Mortgage Refinance

Thinking about refinancing your home loan? Refinancing can help you secure a lower interest rate, reduce your monthly payment, or tap into your home’s equity. Explore how the process works and discover if now is the right time for you.

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Why Should You Refinance a Mortgage?

Refinancing a mortgage involves replacing it with a new contract. Your mortgage balance from the current loan will be paid off, and your new loan will go into effect. A mortgage refinance can be done through your original lender, or a new lender of your choice.

Depending on the type of loan you have, you may be able to qualify for a streamlined refinance, which requires less documentation and may not even require an appraisal. You may also be able to roll closing costs into your new loan amount for a no-cost refinance.

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TermConforming 30 year fixed

Rate5.375%

APR5.566%

98004 | $800,000 | Credit Score 800+ | 25 Down

TermConforming 15 year fixed

Rate4.375%

APR4.770%

98004 | $800,000 | Credit Score 800+ | 25 Down

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Benefits of a mortgage refinance

Refinancing your home loan has many advantages, especially if your existing mortgage carries a very high interest rate, you’ve built up home equity or improved your credit score, or your financial circumstances have changed. Here are some reasons you might want to refinance a mortgage.

To lower your interest rate

If mortgage rates have dropped since you got your loan, or you have an adjustable rate mortgage and interest rates are climbing, you can refinance the balance of your loan and pay less interest on the new mortgage. Refinancing into a fixed rate mortgage, even if you have to pay closing costs, can save you tens of thousands over the life of the loan. This is typically a good move if you are still in the early years of your loan, when the majority of your monthly mortgage payment is directed towards interest owed.

A mortgage refinance involves paying off your existing mortgage and replacing it with a new one. There are several reasons why homeowners may want to consider refinancing, and locking in at a lower rate is one of the biggest.

To access your home’s equity

If you have a need to put your hands on some cash, you can refinance your mortgage to borrow against the equity in your home. This usually means lengthening your mortgage loan term or increasing your monthly payments. You may be able to negotiate a lower interest rate as well when you apply for a cash-out refinance. A refi can help you afford home improvements, buy a new vehicle, pay down high interest credit cards, or fund a wedding or vacation.

To reduce your monthly payment

You can also use a refinance to lower monthly mortgage payments by extending your loan term. You will pay more interest over the life of your loan this way, but if you are going through a tough financial time it can be worth it to have less of a mortgage bill every month. If refinance rates are favorable, or your credit score has improved over time, you may not end up paying much more than you had originally planned.

To eliminate PMI payments

If you financed more than 80% of your home’s value due to a down payment of less than 20%, your lender likely insisted that you carry private mortgage insurance (PMI). This may be an annual or monthly expense, and you might have it rolled into your current mortgage payment or be paying it separately. In most cases, once you have enough equity (typically when your balance is equal to or less than 80% of your loan), you can refinance to save money by removing the mortgage insurance requirement.

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How Much Can I Save With a Refinance?

You can save a lot of money (tens of thousands of dollars) with home refinance loans that offer a lower interest rate. If you have a 30-year fixed rate mortgage for $300,000 at an interest rate of 4.0%, you’ll pay a little over $1,425 a month and your total interest paid by the end of the term will be more than $210,000.

By reducing the interest rate just one point, to 3.0%, you would have a lower payment of just over $1,260 and your total mortgage interest paid would be reduced to less than $155,000. That’s well over $150 left in your bank account every month, and more than $55,000 saved over a 30-year span compared to your original mortgage.

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Working with Sammamish Mortgage

At Sammamish Mortgage, we always put the client first, making sure you get the most effective loan for your budget.
We offer some of the most competitive rates in the nation, and it’s our goal to give you a hassle-free refi experience. We’re proud to say we close most of our loans quickly and on-time. We offer a wide variety of home loans, including FHA streamline refinances, so you can start reaping the benefits of your refi as soon as possible.
For more information on your refinancing loan options, feel free to contact us today. We currently lend in all of Washington, Oregon, Idaho, Colorado & California. Our friendly team of experienced mortgage professionals will advise you on which refinancing program meets your needs.
Are you ready to refinance your mortgage and lock in at a much lower interest rate than what you’re paying now? If so, Sammamish Mortgage can help you get started. Get in touch with us today!

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FAQs

What is mortgage refinancing?

Refinancing replaces your existing mortgage with a new one—often to get a better rate, change terms, or access equity.

Why do people refinance their mortgage?

Common reasons include lowering interest rates, reducing monthly payments, switching loan types, or tapping into home equity.

How does refinancing work?

You apply for a new mortgage, use it to pay off your current one, and then begin making payments on the new loan.

Is refinancing the same as renewing a mortgage?

No, renewal continues your existing mortgage with new terms, while refinancing replaces it entirely with a new loan.

Can I refinance with the same lender?

Yes, you can refinance with your current lender or shop around for better offers from others.

Will refinancing save me money?

It can—especially if you secure a lower interest rate or shorten your loan term. But fees and penalties must be considered.

What are the costs of refinancing?

Typical costs include appraisal fees, legal fees, discharge fees, and possibly a prepayment penalty.

What is a break penalty?

It’s a fee charged by your lender if you pay off your mortgage early—common with fixed-rate mortgages.

Do I need good credit to refinance?

Yes, a good credit score improves your chances of approval and helps you qualify for better rates.

Can I refinance if I’m self-employed?

Yes, but you’ll need to provide detailed income documentation, such as tax returns and business financials.

What is a cash-out refinance?

It allows you to borrow more than your current mortgage balance and receive the difference in cash.

Can I switch from a variable to a fixed-rate mortgage?

Yes, refinancing lets you change loan types to suit your financial goals or risk tolerance.

Can I shorten my mortgage term when refinancing?

Yes, moving to a shorter term can save on interest, though monthly payments may rise.

Can I extend my mortgage term?

Yes, extending the term lowers monthly payments but increases total interest paid over time.

Will I get the same interest rate when refinancing?

Not necessarily. Rates depend on market conditions, your credit profile, and lender policies.

Do I need a home appraisal to refinance?

Yes, lenders use appraisals to determine your home’s current market value and equity.

What happens to my old mortgage after refinancing?

It’s paid off in full and discharged from your property title. You then begin payments on the new loan.

States we lend in

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Refinancing your mortgage in WA, OR, CO, ID or CA

Now is a great time for looking into a mortgage refinance to reduce your interest rate, lower your monthly payment, cash-out equity, or remove PMI. You can use our free Instant Rate Quote tool and Rate Tracker to find out how much you could be saving every month or over the life of your loan.

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Mortgage Refinance

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Why Should You Refinance a Mortgage?

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