REFINANCING
Revisit Your Mortgage With a Clear Objective
Refinancing replaces your existing mortgage with a new loan. Whether your goal is to adjust your loan terms, change your loan type, or access equity, NCMC can help you evaluate whether refinancing makes sense for your situation.
What Refinancing Involves
A refinance pays off your existing mortgage and replaces it with a new loan — typically with different terms, a different rate type, or a different loan program. The process is similar to the original mortgage application.
Refinancing involves closing costs and a new underwriting process. Whether it makes sense depends on your specific goals, current loan terms, and financial position.
NCMC does not promise that refinancing will result in lower payments or savings. We help you evaluate the options and understand the tradeoffs.
Important Considerations
- Closing costs are typically required
- A new appraisal may be needed
- Credit and income are re-evaluated
- Break-even timeline varies by situation
- Current equity position matters
- Loan program eligibility requirements apply
COMMON REFINANCE GOALS
Why Homeowners Refinance
Adjust Loan Terms
Some borrowers refinance to change the length of their loan — moving from a 30-year to a 15-year term, for example — based on their financial goals.
Change Loan Type
Refinancing can allow a borrower to move from an adjustable-rate mortgage to a fixed-rate loan, or from one loan program to another.
Access Home Equity
A cash-out refinance allows eligible borrowers to access a portion of their home equity for home improvements, debt consolidation, or other purposes.
Remove Mortgage Insurance
Borrowers who have built sufficient equity may be able to refinance to eliminate private mortgage insurance (PMI) requirements.
THE REFINANCE PROCESS
What to Expect
Define Your Objective
Clarify what you want to accomplish with a refinance before evaluating options.
Review Current Loan Terms
Understand your existing rate, remaining balance, loan type, and any prepayment considerations.
Evaluate Available Options
Compare available refinance programs against your goals and current financial position.
Apply and Document
Complete the application and provide required income, asset, and property documentation.
Close the New Loan
Review final loan terms, sign closing documents, and complete the refinance transaction.
Refinancing is not appropriate for every borrower. This page is for informational purposes only and does not constitute financial advice or a commitment to lend. All loans are subject to credit approval. NMLS #2179191.
Thinking About Refinancing?
Connect with NCMC Mortgage to discuss your current mortgage and refinance goals.