Refinance Options

Refinance Your Mortgage
& Save Thousands

Lower your interest rate, reduce your monthly payment, shorten your loan term, or access your home's equity. Our AI finds you the best refinance rate from lenders.

Start Refinance Application Calculate Savings
6.00%
Rate-Term Refi From
6.50%
Cash-Out Refi From
21 Days
Close In As Few As
$250+
Avg. Monthly Savings

Refinance Options

Choose the refinance type that fits your financial goals.

Rate & Term Refinance

Replace your current mortgage with a new one at a lower rate or different term. No cash out.

  • Lower your interest rate
  • Reduce monthly payment
  • Switch from 30-yr to 15-yr
  • Remove PMI at 20%+ equity
Best when rates have dropped since you bought

Cash-Out Refinance

Replace your mortgage with a larger one and receive the difference as cash. Access your equity.

  • Access home equity as cash
  • Consolidate high-interest debt
  • Fund home improvements
  • Cover major expenses
Best when you need funds and have 20%+ equity

Streamline Refinance

Simplified refinance for FHA and VA loans. Less documentation, faster closing, lower costs.

  • Minimal documentation
  • No appraisal needed (usually)
  • Lower closing costs
  • Faster processing
Best for existing FHA/VA loan holders

Should You Refinance? The Break-Even Analysis

Refinancing Makes Sense When:

  • Your current rate is 0.75%+ higher than today's rates
  • You plan to stay in your home 3+ more years
  • You want to switch from ARM to fixed rate
  • You have 20%+ equity and want to drop PMI
  • You need cash for home improvements or debt payoff
  • You want to shorten your loan term (30→15 years)

Consider Waiting If:

  • -The rate difference is less than 0.5%
  • -You plan to sell within 1-2 years
  • -Your credit score has dropped significantly
  • -You've recently changed jobs or income sources
  • -Closing costs exceed your break-even timeline
  • -You're extending your loan term significantly

How Refinancing Works with Slate Financial

1

Apply Online

Tell us about your current mortgage and goals. 60 seconds.

2

AI Rate Match

Our AI compares lenders to find your best refinance rate.

3

Lock Your Rate

Choose your terms and lock in your rate.

4

Close & Save

We handle the paperwork. Start saving immediately.

Complete Guide to Mortgage Refinancing

Refinancing your mortgage means replacing your current home loan with a new one, typically to get better terms. Whether you want a lower interest rate, smaller monthly payment, or access to your home equity, refinancing can be a powerful financial tool when done at the right time.

Understanding Refinance Closing Costs

Refinancing typically costs 2-5% of the loan amount in closing costs, including origination fees, appraisal fees, title insurance, and recording fees. On a $300,000 loan, expect $6,000-$15,000 in closing costs. Some lenders offer no-closing-cost refinances with slightly higher rates. Calculate your break-even point to ensure refinancing makes financial sense.

Cash-Out Refinance: Accessing Your Equity

A cash-out refinance lets you borrow more than you owe on your current mortgage and receive the difference as cash. Most lenders allow you to borrow up to 80% of your home's value. For example, if your home is worth $500,000 and you owe $300,000, you could potentially cash out up to $100,000. Common uses include home renovations, debt consolidation, and college tuition.

When to Refinance: The 0.75% Rule

A common rule of thumb is to refinance when you can reduce your interest rate by at least 0.75%. However, the true answer depends on your closing costs, how long you plan to stay in your home, and your break-even timeline. Our AI can calculate your exact savings scenario in seconds.

See How Much You Could Save

Get a personalized refinance estimate in 60 seconds. Our AI compares lenders to find a strong fit, subject to approval.

Get Refinance Quote