Refinancing can be a powerful financial tool to lower your payments, access cash, or adjust your loan terms. Learn how it works and whether it's right for your situation.
Get a Refinancing Quote
Mortgage refinancing is the process of replacing your existing home loan with a new one, typically with different terms and a different interest rate. When you refinance, you're essentially paying off your old mortgage with a new loan—often at better terms that can save you money or provide other benefits.
If market rates have dropped since you took out your mortgage, refinancing can secure a lower rate and reduce your monthly payments.
Cash-out refinancing lets you borrow against your home's equity for major expenses like home improvements, education, or debt consolidation.
You can refinance to a shorter loan term to pay off your home faster, or extend your term to lower monthly payments.
A lower interest rate or longer loan term can significantly reduce your monthly mortgage payment, freeing up cash for other goals.
Even a small reduction in interest rate can save tens of thousands of dollars over the life of your loan.
Access your home's equity for major life expenses—home renovations, education, medical bills, or consolidating high-interest debt.
Refinance to a shorter loan term (like 15 years instead of 30) to build equity faster and own your home sooner.
Switch from an adjustable-rate mortgage (ARM) to a fixed-rate loan for payment predictability and stability.
Interest rates have dropped
If current mortgage rates are meaningfully lower than your current rate, refinancing could save you money over the life of the loan.
Your credit score has improved
Better credit opens the door to better rates and terms. Even if market rates haven't changed, your improved creditworthiness could qualify you for savings.
You need cash for major expenses
Cash-out refinancing lets you tap into your home's equity when you have big goals—home improvements, education, or debt consolidation.
You want to shorten your loan term
Refinancing to a shorter term helps you build equity faster and can save substantial interest, even if monthly payments increase slightly.
You want to remove PMI
Once you've built enough equity (typically 20%), refinancing can help you eliminate private mortgage insurance (PMI), lowering your payment.
Day 1-3
Application & Pre-qualification
Submit your application and receive pre-qualification estimates.
Day 4-10
Processing & Documentation
Submit required documents; we order appraisal and credit report.
Day 11-20
Underwriting & Appraisal
Loan is underwritten; home appraisal is completed.
Day 21-30
Clear to Close & Closing
Final approval; sign documents and close your refinance.
Typical Total Closing Costs: 2% - 5% of the loan amount. Many lenders offer options to roll costs into your loan or negotiate fees.
Savings depend on your current rate, new rate, closing costs, and remaining loan term. A good rule of thumb: if you can reduce your rate by 1% or more and plan to stay in your home for at least 2-3 years, refinancing may be worthwhile. We can run a detailed analysis to show your potential savings.
Yes! TRI-GLOBAL EQUITIES specializes in working with borrowers who have credit challenges. Even if your credit score is lower, you may still qualify for refinancing—especially if your property has significant equity. We'll review your complete situation, not just your credit score.
Most lenders prefer 15-20% equity, but some programs allow refinancing with as little as 10% equity. For cash-out refinances, lenders typically require 15-20% equity to remain after the cash withdrawal.
Most refinances close within 30-45 days. The timeline depends on how quickly you provide documentation, appraisal results, and underwriting approval. We work to make the process as fast as possible.
Refinancing involves a credit inquiry, which may lower your score temporarily by a few points. However, paying off your old loan and establishing a new one can improve your credit over time, especially if it reduces your overall debt-to-income ratio.
Once you've built enough home equity (typically 20%), you can refinance without PMI, which can significantly lower your monthly payment. This is a great reason to refinance if rates are favorable.
Our team will review your situation and show you exactly how much you could save. Get started today with a free, no-obligation quote.
Get Your Refinancing Quote