Refinance Your Loan

A refinance could be a good option if you're looking to:
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Lower your Payment
Let’s say you have a 30-year fixed-rate mortgage. If you refinance and your new loan (which covers the amount you still owe on your home) is also a fixed-rate mortgage with a comparable interest rate, it gives you more time to pay off your mortgage and reduces your monthly payment.
Reduce your Interest Rate
Today’s market conditions may be more favorable than they were when you bought your house. Chat with a loan originator in your area to get an update on interest rates! A lower rate = more money in your pocket.
Get Cash
You may be able to use your equity as a cash-advance for things like college tuition, credit card debt, new home appliances – whatever you want, really.
Eliminate Mortgage Insurance (PMI)
If you have a government-insured loan (such as FHA or USDA loans), you can remove mortgage insurance by refinancing to a conventional mortgage, provided you have sufficient equity in the home. If you already have a conventional loan, a refinance may help you remove mortgage insurance, too – if the new loan amount is 80% or less of your home’s current value.
Pay off your Loan Faster
Mortgage loans often span over a pretty long time. If you want to save money long-term by paying less in interest and have some extra money to put toward your monthly payments, refinancing for a shorter loan term could be a great option.
Renovate your Home
You can wrap renovation costs and your current mortgage into one new mortgage loan, meaning one monthly payment to cover the cost of it all.
Change your Loan Type
With adjustable-rate mortgages (ARMs), your rate can fluctuate based on market conditions. If you have an ARM but want to switch to a more predictable fixed-rate loan, a refinance can help you do so.
What Loan is Right for You?
Not sure what loan or program is right for you? Let our loan decision tool help guide you in the right direction.
Learn More
Loan Decision Tool
Mortgage Refinance Calculator
Can't decide if refinancing is right for you? Use our mortgage refinance calculator to see your savings potential by refinancing your existing mortgage.
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Waterstone Mortgage Calculator
The Refinance Process
Step One
Contact your Loan
Originator (LO)
step-1
Step Two
Complete a refinance application,
which details information about
yourself and the property
step-2
Step Three
Within three days of submitting your application,
you'll get a loan estimate, so you know
what to expect for your monthly payment,
closing costs, and fees
step-3
Step Four
Provide consent to proceed
step-4
Step Five
Submit the required documents, such as
bank statements, pay stubs, W-2s,
tax returns, and more
step-5
Step Six
Get an appraisal on your
home to estimate its market
value (if applicable)
step-6
Step Seven
Our processing and underwriting teams
will review your application and paperwork
to give the final go-ahead
step-7
Step Eight

Preview e-sign documents and
electronically sign them up to
three days prior to the closing date
Attend your closing and finalize
all documentation

step-8
Enjoy your Home Sweet Home
Congratulations
On Your Refinance
QuestionMarksTool
Thingsto Know
What is refinancing?

Refinancing is the process of replacing your mortgage loan with a new one to reduce monthly payments, lower your interest rates, or use equity for extra cash to make large purchases. Sounds like a win-win situation, right? It absolutely can be! Chat with a local mortgage expert in your area to discuss how a refinance could benefit your financial situation. 
What is cash-out refinance?

This option involves taking out a mortgage greater than the remaining balance on your current loan; this allows you to use your equity as a cash advance to put toward home renovations or other expenses. A cash-out refinance is ideal for anyone who has built some equity and is looking to make major home improvements, pay off credit card debt, or make a large purchase.
What is rate-and-term refinance?

A rate-and-term allows you to refinance the remaining balance on your current loan, which means you can take advantage of lower interest rates or a shorter term.  A rate-and-term refinance is ideal for anyone looking to pay off their mortgage sooner, build equity faster, or save money overall.  And really, who wouldn't be interested in that?
Should I refinance my mortgage?

Many homeowners wonder if a refinance might be a good decision. It’s really a personal choice but, in general, it may be a swell idea if it can help you save money on your monthly payments or over the length of your loan, and if you plan to stay in the home long enough to recover the closing costs associated with refinancing – referred to as the break-even point.

Been paying the same amount for years? Our refinance calculator can help you determine what your new monthly payment might be.
Talk to a Local Expert

Find a local mortgage expert in your area to learn how a refinance could benefit your financial situation.

Find a Loan Originator Now
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