Mortgage Refinancing | Competitive Home Refinance Rates

Benefits
Options
How to Apply
FAQs

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Key Features & Benefits

Shorten your loan term
Lower your interest rate
Reduce monthly payments
Pay for home improvements or other expenses

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At Midland, we know it only takes a moment for an idea to spark, to find your dream home, or to start planning for your forever. Whatever your moments are, we're here for them. Learn who we are.

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Mortgage Refinance Options

Rate & Term Refinance

A rate and term refinance allows you to change the terms of your current mortgage. You can choose to refinance to the same or a longer term to reduce monthly payments or shorten your term to pay your loan off quicker.

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Cash-Out Refinance

With a cash-out refinance, you can tap the equity in your home to pay for home improvements, pay off higher interest rate debt, fund your child’s college tuition or whatever you can dream up.

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FHA Streamline Refinance

An FHA Streamline Refinance allows you to refinance a current FHA loan into a new FHA loan to lower your rate or change your loan term. An appraisal is not required, and the credit guidelines are more flexible than other types of mortgage finances.

FHA Streamline Refinance Details

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VA Interest Rate Reduction Refinance Loan (IRRRL)

The VA Streamline Refinance program, also known as the Interest Rate Reduction Refinancing Loan program (IRRRL), allows veterans who are current on their existing VA home loan to quickly and easily refinance to the lowest fixed rate available, with little to no out-of-pocket costs.

VA Interest Rate Reduction Refinance Loan (IRRRL) Details

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Get Pre-Approved for Your Mortgage

It's best to get pre-approved before you start looking for homes. The pre-approval process will help you determine what price range you can and are willing to afford, strengthen your offer when you find a home you are interested in, and will speed up the closing process when you do decide to buy.

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How To Take the Next Step

1. Explore Your Options Whether you're lowering your rate, shortening your term, or cashing out, we’ll help you find the best fit for your goals.

2. Apply Submit your application and let us do the heavy lifting.

3. Enjoy Your Savings Enjoy lower monthly payments, better terms, or cash in hand for your next big project.

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Quiz: Find Your Ideal Home Loan

Explore quick, interactive quizzes to pinpoint a loan tailored to your needs. Where are you in your home financing journey?

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Frequently Asked Questions

How can I determine if refinancing is right for me?

Whatever your reason for refinancing, it's a good idea to calculate your costs and potential savings before you make your decision. You should consider:

Prepayment penalties: Check your current home loan to see if there are any penalties for paying off your principal balance early.
Closing costs: Determine whether your savings will exceed your closing costs.
Term length: Factor in any additional years of interest you'll need to pay.

You can use our Mortgage Refinance calculator to determine when you will break even on a mortgage refinance and what your new monthly payment might be.

Generally speaking, refinancing is a good idea when it:

Helps save you money by obtaining a lower interest rate
Achieve your financial goals by reducing your monthly mortgage payments
Shorten existing loan terms

For example, if you have a 30-year mortgage but want to pay it off more quickly, you could refinance to a 15-year mortgage. You can also refinance to change from an adjustable-rate to a fixed-rate mortgage. If you need additional funds for a financial emergency or home improvements, refinancing allows you to tap into your home equity to cover those costs.

How does refinancing work?

When you refinance, you take out a new mortgage to replace your current one. It works similarly to getting a mortgage when you buy a new house. Instead of using your new loan to purchase a home, you use it to pay off your existing mortgage.

What type of documentation do I need to refinance?

You'll need to provide documentation about your current income, including:

Pay stubs covering the most recent 30-pay period.
W2s for the previous two years.
Bank statements covering the past 60 days.
Current mortgage information.
Proof of homeowners insurance.

How long does it take to refinance a mortgage?

The exact amount of time it takes to refinance depends on your loan's complexity. Most refinance transactions take 30 to 45 days to complete.

Can I still refinance if I have a second mortgage?

Yes. You can replace your first and second mortgage with a single refinance loan. If you have a home equity loan, you may decide to keep it and only refinance your first mortgage. The second mortgage is kept intact through a process called subordination. This process can take time, and your second mortgage lender will likely charge a fee.