ZERO Closing Cost Refinance Products

You may be able to drop mortgage insurance when you refinance. This primarily depends on two things: 1) the mortgage product you choose, and 2) the amount of equity you have built in your home. Refinancing to a Conventional loan will not require mortgage insurance if you have 20% equity in your home. FHA loans will always require mortgage insurance, and VA loans will never require mortgage insurance.

Discount points allow you to pay a fee to receive a lower interest rate. The cost of each "point" is 1% of your loan amount. It takes time to save money from purchasing discount points, so they are best for homeowners that don't plan to sell or refinance their home in the near future.

Streamline refinances offer an expedited process with relaxed underwriting and typically, better interest rates. CapCenter currently offers two streamline programs: 1) FHA Streamline Refinance, and 2) VA Interest Rate Reduction Refinance Loan (IRRRL). Your current mortgage must be an FHA or VA loan to qualify for the respective programs.

Our recommendation of a cash-out or home equity loan primarily depends on your current interest rate. Cash-out refinances replace the entirety of your existing mortgage, and as such, may only be preferable to a home equity loan if you can refinance into a lower rate. You will need to pursue a cash-out refinance if you need to transfer ownership of the property due to a divorce or death.

Since CapCenter does not charge closing costs on qualifying refinances, rates don't need to fall by much. Refinancing with CapCenter may be a good idea if you can lower your interest rate by at least 0.25%, but this can change based on your unique scenario. Our expert loan team will help you decide if now is a good time to refinance.