Refinance with a clear head.
Lower your payment, shorten your term, or put your equity to work. And if the math doesn't genuinely save you money, Ky will tell you to keep the loan you have. That's a promise.
No SSN required. Zero impact to credit. Your information is never sold.
Same house. Better loan.
A rate and term refinance replaces your existing mortgage with a new loan on different terms, meaning a lower rate, a different length, or both, without taking cash out of your equity.
Homeowners usually look at this when rates drop, when their credit has improved, or when they want to trade an adjustable rate for the stability of a fixed one. Ky will run your actual numbers, including the break-even math on closing costs, so you know whether it's worth it before you commit to anything.
- ✓ Lower your interest rate and reduce monthly payments
- ✓ Shorten your loan term to build equity faster
- ✓ Switch from adjustable-rate to fixed-rate stability
- ✓ Potentially eliminate private mortgage insurance (PMI)
Turn the equity you've built into money you can use
A cash-out refinance replaces your mortgage with a new, larger loan and gives you the difference in cash. Here's the plain-English version: if your home is worth $400,000 and you owe $250,000, you have $150,000 in equity. You might refinance for $300,000, pay off the $250,000 you owe, and walk away with $50,000 in cash (minus closing costs).
Fund what matters
Home improvements, education, investments, or a real emergency fund. Most conventional programs let you borrow up to 80% of your home's value.
Consolidate high-interest debt
Mortgage rates are typically far lower than credit cards or personal loans. One payment, one rate, one plan.
Possible tax benefits
Interest may be tax-deductible when funds are used to substantially improve your home. Your tax advisor can confirm what applies to you.
Estimate your available equity in about a minute.
The refinance process
Four steps, and you'll understand every one of them.
Share your details
Tell Ky about your current mortgage and what you're hoping to accomplish: lower payment, shorter term, or cash out.
Review real scenarios
Get customized refinance scenarios with different rates and terms. Your numbers, not hypotheticals.
Check the break-even
Compare monthly savings against closing costs so you know exactly when the refinance starts paying for itself.
Close and move on
Choose the option that fits your goals. Most refinances close within 30-45 days.
No credit pull. No obligation.
When refinancing makes sense, and when it doesn't
Refinancing may make sense if current rates are lower than yours, your credit has improved since your original mortgage, you plan to stay in your home long enough to recoup closing costs, or you want to trade an adjustable rate for a fixed one. For cash-out, most lenders want you to keep at least 20% equity after the refinance.
Programs generally look at your payment history, credit score, equity position, income, and debt-to-income ratio, subject to credit approval. Not sure it's worth it? Ky will tell you honestly, even when the answer is "keep what you have."
Refinance Qualifier
Check your refinance eligibility and estimate your savings in one minute, no SSN, no credit pull.
Takes about a minute.
Common questions about refinancing
Have one that's not here? Just reach out.
How much can I save by refinancing?
It depends on your current rate, the new rate available to you, your loan amount, and how long you'll keep the new mortgage. Ky provides a personalized analysis, including the break-even point where your savings outrun the closing costs.
What are the costs of refinancing?
Closing costs similar to your original mortgage, typically 2-5% of the loan amount: application, appraisal, title insurance, recording fees. Your break-even point is when monthly savings equal what the refinance cost you.
Will refinancing affect my credit score?
Applying triggers a hard credit inquiry, which may cause a small, temporary dip. Multiple mortgage inquiries within a short window typically count as a single inquiry, so shopping around doesn't pile up damage.
How soon after buying can I do a cash-out refinance?
Most lenders require at least six months of ownership before a cash-out refinance; some programs, like FHA and VA, may require twelve.
Can I refinance if I have an FHA or VA loan?
Yes, and often more easily. FHA Streamline and VA IRRRL programs are built for existing FHA/VA borrowers, with less documentation and sometimes no new appraisal.
What's the difference between a cash-out refinance and a HELOC?
A cash-out refinance replaces your mortgage with one new loan and hands you a lump sum at closing. A HELOC is a second loan alongside your existing mortgage, a revolving credit line you draw from as needed. If your current rate is great, a HELOC may protect it; Ky can run both scenarios.
Should I refinance from a 30-year to a 15-year mortgage?
A shorter term usually means a higher monthly payment but significant interest savings over the life of the loan. It works when you can comfortably afford the payment and want to build equity faster. Ky can show you the comparison side by side.
Let's run your actual numbers.
Get a no-cost refinance quote, and an honest answer about whether it's worth doing at all.
Quick • No credit pull • Just real numbers
All loans subject to credit approval. Rates, program terms, and conditions are subject to change without notice. Actual savings will vary based on individual circumstances. Not all products are available in all states or for all loan amounts. Property appraisal may be required. Consult a tax advisor regarding the deductibility of interest. Other restrictions and limitations may apply. This is not a commitment to lend. Licensed in Minnesota.