Mortgage Friend · Refinance · Las Vegas, NV
Rates move constantly. Your situation changes. We run an honest break-even analysis — if refinancing saves you money, we'll show you exactly how much. If it doesn't, we'll tell you that too.
Your Options
Most homeowners qualify for one or both. The right choice depends on your goals: reducing your payment, shortening your term, or accessing equity.
Lower your interest rate, shorten your loan term, or both — without changing your loan balance. This is the most straightforward refinance and the most common reason homeowners refinance.
Key Stat
~$220/mo
Savings from every 1% rate reduction on a $400,000 loan. Over 30 years, that's $79,000+ in interest you don't pay.
Best for
Reducing your monthly payment
Paying off your loan faster
Removing FHA mortgage insurance by switching to conventional
Locking in a lower rate before rates rise again
Replace your existing mortgage with a larger loan and receive the difference in cash. You tap the equity you've built — without selling the home. Best used strategically, not habitually.
How it works
Home worth $550,000. Current loan balance $350,000. Cash-out refi to $440,000 (80% LTV) = $90,000 in cash at closing, new monthly payment on $440,000.
Common uses
Home renovations and additions
High-interest debt consolidation
College tuition or major life expenses
Investment property down payment
Note: A cash-out refinance increases your loan balance and monthly payment. It's a powerful tool used strategically — not a substitute for an emergency fund.
The Math
Every refinance has closing costs. The break-even point tells you exactly how many months it takes for your monthly savings to pay back those costs. After that point, every payment is pure savings.
Formula:
Closing Costs ÷ Monthly Savings = Break-Even Months
Example:
$8,000 ÷ $200/month = 40 months (3.3 years)
If you plan to stay in your home longer than your break-even point, refinancing makes financial sense. We calculate this for every client before recommending a refinance.
Typical closing cost range
2–5%
of loan amount
On a $400,000 loan: $8,000–$20,000 in closing costs. Many borrowers roll these into the new loan balance to keep out-of-pocket costs at zero.
Run my break-even · (725) 280-2211Rate dropped 0.75%+ since you closed
Even a 0.75% reduction on a $400,000 loan saves roughly $165/month. Over five years that's nearly $10,000.
Your credit score improved significantly
A 40–60 point improvement can qualify you for a meaningfully lower rate than what you locked when you bought.
You want to remove FHA mortgage insurance
FHA loans originated after 2013 carry MIP for the life of the loan. Refinancing to conventional eliminates it once you have 20% equity.
You need cash and have substantial equity
If your home has appreciated significantly and you have a strategic use for funds — renovation, debt consolidation — a cash-out refi can make financial sense.
You're planning to sell within 2–3 years
If you won't outlast your break-even period, you'll pay closing costs without recouping them. The math simply doesn't work.
You're 20+ years into a 30-year loan
Refinancing restarts your amortization clock. Early in a loan you pay mostly interest; refinancing late means starting that cycle over — you could end up paying more total interest even with a lower rate.
We'll tell you the truth either way.
If refinancing doesn't pencil out for your situation, we'll tell you that — and explain what would need to change for it to make sense. No pressure, no pitch.
Call (725) 280-2211Qualification
Refinance requirements are similar to a purchase loan — credit, equity, income, and debt. Here's what we look at.
620+ for conventional refinance. No minimum set by VA for IRRRL (VA streamline), though lenders typically want 580+. FHA streamline allows lower scores in some cases.
Conventional rate/term: you can refi with as little as 5% equity (though PMI applies under 20%). Cash-out: maximum 80% LTV — meaning you must retain at least 20% equity after the refinance.
Same documentation as a purchase: last 30 days of pay stubs, last 2 years of W-2s, and most recent federal tax returns. Self-employed borrowers provide 2 years of full tax returns.
Conventional: generally under 45%. With strong compensating factors (high credit score, significant reserves), up to 50–55% may be approved. VA and FHA can be more flexible.
Most loan programs require 6+ months of on-time payments before you're eligible to refinance. Some jumbo and non-QM products have longer seasoning requirements.
Most refinances require a full appraisal to establish current home value. Notable exceptions: VA IRRRL and FHA Streamline can often close without one.
Fast-Track Options
If you already have an FHA or VA loan, you may qualify for a streamlined refinance — less documentation, no appraisal, and a faster close.
FHA Loans
The FHA Streamline is designed to quickly lower the rate on an existing FHA loan. The underwriting process is simplified because the FHA already guaranteed the original loan.
No appraisal required
In most cases — home value is not a limiting factor
No income verification
Simplified documentation — no W-2s or tax returns in most cases
Minimal credit check
Lower credit score thresholds than a standard FHA refinance
Must be current on FHA loan
No 30-day late payments in the past 12 months
Net tangible benefit required
Your new rate/payment must be meaningfully lower than your current one
Typical timeline: 21–30 days. Existing FHA MIP will reset, but MIP structure may improve if your original loan predates the 2013 rule changes.
VA Loans
Interest Rate Reduction Refinance Loan
The VA's streamline refinance program lets eligible veterans reduce their rate with minimal paperwork. Because you already hold a VA loan, the VA's guarantee carries forward.
No appraisal required
The VA waives the appraisal requirement in most IRRRL cases
No out-of-pocket costs
Closing costs can be rolled into the new loan balance
Minimal documentation
No income verification or full underwrite in most cases
Must be refinancing an existing VA loan
Cannot use IRRRL to refinance a non-VA loan
Must lower your rate or move to fixed
Exception: ARM to fixed-rate refinances are allowed even if the rate rises slightly
Typical timeline: 21–30 days. VA funding fee of 0.5% applies (may be exempt if you have a service-connected disability rating). Garrett has processed hundreds of IRRRLs — this is one of the fastest closes available.
Not sure which option is right for you?
Tell us what type of loan you have and what your current rate is — we'll identify whether you qualify for a streamline, a standard refi, or whether waiting makes more sense.
Common Questions
Start your application online or call us directly. You'll hear back the same day.