Quick answer
- Who it may fit
- Owners changing their existing loan's rate, term or mortgage-insurance position.
- Equity & closing costs
- Equity and program limits affect options; compare upfront versus financed closing costs, not a purchase down payment.
- Insurance & fees
- New closing costs and any applicable mortgage insurance affect break-even and lifetime cost.
- Key eligibility
- Credit, income, property and available equity are reviewed under the new loan's rules.
- Main tradeoff
- A smaller payment may cost more overall if the term resets or costs outweigh savings.
Down payment is not total cash to close. Educational guidance pending licensed review.
The secure application opens outside lndwell.com. This page is not an application or pre-approval.
Refinancing pays off your current mortgage with a new one. It can make sense to lower the rate, shorten the term, move off an adjustable structure, remove mortgage insurance or access equity — but only when the math clears the cost of doing it. We run the break-even before recommending anything.
- Homeowners whose rate or loan structure no longer fits
- Owners with enough equity to drop mortgage insurance
- Owners considering consolidating higher-cost debt against home equity
- May reduce the monthly payment or the total interest paid, depending on the terms chosen
- Can shorten the remaining term or move from adjustable to fixed
- Cash-out options can convert equity into usable funds
- Closing costs apply and have to be recovered before the change pays for itself
- Extending the term can increase total finance charges even when the monthly payment falls
- Cash-out reduces your equity and typically prices higher than a rate-and-term refinance
- Refinancing restarts the amortization schedule unless the term is deliberately shortened
These are the factors an underwriter typically reviews. They are not a checklist of requirements, and meeting them does not guarantee eligibility or approval.
- Sufficient equity for the program being considered
- Credit, income and asset review
- Debt-to-income within program limits
- An acceptable property and appraisal, where one is required
All loans are subject to credit, income, property and underwriting approval. Nothing on this page is a loan offer, an approval, a rate lock or a commitment to lend. Programs, rates and terms are subject to change without notice.