To refinance, you’ll need enough equity in your home, which is measured by your loan-to-value (LTV) ratio. If you’ve owned your home for a shorter time, typically less than 2 years, you may need to wait for your home’s value to increase. If equity is limited, options may be more restricted, but we can always review your situation to be sure.

• Home equity is how much of your house you truly own.
• It’s the difference between what your home is worth and what you still owe on your mortgage.

Yes, refinancing does come with closing costs. The good news is you often have the option to roll those costs into the loan instead of paying them out of pocket.

In many cases, yes, a refinance can reset your loan term (for example, back to 30 years). However, there may be options to choose a shorter term or structure it in a way that still meets your goals.

If your new loan is above 80% of your home’s value (LTV), PMI may be required. This would be an additional monthly cost, but we can review ways to minimize or avoid it if possible.

• PMI (Private Mortgage Insurance) is a fee added to your mortgage when you don’t have sufficient equity in your home.
• If your loan amount is more than 80% of your home’s value (this is considered having a high LTV), the lender sees it as a higher risk, so PMI is required.
• It protects the lender, not you, if you stop making payments.

At this time, we are only able to offer refinancing for homes located in New Mexico

No, refinances are only available for owner-occupied primary residences.

The minimum Homewise required credit score is 640.

If you need assistance improving your credit score, we encourage you to speak with one of our Home Purchase Advisors for personalized credit-building guidance. Please contact us to speak with an HPA. 

We generally require a clean recent payment history, meaning no late payments on your credit report, especially within the last 12 months. Any mortgage showing a 60+ day late payment during that time is typically considered excessive delinquency.

Yes! We do offer refinance options for ITIN clients.

Review your final divorce decree and marital settlement agreement to see what the judge has ordered. If uncertain, seek legal counsel.

This is when you replace your current mortgage with a new one for more than you owe, and you take the extra money in cash. People usually do this to get money for home improvements, debt, or other expenses.

You may be eligible for a home equity loan without refinancing your current mortgage. We offer solutions like debt consolidation home equity loans. Learn more about home improvement loans.

It depends on your goals. In some cases, you may end up borrowing more than what you currently owe and paying more interest over time since you’re restarting the loan. That’s why we take a close look at your situation to make sure refinancing truly benefits you.

Even if you’re not sure you’re ready, we can run the numbers and walk you through your options, no pressure, just information to help you decide.