Lower Your Rate & Payment
Save Thousands Over Time
Take advantage of current market rates to reduce your monthly payment and total interest paid with a conventional refinance.
Benefits of Conventional Refinancing
Conventional refinancing offers flexibility and competitive rates to help you achieve your financial goals and save money over time.
Lower Interest Rates
Take advantage of current market rates to reduce your monthly payment and total interest paid.
Flexible Terms
Choose from 15, 20, or 30-year terms to match your financial goals and timeline.
No PMI Required
If you have 20% equity, you can eliminate private mortgage insurance payments.
Stable & Predictable
Fixed-rate conventional loans provide consistent monthly payments you can count on.
Everything you need to know about conventional refinancing
What is a conventional refinance?
A conventional refinance replaces your existing mortgage with a new loan that's not backed by a government agency. This type of refinance can help you secure a lower interest rate, change your loan term, or eliminate PMI if you've built up sufficient equity.
Conventional refinance requirements
Most conventional refinances require a minimum credit score of 620, a debt-to-income ratio below 45%, and sufficient equity in your home. You'll also need to provide income documentation and have a stable employment history.
Rate and term vs. cash-out refinance
A rate and term refinance focuses on improving your loan terms without taking cash out, while a cash-out refinance allows you to access your home's equity. Rate and term refinances typically have lower rates and faster processing times.
Who should consider a conventional refinance?
How It Works
Application & Pre-Approval
Complete our simple application and get pre-approved in minutes. We'll review your current mortgage and financial situation.
Documentation & Appraisal
We'll help you gather the necessary documents and coordinate the home appraisal to determine your property's current value.
Underwriting & Approval
Our underwriters review your application and provide final approval. We keep you updated throughout the process.
Closing & Funding
Sign your new loan documents and start enjoying your improved mortgage terms. The process typically takes 30-45 days.
Who Should Consider a Conventional Refinance
Homeowners with rates above current market rates
If your current rate is 0.5% or more above current market rates, refinancing could save you significant money.
Those paying PMI and have built up 20% equity
Refinancing can eliminate PMI payments, providing additional monthly savings beyond just the rate reduction.
Borrowers wanting to change their loan term
Switch from a 30-year to a 15-year loan to pay off your mortgage faster, or extend your term to lower monthly payments.
💡 Frequently Asked Questions
Savings depend on your current rate, new rate, and loan balance. A 0.5% rate reduction on a $300,000 loan can save you approximately $90 per month and $32,000 over the life of the loan.
Closing costs typically range from 2-5% of your loan amount. This includes appraisal fees, title insurance, origination fees, and other third-party costs. We can often roll these costs into your new loan.
The conventional refinance process typically takes 30-45 days from application to closing. We work efficiently to get you to closing as quickly as possible while ensuring accuracy.
Yes! If you've built up 20% equity in your home, refinancing can eliminate your PMI payments, providing additional monthly savings beyond just the rate reduction.
Ready to lower your mortgage rate?
Get a custom quote today — see how much you could save with a conventional refinance.