Level Up Mortgage Lending | Conventional Loan

Refinance

Refinancing means paying off your existing mortgage with a new one, typically to reduce your interest rate and monthly payment or change the term. You can also refinance to take cash out from your home's equity.

Refinancing can be a powerful tool, but weigh the costs and benefits: a lower rate or shorter term can save money, but refinancing usually involves closing costs and fees and can extend your payoff timeline. Consider your goals, current rates, and how long you plan to stay before deciding.

Refinance Characteristics

  • Replaces your current mortgage with a new loan, often with different terms or rates

  • Commonly done to secure a lower rate and reduce monthly payments

  • Can shorten or lengthen your loan term to match your goals

  • Cash-out refinancing lets you borrow against equity for renovations or debt consolidation

  • Involves application, appraisal, and closing costs to weigh against savings

  • Can switch an ARM to a fixed-rate mortgage for stability

  • Can consolidate debt or improve cash flow

  • Weigh long-term costs and how long you plan to stay in the home

Level Up Mortgage Lending | Conventional Loan

5) Conventional loans offer options for fixed or adjustable interest rates

6) Conventional loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums

7) Conventional loans do not require mortgage insurance if the borrower puts down at least 20% of the purchase price

8) Conventional loans offer options for refinancing, including cash-out refinancing and rate-and-term refinancing, which can help borrowers lower their monthly mortgage payments or access equity in their home.

Need more information?

This is not an offer to enter into an agreement. This is not a commitment to make a loan. Not all customers will qualify. Information, rates and programs are subject to change without prior notice. All products are subject to credit and property approval. All approvals are subject to underwriting guidelines. Not all products are available in all states or for all dollar amounts. Other restrictions and limitations may apply. VA loans subject to individual VA Entitlement amounts and eligibility, qualifying factors such as income and credit standards, and property limits. NEXA Mortgage, LLC is not affiliated with any government agencies. These materials are not from VA, HUD or FHA, and were not approved by VA, HUD or FHA, or any other government agency. Copyright © 2026 NEXA Mortgage, LLC NMLS#1660690. AZBK #2006218. 5559 S Sossaman Rd Bldg #1 Ste #101 Mesa, AZ 85212, 602-344-9333. www.NEXALending.com NEXA Mortgage, LLC is an Equal Housing Lender | Equal Housing Opportunity. All rights reserved.