Loan guide, San Diego
Refinance
Replace your current mortgage with a new one to change your rate, your term or pull cash from your equity.
Down payment from
N/A
Credit score from
620
Terms
10 to 30 years, fixed or ARM
A refinance pays off your existing mortgage with a new loan. People refinance to lower their monthly payment, move from an adjustable rate to a fixed one, shorten their term, remove mortgage insurance or turn home equity into cash.
We start with a simple break-even check: how many months of savings it takes to cover the closing costs. If you will not stay in the home that long, we will tell you it is not worth it.
Rate-and-term refinance: new rate or term, no cash out
Cash-out refinance: borrow against your equity, usually up to 80% of the value
Streamline options exist for many FHA and VA loans
Why people choose it
Lower payment or less total interest over the life of the loan
Remove FHA mortgage insurance by moving to conventional
Consolidate higher-interest debt into one payment
Watch out for
Closing costs apply, the savings need time to pay them back
Resetting to a new 30-year term can raise total interest paid
Cash-out loans usually price a little higher than rate-and-term
Is this the right loan for you?
A 20-minute call tells you whether it fits, roughly what it costs and what to gather. No hard credit pull to start.
Guidelines vary by lender and change often. Sample figures only, not a commitment to lend. NMLS # 000000 (demo).
Other loans worth a look.
10 to 30 years, fixed or ARM
Conventional
The most common home loan in the country. Put as little as 3% down, and drop mortgage insurance once you reach 20% equity.
Read the guide
15 or 30 years, fixed
FHA
Government-insured loans with 3.5% down and flexible credit guidelines. Mortgage insurance is part of the package.
Read the guide
15 or 30 years, fixed or ARM
VA
Zero down, no monthly mortgage insurance and competitive rates for the people who served.
Read the guide