Refinance your home with ZERO Closing Costs

You will pay ZERO closing costs with CapCenter (restrictions apply). Most lenders charge between 1-3% of your loan amount to refinance. CapCenter offers a refinance calculator to estimate how much money you can save.

When to refinance depends on what your motivation for refinancing.

Refinance goal: reduce your monthly payment
If your goal is to save money, you should wait until interest rates are lower than your current mortgage rate. A lower interest rate will reduce your monthly payment and save you money. You may also reduce your monthly payment by removing your FHA mortgage insurance premium. This involves refinancing your FHA loan into a new, Conventional loan and involves a little more math. You can use our refinance calculator to understand if you can save money by refinancing your FHA loan.

Refinance goal: pay off the loan faster
If you want to pay off your home faster, you should consider refinancing into a shorter-term loan. For example, if you currently have a 30-year mortgage, there is an opportunity to pay your loan faster by refinancing into a 20-year, 15-year, or 10-year loan. In this scenario, your monthly payments will increase, but you should pay less total interest over the life of your loan.

Refinance goal: get cash
If you need cash to fund a major expense or consolidate debt, you may consider a cash-out refinance. In a cash-out refinance, you borrow money from your home's equity by replacing your existing mortgage with a new mortgage at a higher loan amount. As a result, you will also be replacing your current interest rate, so a cash-out refinance makes the most sense when rates are at or below your current rate. If you already have a good mortgage rate, you should consider a Home Equity Loan, which allows you to get cash without refinancing your entire mortgage balance.

No matter what your goal is for refinancing, our expert loan team can guide you through the decision.

FHA loans always require mortgage insurance, but you might be able to drop PMI when refinancing into a Conventional mortgage. This depends on your home equity, which is the amount of your home that you own. It is the difference between your home's value and the amount you owe on existing mortgages.

Your home equity position changes over time due to:

Applying to refinance with CapCenter does not require any preparation, but there are a few things you can do to prepare for a refinance to help our underwriting team approve your loan quickly:

Most refinances can be processed within 30 days at CapCenter; however, certain complex situations can extend this timeline up to 45 days.

Most refinances will require a new appraisal, but in many circumstances, an appraisal is not required. No matter the outcome, CapCenter covers the cost of an appraisal under our Zero Closing Cost offering (see details).