Refinance
Refinance your Washington home loan — on your terms
A refinance replaces your current mortgage with a new one. Done at the right time, it can lower your monthly payment, pay your home off sooner, remove mortgage insurance, or turn some of your equity into cash. We compare refinance options across dozens of wholesale lenders and show you whether it's worth doing at all. Sometimes the experienced answer is “not yet” — and we'll tell you.
Reviewed by Clint Aguon, CEO & Loan Officer · NMLS #1893008 · Updated September 2026
Reasons to refinance
- Lower your payment. If rates or your credit have improved since you bought, a new loan may cost less each month.
- Pay off your home sooner. Moving to a shorter term builds equity faster and usually means less interest over the life of the loan.
- Drop mortgage insurance. If your home's value has grown, refinancing out of an FHA loan or a high-balance conventional loan can remove mortgage insurance.
- Switch from adjustable to fixed. Lock in a steady rate before an ARM's adjustment period begins.
- Take cash out. Use your equity for renovations, college, or paying down higher-interest debt.
Rate-and-term vs. cash-out refinance
A rate-and-term refinance changes your rate, your term or both, and your new balance stays about the same as the old one. A cash-out refinance replaces your loan with a larger one and pays you the difference in cash. Lenders limit how much of your home's value you can borrow against, and cash-out loans are usually priced a little higher than rate-and-term loans.
Not sure which you need? Tell us your goal and we'll show you both.
Want cash but like your current rate? A home equity line of credit (HELOC) lets you borrow against your equity without replacing your first mortgage. We’ll compare it with a cash-out refinance.
Is refinancing worth it?
Refinancing has closing costs, so the real question is how long it takes your monthly savings to cover them — your break-even point. If you plan to stay in the home well past that point, a refinance often makes sense.
Run the refinance break-even calculator
Refinancing a VA or FHA loan
VA and FHA loans have streamlined refinance options that can mean less paperwork and, in many cases, no new appraisal. Ask us whether your loan qualifies.
Refinance FAQs
How soon can I refinance after buying?
It depends on the loan type; some programs require a waiting period, especially for cash-out. We'll check the rules that apply to you.
Will refinancing hurt my credit?
A credit check causes a small, temporary dip for most people. Shopping several lenders through one broker keeps the inquiries to a minimum.
Do I need an appraisal?
Usually, yes — though some streamline refinances and lender programs may waive it.