Mortgage Refinance Loans
Lower Your Rate, Payment — or Tap Your Equity
Is your current loan no longer the perfect fit? A mortgage refinance replaces your existing home loan with a new one that better meets today’s goals—whether that’s a lower interest rate, a shorter term, or cash-out for big expenses. Salute Mortgage makes refinancing simple, fast, and transparent so you can start saving sooner.
Why Homeowners Refinance
| Goal | How a Refinance Helps |
|---|---|
| Reduce your monthly mortgage payment | Lock in a lower rate or extend your term to cut monthly costs. |
| Cash-out home equity | Pull out funds for renovations, debt payoff, tuition, or investments. |
| Pay off the loan faster | Swap a 30-year term for a 20-, 15-, or 10-year and slash total interest. |
| Switch from adjustable to fixed | Gain payment stability before rates reset higher. |
| Remove mortgage insurance | Drop FHA MIP or conventional PMI once you have 20 % equity. |
Popular Refinance Options
Rate-and-Term Refinance – Replace today’s rate or term without tapping equity.
Cash-Out Refinance – Borrow up to 80 % of your home’s value and receive the difference in cash.
FHA Streamline Refinance – Paperwork-light path for current FHA borrowers; no appraisal in many cases.
VA IRRRL (Interest Rate Reduction Refinance Loan) – Rapid, low-cost refinance exclusively for eligible veterans and service members.
USDA Streamlined-Assist Refi – Reduce interest and payment for qualified rural homeowners.
Jumbo & Investment Property Refinance – Competitive solutions for high-balance loans and rental properties.
Refinance Benefits at a Glance
- Lower mortgage rate = lifetime savings
- Combine first & second mortgages into one payment
- Access equity without selling your home
- Potential tax advantages on interest (consult your advisor)
- Build wealth faster by shortening the term
Is Refinancing Worth It? Find Your Break-Even Point
- New payment vs. current payment
- Closing costs involved
- Months to break even on upfront fees
If the break-even point is well before you plan to sell, a refinance usually makes financial sense.
How the Refinance Process Works
- Apply online in minutes for a custom rate quote.
- Upload documents—income, assets, and recent mortgage statements.
- Lock your rate and schedule an appraisal (often waived).
- Underwriting & closing—typically 20–30 days.
- Enjoy new terms and start saving on the very first payment.
Refinance FAQs
Refinancing can help you lower your interest rate, reduce your monthly payment, access home equity, or switch to a different loan type or term. Whether your goal is to save money, consolidate debt, or pay off your loan faster, refinancing is a smart move when market conditions or your financial situation change.
If your current interest rate is higher than today’s market rates, or your financial goals have changed, it’s worth exploring your refinance options. Our team can run a free savings analysis to show you how much you could save or unlock through a refinance.
We offer a range of refinance solutions including rate-and-term refinances, cash-out refinances, and streamlined options for VA, FHA, and conventional loans. Whether you want to reduce your payment or access equity, we’ll help you find the right fit.
Not necessarily. You can refinance into a shorter or longer term depending on your financial goals. For example, switching from a 30-year to a 15-year loan can help you build equity faster, while extending your term can lower monthly payments. We’ll walk you through the best option for your situation.
Ready to Refi? Let’s Talk Numbers
Whether you want lower payments, to pay off sooner, or to tap your equity for a major goal, Salute Mortgage has a refinance program built for you.
Get Your Quote