Conventional Refinance
Conventional Refinance Loan Program A Conventional Refinance allows homeowners to refinance an existing mortgage into a new conventional loan to lower their interest rate, reduce monthly payments, change loan terms, or access home equity. Conventional refinances are not government-insured and follow guidelines set by Fannie Mae and Freddie Mac. This program is ideal for borrowers with strong credit, stable income, and sufficient home equity.
Types of Conventional Refinances Rate-and-Term Refinance. Lower your interest rate. Reduce monthly payments. Switch from an adjustable-rate to a fixed-rate loan. Shorten or extend the loan term. Cash-Out Refinance. Access home equity in cash. Use funds for renovations, debt consolidation, investments, or major expenses. Requires sufficient equity and qualifying credit
Who Is a Conventional Refinance For? You may benefit from a conventional refinance if you: Have good to excellent credit. Want to remove mortgage insurance (when equity allows). Have increased home value. Want better loan terms or payment structure. Own a primary residence, second home, or investment property
Key Benefits
Competitive interest rates Flexible loan terms. Available for primary residences, second homes, and investment properties. Option to remove PMI with sufficient equity. No upfront mortgage insurance premium.
What to Expect
Conventional refinances typically require: Income and asset documentation. Credit review. Appraisal (program dependent). Sufficient equity and lender-approved loan-to-value ratios. Rates and terms vary based on credit profile, loan amount, and market conditions.