Refinance Your Mortgage

Refinancing can help you lower your monthly payment, reduce your interest rate, eliminate mortgage insurance, or access cash from your home’s equity. At Paredes Mortgage, we shop multiple lenders to find the best fit for your goals—whether you’re trying to save money, pay off debt, or renovate your home.

Why Homeowners Refinance

Refinancing isn’t one-size-fits-all. Here are the most common reasons:

Lower your interest rate

If rates have dropped or your credit profile has improved, you may qualify for a better rate and payment.

Reduce your monthly payment

A lower rate, different loan term, or removing mortgage insurance can reduce your monthly obligation.

Change your loan term

Shorten your term (ex: 30 → 15 years): pay off faster, build equity quicker
Extend your term (ex: 15 → 30 years): lower payment and improve cash flow

Remove PMI (Mortgage Insurance)

If your home value has increased or your loan balance is lower, you may be able to refinance out of PMI (depending on loan type and equity).

Consolidate high-interest debt

Some homeowners use a cash-out refinance to pay off credit cards or other high-interest loans. This can simplify payments—just be sure the strategy fits your long-term goals.

Cash out for renovations or major expenses

Tap equity to update your home, cover education costs, or handle major life expenses.

Get in Touch

Refinance Options We Offer

Rate-and-Term Refinance

Change the rate, term, or both—without taking cash out (or with minimal cash back depending on program guidelines).

Cash-Out Refinance

Use your equity to receive cash at closing (loan limits and qualifications vary by loan type).

FHA Streamline Refinance

For existing FHA loans—often requires less documentation and may not require an appraisal (varies by scenario).

VA IRRRL (VA Streamline)

For existing VA loans—designed to reduce your rate/payment with simplified documentation (eligibility rules apply).

Conventional Refinance

Great for borrowers with strong credit and equity—can be used for rate-and-term or cash-out.

When Refinancing Makes Sense

Refinancing may be worth exploring if:

You plan to stay in the home long enough to recoup closing costs
Your current rate is noticeably higher than what you qualify for today
Your home value has increased or your balance has dropped
You want to remove PMI or switch from FHA to Conventional
You’re restructuring debt or planning a major renovation

What It Costs to Refinance

Refinancing typically includes closing costs (similar to a purchase), which may include:

Lender fees
Appraisal (sometimes waived depending on program)
Title/settlement
Prepaid items like taxes/insurance (if applicable)

Good to know: Closing costs can sometimes be paid out-of-pocket, covered by a lender credit, or rolled into the loan amount (if allowed and it makes financial sense).

Refinance Checklist: What We’ll Review

To build accurate options, we’ll look at:

Your current loan balance, rate, and payment
Your estimated home value and equity
Credit score and debt-to-income ratio
Income and employment (depending on program type)

Your goal: lower payment, remove PMI, cash out, shorten term, etc.

Our Refinance Process (Simple + Fast)

Quick goal call (5–10 minutes)
We review your numbers and shop options
You choose the best scenario (rate, payment, costs)
We guide you through underwriting with clear updates
Close and save (or access cash)