We start with your current mortgage balance, rate, payment, available equity, and what you want to accomplish. If debt consolidation is the goal, we also review how much equity may be available through a cash-out refinance.
MORTGAGE REFINANCE
Refinance on Terms That Work for You
Rates move. Life changes. The loan that made sense five years ago may not be the one that fits now. We compare refinance options across many lenders and show you the real break-even, so you can decide whether refinancing is worth doing at all. Available across our seven licensed states.
Independent Brokerage, Many Lenders
Licensed in 7 States
NMLS #2367229
Decades of Combined Experience
HOW IT WORKS
What Is a Mortgage Refinance and How Does It Work?
A refinance replaces your current mortgage with a new one. Homeowners refinance for different reasons, including lowering a payment, shortening a loan term, removing mortgage insurance, accessing home equity, or using a cash-out refinance to consolidate higher-interest debt.
The important question is not simply whether a new loan offers a lower rate or payment. Closing costs, the new loan balance, the repayment term, and how long you plan to keep the mortgage all affect the overall result. This is especially important when refinancing to consolidate debt, because lowering a monthly payment does not automatically mean lowering the total cost.
That is the comparison we make first. We look at what you have now, what you are trying to accomplish, and whether refinancing actually improves your overall position. If it does not, we will tell you.
Review Your Current Loan
Compare Your Options
We compare refinance options across multiple lenders, including rate-and-term and cash-out refinance. For debt consolidation, we look at how a cash-out refinance would change your mortgage balance, loan terms, and overall borrowing costs.
Check the Full Cost
We compare closing costs, payment changes, the new loan balance, and how long you expect to keep the mortgage. A lower monthly payment does not automatically mean a lower overall cost, so we review the full financial impact before you decide.
CASH-OUT REFINANCE
Using a Cash-Out Refinance to Consolidate Debt
A cash-out refinance replaces your existing mortgage with a larger new loan and provides the difference in cash at closing. Homeowners may use those funds to pay off higher-interest debts such as credit cards or personal loans.
Debt consolidation is one reason homeowners consider a cash-out refinance, but the monthly payment is only part of the decision. The new mortgage balance, closing costs, loan term, and total borrowing cost should all be reviewed before deciding whether the refinance improves your overall position.
How It Works
You replace your current mortgage with a new mortgage for more than the amount you currently owe. The difference is provided to you in cash at closing and can be used for debt consolidation or other financial needs.
Why Homeowners Use It
Homeowners may use cash-out funds for debt consolidation, home improvements, reserves, or other financial needs. The key is making sure the new mortgage still fits the overall financial goal.
Keep in mind: A lower monthly payment does not always mean a lower total cost. Compare the new balance, loan term, closing costs, and overall borrowing cost before deciding.
REFINANCE OPTIONS
What Types of Refinance Are Available?
Not every refinance serves the same purpose. The right option depends on your current mortgage, the property, how you document income, and what you want the new loan to accomplish.
Rate-and-Term Refinance
Change your mortgage rate, loan term, or both without using the refinance primarily to access home equity. This option may help restructure your mortgage around your current financial goals.
Cash-Out Refinance
Replace your existing mortgage with a larger new loan and access part of your available home equity. This option may support debt consolidation, home improvements, or other financial goals.
FHA Streamline Refinance
Designed for eligible homeowners who already have an FHA loan. An FHA Streamline may provide a refinance path based on the existing FHA mortgage and applicable program guidelines.
VA IRRRL
Designed for eligible homeowners who already have a VA loan. A VA IRRRL may provide a refinance path based on the existing VA mortgage and applicable program guidelines.
Investment Property Refinance
Investors may have refinance options that consider the property’s rental income, performance, and overall investment profile. These programs can provide additional financing paths for qualifying rental properties.
Self-Employed Refinance
Borrowers with nontraditional income may have refinance options using bank statements, 1099 income, or other eligible documentation. These programs can provide additional ways to document qualifying income.
THE BROKER ADVANTAGE
One Broker. Access to Many Refinance Options.
A bank can only show you that bank’s refinance options. As an independent mortgage brokerage, Mortgage Marketplace can compare refinance options across multiple lenders.
We compare loan structure, fees, closing costs, terms, and break-even so you can see the differences before deciding. Sometimes refinancing makes sense. Sometimes waiting or comparing a HELOC may be the better path.
The goal is not simply to replace your mortgage. It is to determine whether refinancing actually improves your position.
MAKING THE CALL
Does Refinancing Make Sense for Your Situation?
Refinancing can help lower a payment, change your loan term, remove mortgage insurance, or access equity. But the right move depends on your current loan, closing costs, how long you plan to keep the mortgage, and what you want to accomplish.
A refinance analysis helps you compare the numbers clearly. We look at your goals, available options, and overall loan cost so you can decide whether refinancing improves your position.
REFINANCE FAQs
Answers Before You Refinance
When does refinancing make sense?
When the new loan improves your position enough to justify what it costs. The test is the break-even: divide your total refinance cost by your monthly savings to see how many months it takes to recover. If you plan to stay in the home well past that point, refinancing usually makes sense. If you might sell or refinance again before it, usually not.
What is a refinance break-even?
The point where your savings have paid back the cost of refinancing. If refinancing costs $4,000 and saves $150 a month, your break-even is about 27 months. We calculate yours before you commit to anything.
How much does it cost to refinance?
Refinance closing costs commonly run about 2% to 5% of the loan amount, covering lender fees, title, appraisal, and recording. Some costs can be rolled into the loan or offset with a lender credit, which changes the break-even math. We show you the full picture rather than just the rate.
How long does a refinance take?
Closing takes 21 to 30 days in most cases. The timeline depends on how quickly documentation is submitted, appraisal scheduling, and lender underwriting capacity. Cash-out refinances and investment property refinances may take longer because of additional requirements.
How much equity do I need to refinance?
For a standard rate-and-term refinance, many programs work with relatively little equity. For a cash-out refinance, conventional guidelines generally cap borrowing at 80% of your home’s value, meaning you keep at least 20% equity. VA and FHA cash-out limits differ, and the maximum available loan-to-value depends on the program, occupancy, property type, lender guidelines, and borrower qualifications.
What credit score do I need to refinance?
Does refinancing hurt my credit?
There is a small, temporary effect from the credit inquiry and from opening a new account. Multiple mortgage inquiries within a short shopping window are typically treated as a single event by scoring models, so comparing lenders does not multiply the impact.
Do I need an appraisal to refinance?
How soon after buying can I refinance?
It depends on the program. Some conventional refinances have no seasoning requirement. FHA Streamline refinances generally require at least 210 days to have passed from the closing date of the existing mortgage and at least six full monthly payments to have been made. VA IRRRL refinances also have seasoning and payment-history requirements that must be satisfied. Cash-out refinances usually carry their own seasoning rules.
What is the difference between a rate-and-term and a cash-out refinance?
A rate-and-term refinance changes your rate, your term, or both, without increasing what you owe beyond costs. A cash-out refinance increases your loan balance and gives you the difference in cash. Cash-out generally carries slightly higher rates and stricter equity requirements.
Can I roll the closing costs into my refinance?
In many cases yes, either by adding them to the loan balance or by taking a lender credit in exchange for a slightly higher rate. Both change your break-even, which is why we run the comparison rather than quoting a single number.
What documents do I need to refinance?
Does Mortgage Marketplace compare more than one lender?
Yes. We are an independent brokerage, so we compare refinance options across many lenders rather than one bank’s menu.
What states does Mortgage Marketplace serve?
We are licensed in Oregon, California, Washington, Idaho, Texas, Florida, and Montana, with offices in Salem and Eugene, Oregon.
Ready to See If Refinancing Makes Sense?
Share your current loan details and what you are trying to accomplish. We will compare available paths across our lender network and walk you through the break-even so you can decide with real numbers in front of you. If it does not make sense, we will tell you that too. No obligation.