Elevating Your Experience
with Refinance Loans.

Keep Your Home on Solid Ground
While You Refinance

Elevating Your Experience
with Refinance Loans.

Keep Your Home on Solid Ground
While You Refinance

Your Guide Down the Path of Refinancing

You've done it. You've reached the peak of homeownership. But even though it feels great, did you know that you can get so much more out of your home?

Whether you've been a homeowner for a few months or several years, you might benefit from refinancing your current loan into a new one.

But before you head down that path, talk to our team of experts at Elevate Mortgage Group. A refinance isn't always the best choice for every situation, and we can help prevent you from backtracking on your home ownership goals.

Survey Your Mortgage Refinance Options

Cash-Out Refinance

Turn your home's equity into cash you can use to pay off debt, renovate your home, pay for college, or even take a vacation.

FHA Streamline Refinance

If you currently have an FHA loan, you can lower your interest rate without an appraisal, income documentation, or LTV requirements.

USDA Streamline Refinance

Have a USDA loan? Reduce your monthly payments without an appraisal or income verification, even if your home is underwater.


With an existing VA loan, you can refinance to a lower rate without having to verify your income or pay closing costs out of pocket.

Is Refinancing the Right Choice for You?

So, you're ready to tackle that mountain. But before you get to the base camp and go barrelling up, you need to make sure you pack the right supplies because being prepared will make getting a home loan much easier. Here are five essentials you'll need to get started:

1. Current Interest Rates

Before you refinance, make sure current rates are lower than your existing rate.

Usually a lower interest rate will lead to smaller monthly payments. However, if you extend the loan, you might end up paying more in interest long-term.

That's why, in an ideal refinance situation, the amount you save each month will offset the extra you end up paying over the life of the loan.

2. Your Current Finances

Because a refinance is, essentially, a whole new loan, some refinance types require lenders to look at your finances again, including your current debt-to-income ratio and credit score.

An increased debt-to-income ratio could negatively affect the rates you're offered, even if interest rates have dropped.

The same is true if your credit score has taken a hit. Don't refinance unless your credit is as good as or better than when you bought the home.

3. Prepayment Penalties

Some lenders include prepayment penalties in their mortgage terms, which could mean paying several thousand dollars extra if you decide to refinance.

If your original loan carries a prepayment clause, you'll need to calculate whether the refinance savings cover the extra charges.

You may decide you need to delay refinancing until after your prepayment penalty period. For many lenders, this period is usually around five years, though it may vary.

4. How Long You'll Live There

Unless you're planning on living in your home for a few more years, refinancing might not be your best bet.

When you refinance, closing costs are added to the loan, just like with any mortgage. You'll need to stay in the home long enough so the monthly savings outweigh the extra cost.

The best way to determine if refinancing will be beneficial is to calculate your break-even point. Once you have that, really think about if you'll be in the home that long.

What Are Your Financial Goals?

  • Up Your Monthly Budget – Refinancing to a lower interest rate could lower your monthly payment and, if you have enough equity, might even help you drop your private mortgage insurance as well. But keep in mind that refinancing could also potentially increase the amount of long-term interest you pay.
  • Increase Your Long-Term Savings – Refinancing into a loan with the same term length could sabotage this goal. Instead, refinance into a shorter-term loan to possibly reduce the lifetime interest.
  • Retire without a Mortgage – Be wary of refinances that extend the loan. A better option might be to just pay more towards principal each month or refinance into a shorter-term.
  • Retire without a Mortgage – Be wary of refinances that extend the loan. A better option might be to just pay more towards principal each month or refinance into a shorter-term.
  • Off Other Debt – A cash-out refinance can give you money to pay off high-interest debt like credit cards and student loans. However, be careful not to increase your loan balance too much.
  • Increase Your Home's Resale Value – Refinancing to help pay for home improvements could mean more money for you if you decide to sell your home.

How Much Does It Cost to Refinance a Mortgage?

Sometimes the path to a refinance seems steep, both in terms of cost and effort. But at Elevate, we try to minimize what we charge you.

The point of a refinance, after all, is to save you money!

So, if we don't think you'll benefit financially from a refinance, we'll let you know.

However, just to give you a general guideline, closing costs for most loans typically add up to a few thousand dollars. Depending on your loan type, you may or may not be able to roll this amount into your total loan balance so you don't have to pay for them out-of-pocket.

Elevate Your Mortgage:

Talk to Us Today about Refinancing

We don't want you to miss out on the benefits of refinancing. Even if you're still a little unsure whether refinancing is the right choice for you, our experienced loan officers can offer expert, honest advice about your situation to help you decide.

No pressure and no questions asked.

So give us a call today. We'll walk you through the process, step by step.