Refinance
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
A refinance replaces your current mortgage with a new loan, usually to lower the rate, change the term, or access equity.
What Refinance means
Refinancing resets your loan and incurs closing costs, so the savings should outweigh the cost. Types include rate-and-term, cash-out, and streamline refinances.
Florida example
A Florida homeowner who took a 7.75% loan during a rate spike refinances to 6.5% once rates ease, recovering the closing costs in about two years through lower payments.
What it means
A refinance replaces your current mortgage with a new one. Homeowners do it to lower the rate, change the term, or tap equity.
You pay off the old loan and start fresh under new terms.
When it makes sense
A refinance pays off when the savings outweigh the closing costs. Falling rates or a stronger credit score can open the door.
We calculate your break-even point clearly. Reach out and we will show if refinancing is worth it.
Related program: Learn more →