinancing Your Home

Refinancing can lower your monthly payment, reduce your interest rate, shorten your loan term, or access your home's equity. Dave explains every option and helps you decide if it makes sense for you.

When Does Refinancing Make Sense?

  • Market interest rates have dropped 0.75–1% below your current rate
  • Your credit score has improved significantly since your original mortgage
  • You want to switch from an adjustable-rate to a fixed-rate mortgage
  • You want to access home equity for renovations, debt consolidation, or education
  • You want to shorten your loan term and pay off your home faster
  • You want to remove mortgage insurance (PMI) from your payment

Types of Refinancing

Rate-and-Term Refinance
The most common type — replace your existing mortgage to get a lower interest rate, better term, or both. No cash out.
Cash-Out Refinance
Borrow more than your remaining balance and receive the difference as cash. Great for renovations or consolidating high-interest debt.
Cash-In Refinance
Pay a lump sum toward your principal to reduce your loan balance, potentially unlocking better rates or eliminating PMI.
FHA Streamline Refinance
For existing FHA loan holders. Simplified process with reduced documentation and faster timelines.
ARM-to-Fixed Refinance
Convert your adjustable-rate mortgage to a fixed rate before it adjusts upward. Lock in predictability.

The Refinancing Process

1
Determine Your Goal
Are you lowering your payment, accessing equity, or shortening your term? Your goal determines the best refinance type.
2
Calculate the Break-Even Point
Closing costs ÷ monthly savings = months to break even. Only refinance if you plan to stay past that point.
3
Apply with Dave
As a licensed loan originator, Dave shops multiple lenders to get you the best rate and terms for your situation.
4
Lock Your Rate
Once satisfied with terms, lock your rate for 30–60 days to protect against market movement.
5
Appraisal & Underwriting
Lender orders an appraisal to confirm home value. Dave monitors all parties and keeps things moving.
6
Close Your New Loan
Sign documents, pay closing costs (or roll them in), and your new mortgage is active. You have 3 days to rescind.

Should You Refinance? Quick Checklist

  • Rates have dropped at least 0.75% below your current rate
  • You plan to stay in the home past the break-even point
  • Your credit score has held steady or improved
  • Your home has at least 20% equity (ideal) for best options
  • You have stable employment and income
  • You've compared at least 3 lenders (or let Dave do it for you)
Price Your Refinance

See today's refinance rates and estimate your new payment in minutes.

See Rates Now
Typical Refinance Costs
Origination Fee0.5–1.5%
Appraisal Fee$500–$900
Title InsuranceVaries
Total Closing Costs2–6% of loan
Talk to Dave First

Dave will run the numbers and tell you honestly whether refinancing makes sense for your situation.