Refinancing replaces your current mortgage with a new loan on different terms. NW Capital Mortgage helps homeowners throughout Washington and Oregon compare mortgage refinance options based on what they want to change about their current loan.
Changes the interest rate, loan term, or payment structure of your existing mortgage.
Typically used to lower the rate or payment, shorten the loan term, eliminate PMI, or change from an adjustable-rate mortgage to a fixed-rate mortgage.
A Rate-and-Term Refinance does not always increase the loan amount. Any increase in the loan amount is generally much smaller than with a cash-out refinance.
Replaces your current mortgage with a larger loan and provides eligible equity to you in cash.
Typically used to access equity for debt consolidation, home improvements, major expenses, or another financial need.
A Cash-out Refinance increases the amount borrowed by the amount of cash you receive and any closing costs financed into the new loan.
The biggest difference is what happens to the mortgage you already have.
A cash-out refinance replaces your current mortgage with a new, larger mortgage and gives you part of your available home equity in cash.
A Home Equity Line Of Credit (HELOC) lets you borrow against your equity without replacing your existing mortgage. The HELOC is a separate loan in addition to your first mortgage.
If you already have a mortgage rate or loan terms you want to keep, a HELOC may allow you to keep your first mortgage and borrow separately. If changing your existing mortgage makes financial sense, a cash-out refinance may let you restructure that loan and access equity at the same time.
Not sure which approach makes more sense? We can run the numbers with you so you can compare upfront costs, monthly payments, and long-term costs before deciding.
NW Capital Mortgage offers conventional, FHA, and VA refinance options for homeowners throughout Washington and Oregon. Rate-and-term and cash-out describe what the refinance does. Conventional, FHA, and VA refer to the mortgage program used for the new loan.
Conventional financing can be used for eligible rate-and-term or cash-out refinances when the borrower and property meet conventional requirements.
An FHA Streamline refinance may be available for an existing FHA-insured mortgage and may require less borrower documentation and underwriting than a standard refinance. Other FHA refinance options may be available when the borrower and property qualify.
A VA IRRRL refinances an existing VA loan , while a VA cash-out refinance can replace a VA or non-VA mortgage and may allow eligible borrowers to access home equity.
You do not necessarily have to refinance into the same loan program you have now. Another program may be available if you and the property qualify. We’ll help you understand which program best meets your goals.
Refinancing creates a new mortgage, so closing costs can include lender charges, title and settlement costs, and an appraisal or other property valuation when required. These costs can often be paid by the lender or rolled into the loan. Not having money available for closing costs typically does not prevent a homeowner from refinancing if the refinance otherwise makes financial sense.
Once you choose a refinance option, your new loan moves through several steps. At closing, the new mortgage pays off the loan it is replacing.
Closing costs, your break-even point, the new loan term, and how long you expect to keep the mortgage can all affect whether refinancing makes sense. For a deeper look at these factors, read “Refinancing in Oregon and Washington: When Does It Make Sense?”
Refinance Your Home With NW Capital Mortgage
NW Capital Mortgage works with homeowners throughout Washington and Oregon on rate-and-term, cash-out, conventional, FHA, and VA refinancing. We’ll identify the best refinance options available to you.
