Refinancing Options
Loan Programs
Refinancing Options
Refinancing replaces your existing mortgage with a new one — ideally with better terms. Whether you want to lower your rate, access equity, or change your loan type, Milestone Mortgage has a solution.
Rate-and-Term Refinance
Replace your existing mortgage with a new one at a lower interest rate, shorter term, or both. No cash is taken out. Best for: lowering your monthly payment, shortening your loan term, switching from ARM to fixed, or removing PMI.
Key Benefits
- Lower monthly payment
- Reduce total interest paid
- Switch from adjustable to fixed rate
- Remove private mortgage insurance (PMI)
- Shorten loan term (30-year to 15-year)
Cash-Out Refinance
Replace your mortgage with a larger loan and receive the difference in cash. You can use the funds for any purpose. Best for: home improvements, debt consolidation, education, or other major expenses.
Key Benefits
- Access your home equity as cash
- Potentially lower rate than credit cards or personal loans
- Single monthly payment
- Interest may be tax-deductible (consult your tax advisor)
- Borrow up to 80% of home value (higher for VA)
VA IRRRL (Streamline Refinance)
The VA Interest Rate Reduction Refinance Loan allows eligible veterans to refinance an existing VA loan with minimal documentation and no appraisal required in most cases.
Key Benefits
- Minimal documentation required
- No appraisal in most cases
- Lower funding fee than a new VA loan
- Can roll closing costs into the loan
- Must result in a lower rate or payment
FHA Streamline Refinance
Allows existing FHA borrowers to refinance with reduced documentation and no appraisal required. Must result in a net tangible benefit (lower payment or rate).
Key Benefits
- No appraisal required
- Reduced documentation
- No income verification in most cases
- Must have existing FHA loan
- Must result in lower payment
Ready to Get Started?
Let our family help yours. Call us at 561-207-8082 or apply online today.