Reviewing Your Refinance Options
Refinancing replaces your existing mortgage with a new one. Whether your goal is a different rate, a new term, or accessing your equity, we help you understand the programs your lender options offer.
Reasons Homeowners Consider Refinancing
Refinancing is a financial decision that depends on your current loan terms, equity position, and long-term goals. These are some of the most common reasons clients explore their options.
Changing Loan Terms
Some homeowners refinance to move from a 30-year to a 15-year loan, or to change from an adjustable-rate to a fixed-rate mortgage based on their current financial situation.
Accessing Home Equity
A cash-out refinance allows you to borrow against the equity you have built up in your home. The funds can be used for home improvements, major expenses, or other purposes.
Removing Mortgage Insurance
If your equity has grown significantly since you purchased, refinancing may allow you to restructure your loan and eliminate PMI or FHA mortgage insurance premiums.
What to Expect When Refinancing
Refinancing follows a similar process to the original loan. Here is a general overview of the steps involved once you reach out to our team.
Request a ConsultationInitial Consultation
A licensed loan officer reviews your current loan, equity position, and financial goals to identify programs worth exploring.
Document Collection
We collect income verification, asset statements, and property information required by the lender.
Application and Underwriting
Your loan officer submits the file and manages communication between you and the lender throughout underwriting.
Closing and Funding
Once approved, you sign final documents and your new loan is funded. Your prior loan is paid off.
Common Refinance Options
The right refinance program depends on your goals, equity position, and current loan type. A licensed officer can walk you through the distinctions.
Rate-and-Term Refinance
Replaces your existing loan with a new one at a different interest rate, term, or both. Does not involve taking additional cash out of your equity.
- Can change from adjustable to fixed rate
- Can shorten or extend the remaining term
- Standard income and credit documentation required
Cash-Out Refinance
Allows you to refinance for more than you currently owe and receive the difference in cash, drawn from your home's existing equity.
- Requires sufficient home equity
- Funds may be used for various purposes
- New loan replaces existing mortgage in full
FHA Streamline
A simplified refinance program for existing FHA borrowers that may require less documentation than a standard refinance. Lender requirements still apply.
- Available to current FHA loan holders
- Reduced documentation in many cases
- No cash-out option
VA IRRRL
The Interest Rate Reduction Refinance Loan (IRRRL) is available to eligible veterans and service members who currently have a VA loan.
- For existing VA loan holders
- Streamlined documentation process
- No PMI or MIP requirements
Explore Your Refinance Options
Submit an inquiry and a licensed loan officer will follow up to review your current loan and walk you through the refinance programs that may apply to your situation.
Linour Lending provides homeowners with refinancing options that can streamline their finances by combining various debts like credit card balances and student loans into a single mortgage payment. This consolidation could result in considerable financial savings. Additionally, tapping into your home’s equity to fund renovations is another advantage of refinancing with us. It’s important to consider that while refinancing might lower your monthly expenses, the overall cost of the loan could rise over its duration.
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Reduces their
monthly repayments
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Payoff mortgage
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Obtain an increase in disposable cash
Choose a Loan
Conventional Refinance Loan
- Sharpen your budget with lower interest rates.
- Personalized mortgage terms — it’s your mortgage, your way.
- Cash-out options to fund your next big venture.
- Consolidate debt and manage your finances with ease.
- Boost your home equity and financial standing.
- Simplify your payments, improve your credit, and explore tax benefits.
FHA Refinance Loan
- Greater credit flexibility to meet your changing needs.
- Protect your investment with additional mortgage insurance.
- Choose from a variety of term options, from 8 to 30 years.
VA Refinance Loan
- Tailored for the heroes among us — active duty, reservists, and veterans.
- Enjoy the privilege of no mortgage insurance.
- Flexible credit requirements with adaptable term options.
Jumbo Refinance Loan
- Refinance larger loan amounts with ease.
- Prepare for higher reserve requirements.
- Meet specific debt-to-income ratios for financial harmony.
- Your choice of term length to align with your financial vision.
Select your preferred mortgage option, and our dedicated loan officer will be in touch with you shortly.
Linour Lending offers attractive, competitive rates along with dedicated personal service. As a brokerage, we work with a variety of lenders to find the most suitable loan for your financial situation. We manage the entire process, guaranteeing a smooth and effortless experience for you.
Frequently Asked Questions About Loan Refinance
Can’t find the answer you’re looking for? Reach out to one of our qualified loan officers.
You can claim a deduction for mortgage interest paid on a refinance up to the original loan amount. Additional debt secured by your home qualifies if used to improve the property.
Refinancing can affect your credit score due to the lender’s credit inquiry and changes to your loan terms. The impact is typically minor and temporary.
Have recent pay stubs, W-2s or tax returns, a credit report, statements of debts and assets, and your current mortgage details ready.
If it lowers your interest rate, reduces the loan term, or helps consolidate debt. It’s important to weigh closing costs against potential savings.
Home appraisals are often required to determine the current value of your property, which affects loan terms and interest rates.
CUSTOMIZE
Looking for a loan that fits your financial situation?
In just a few minutes, we can provide you with loan options that complement your budget and goals.
Count on our dedicated loan officers.
Our seasoned professionals are prepared to help you explore the best mortgage solutions for your unique situation. They will support you through the documentation process for a seamless experience.