Refinance
Put your equity to work — or just lower your bill
Rates have shifted. Your life has changed. Either way, a refinance could save you money or unlock the equity you've built. Let's run your numbers.
Why Homeowners Refinance
Four reasons a refi might make sense right now
A good refinance does more than lower your rate. It can reshape your entire financial picture.
Lower Your Rate & Payment
Even a 0.5% rate reduction on a $400,000 balance saves roughly $130/month. We run a break-even analysis so you know exactly when you come out ahead.
Access Your Home Equity
A cash-out refinance turns built-up equity into spendable cash — ideal for home improvements, debt consolidation, tuition, or investment capital.
Shorten Your Loan Term
Refinancing from a 30-year into a 15-year mortgage can save tens of thousands in interest and have you debt-free years sooner — often with minimal payment change.
Remove PMI
If your home has appreciated past 20% equity, a new appraisal combined with a refinance can permanently eliminate private mortgage insurance payments.
The Refinance Process
Five steps from application to funded
Step 1
Run Your Numbers
Use our refinance calculator to see your projected new payment, monthly savings, and how many months until you break even on closing costs.
Step 2
Apply in Minutes
Our digital application captures your income, assets, and goals. No office visit required — apply any time, from any device.
Step 3
Lock Your Rate
Once approved, we lock your interest rate so market fluctuations don't affect your loan. Locks are typically available for 30–60 days.
Step 4
Appraisal & Underwriting
A licensed appraiser confirms your home's current value. Our underwriters review your full file and issue a clear-to-close, usually within 10–14 business days.
Step 5
Sign & Fund
Review your final closing disclosure, sign loan documents with a notary or at our office, and your new loan funds within 3 business days.
Free Tool
See your savings before you apply
Enter your current balance, rate, and remaining term to instantly see your new payment, monthly savings, and break-even timeline.
Refinance Programs
Which refinance loan is right for you?
From rate-and-term to cash-out, each program serves a different goal. Click to compare details.
Refinance Questions
Everything you want to know about refinancing
How much equity do I need to refinance?
Most conventional refinances require at least 5% equity (95% LTV). For cash-out refinances, lenders typically allow up to 80% LTV, meaning you need at least 20% equity. FHA streamline refinances can be done with less equity but must replace an existing FHA loan.
How long does a refinance take?
The typical refinance closes in 21–30 days. Streamline refinances (FHA or VA) with reduced documentation can close in as little as 14–21 days. Delays usually come from appraisal scheduling or title search, not underwriting.
What are typical refinance closing costs?
Refinance closing costs generally run 2%–5% of the loan balance. Many lenders, including Summit Crest, offer no-closing-cost options where costs are rolled into the rate — ideal if you plan to move within a few years.
Will refinancing hurt my credit score?
A refinance triggers a hard credit inquiry, which may temporarily lower your score by a few points. However, the long-term benefits — lower utilization, on-time payment history — typically outweigh a short-term dip.
Can I take cash out if I just bought my home?
Most lenders require a 12-month seasoning period before allowing a cash-out refinance. If you closed recently, a home equity loan or HELOC may be a better path to accessing equity.
Ready to see your real refinance numbers?
A Summit Crest loan officer will pull actual market rates and run a full savings analysis — no obligation.