Rate-and-term · cash-out · streamline

Worth doing when the math works, not when a mailer says so.

Refinancing replaces the loan you have with a different one — for better terms, to pull equity out, or to get out of mortgage insurance you no longer need. It needs equity rather than cash, and it is the one place where Lucy is most likely to tell you the honest answer is no.

Start your application Call (580) 284-7244

What it takes

The requirements, in plain terms.

Equity

How much you need depends on what you are trying to do. Pulling cash out requires more of it than simply changing your terms.

A mortgage in good standing

Current, with a clean recent payment history. Streamline options in particular depend on this.

Credit and income

Documented much as they were on your purchase — though VA's IRRRL and FHA's streamline ask for considerably less.

The property

An appraisal is usually required. Some streamline refinances waive it, which saves both time and money.

Documents

What to have ready.

Requested once, up front, rather than in dribs — missing paperwork is what actually delays a file. The full checklist by how you're paid is on the loan programs page.

Current mortgage statement
Most recent property tax bill
Homeowner's insurance policy
Pay stubs covering the last 30 days, and two years of W-2s
Two months of bank statements
Photo ID

Full document checklist

The part worth knowing

What people find out too late.

A refinance has closing costs, and it restarts the clock on the loan. Both need to be weighed against whatever you are gaining. Lucy will work out where your break-even actually falls and tell you plainly if the answer does not justify it — that conversation is free and takes about fifteen minutes.

Answers

Questions about refinance.

General answers. Every file is different, so treat these as a starting point rather than a quote.

What is an IRRRL?

The VA's Interest Rate Reduction Refinance Loan — a streamlined refinance for an existing VA loan. It asks for markedly less paperwork than a purchase, and often skips the appraisal.

Can I take cash out?

Often, yes, and the amount depends on your equity and the program. Cash-out has stricter requirements than a plain rate-and-term refinance, so it is worth a conversation before you plan around the money.

Can I get rid of my FHA mortgage insurance?

Usually by refinancing into a conventional loan, which requires enough equity and a credit profile that clears the conventional bar. This is one of the most common reasons Lucy's clients refinance.