What is a Refinance?
The two main types of mortgage refinance are Rate-and-Term and Cash-Out Refinance. A Rate-and-Term refinance replaces your current mortgage with a new one that has a more favorable interest rate or loan term, without advancing you additional funds. A Cash-Out refinance replaces your mortgage with a larger new loan, allowing you to access your home equity as cash for other expenses.
Rate-and-Term Refinance is designed to improve the financial terms of your mortgage. You swap your current mortgage for a new one with a new interest rate, a different repayment term, or both. The key benefit is to lower your monthly payments and save on total interest paid over the life of the loan. No extra money is advanced; the new loan is for the same amount as the old one.
Cash-Out Refinance is designed to get cash out of your home's equity. You get a new, larger mortgage than your original loan, and the difference between your old mortgage balance and the new loan amount is paid to you as cash. This allows you to use the extra cash for home renovations, debt consolidation, education costs, or investments.
- Billy Watkins - Sr Mortgage Broker - NMLS 384700
How to Apply for a Refinance
Initial Consultation
We start with a conversation to understand your goals and financial picture.
Application & Documentation
Complete the online application and provide necessary financial documents.
Underwriting & Approval
Our team reviews your file to issue a final loan approval.
Closing
Sign the final documents and get instant access to your funds.
Success Stories with Billy Watkins
"Billy made the process of getting our Refinance incredibly simple. His communication was top-notch, and we closed faster than we ever thought possible. Highly recommend!"
Alex & Jamie R.Refinance Client with Billy Watkins
"As a self-employed individual, I thought getting a mortgage would be a nightmare. Billy guided me through the Refinance options and found the perfect fit. I couldn't be happier."
Samantha P.Refinance Client with Billy Watkins
