Mortgage Refinance Options Built Around Your Goals
Whether you want to lower your payment, access cash, consolidate debt, remove PMI, or compare if a HELOC makes more sense, Andes Mortgage helps you understand your refinance options before you make a move.
- 40+ lenders compared
- Broker advantage
- Government and Non-QM loans
- Licensed in GA, FL, TX & SC
What do you want to accomplish?
- Lower my monthly payment
- Take cash out
- Pay off high-interest debt
- Remove PMI
- Compare refinance vs HELOC
Why Homeowners Refinance
A refinance can solve different problems depending on your current mortgage, equity, credit profile, and financial goals.
Lower Your Payment
Compare whether a new loan could reduce your monthly mortgage payment.
Access Home Equity
Use a cash-out refinance to turn part of your home equity into usable funds.
Consolidate Debt
Pay off high-interest debt and simplify your monthly obligations.
Remove PMI
If your home value has increased, a refinance may help remove mortgage insurance.
Change Your Loan Structure
Move from one loan type, term, or mortgage structure into one that fits better now.
Remove Co-Borrowers
Remove others from the loan and/or the title of the property.
Which Refinance Option Fits Your Goal?
Start with your goal. Then compare the refinance path that may fit your situation.
Pay off credit cards or debt
Recommended path: Debt Consolidation Refinance
I'm self-employed or 1099 contractor
Recommended path: Bank Statement Loan Options
I want to keep my current low rate
Recommended path: Bank Statement HELOC / HELOC Options
Not sure where to start?
Run the Numbers Before You Refinance
Before replacing your current mortgage, compare your current payment against a possible new refinance. Estimate monthly savings, closing costs, break-even point, and cash-out scenarios.
Use the calculator as a decision checkpoint
The right refinance is not only about the rate. It should also make sense after closing costs, time in the home, equity goals, and your current loan structure are considered.
Estimate monthly savings
Compare your current payment with a possible new refinance payment.
Check break-even timing
See how long it may take for savings to offset refinance costs.
Compare cash-out scenarios
Review how accessing equity may affect the new loan amount and payment.
Refinance Quick Check
Estimate your monthly savings and break-even point before replacing your current mortgage.
Your Results
This quick estimate is for educational purposes only and is not a loan approval, quote, or commitment to lend. Actual refinance terms depend on credit, equity, income, property type, loan program, and lender guidelines.
Should You Refinance, Use a HELOC, or Keep Your Current Mortgage?
A refinance is not always the best move. Sometimes a HELOC or home equity loan may solve the problem without replacing your current mortgage.
Option
Best For
Keeps Current First Mortgage?
Main Trade-Off
Rate-and-Term Refinance
Lowering payment, changing term, or improving loan structure, removing others.
No
Closing costs and a new loan term
Cash-Out Refinance
Large lump-sum equity needs, keeps one mortgage, one rate, one payment.
No
Replaces your existing mortgage
HELOC
Flexible access to equity
Yes
Often variable payment and rate
Home Equity Loan
Fixed second mortgage payment
Yes
Adds a second monthly payment
Keep Current Mortgage
Homeowners with a strong existing rate or short break-even timeline
Yes
May not solve cash-flow or equity goals
Rate-and-Term Refinance
Best For: Lowering payment, changing term, or improving loan structure
Keeps Current First Mortgage? No
Main Trade-Off: Closing costs and a new loan term
Cash-Out Refinance
Best For: Large lump-sum equity needs
Keeps Current First Mortgage? No
Main Trade-Off: Replaces your existing mortgage
HELOC
Best For: Flexible access to equity
Keeps Current First Mortgage? Yes
Main Trade-Off: Often variable payment and rate
Home Equity Loan
Best For: Fixed second mortgage payment
Keeps Current First Mortgage? Yes
Main Trade-Off: Adds a second monthly payment
Keep Current Mortgage
Best For: Homeowners with a strong existing rate or short break-even timeline
Keeps Current First Mortgage? Yes
Main Trade-Off: May not solve cash-flow or equity goals
Should I Refinance? (Does it make sense)
A good refinance should improve your financial picture. If the numbers do not work, the better move may be to keep your current mortgage or look at a HELOC instead.
Refinance 👌
The payment savings are meaningful
You are lowering your rate by at least 0.5%
The break-even point is less than 1 year
You plan to keep the home long enough
You want to shorten the term of your mortgage
You need to access your home equity
You are using your equity to pay off debt
You are able to remove PMI
Why Not To Refinance 😵💫
Your current rate is much lower than today’s rates
Monthly savings are not worthwhile enough
The rate change is not low enough to make sense
Closing costs outweight the savings of refinancing
You plan to sell soon
A HELOC may be a smarter way to tap into your equity
You only need short term access to equity
Explore Refinance Program Paths
Different loan types have different refinance options. Andes Mortgage can help compare programs across multiple lenders.
Conventional Refinance
Compare rate, term, PMI, and equity strategies for conventional loans.
FHA Refinance
FHA Streamline and cash-out refinance options for homeowners with FHA financing.
VA Refinance
Compare VA IRRL and cash out for eligible veterans, service members, and surviving spouses.
USDA Streamline
Lower the interest rate and the monthly payment of your USDA mortgage.
Cash-Out Refinance
Use home equity for larger lump-sum needs when the numbers work.
Non-QM Refinance
Self-employed homeowners may qualify using alternative income documentation.
Jumbo Refinance
Compare refinance paths for larger loan amounts and unique borrower profiles.
Investment Property Refinance
Evaluate refinance strategies for rental, investor, and portfolio goals.
Refinance to Remove PMI
Check whether increased equity may help eliminate mortgage insurance.
Mortgage Refinance FAQs
Mortgage refinancing replaces your current mortgage with a new loan. Homeowners often refinance to lower their payment, access equity, consolidate debt, remove PMI, or change loan terms.
It may make sense when the monthly savings, cash-out benefit, debt consolidation strategy, or loan improvement outweigh the closing costs and long-term impact.
Yes, refinancing may lower your payment if the new loan has a lower rate, longer term, lower mortgage insurance cost, or better loan structure. The numbers should be compared carefully before moving forward.
A rate-and-term refinance changes the loan rate, term, or structure without taking significant cash out. A cash-out refinance replaces your mortgage with a larger loan and gives you part of your equity back as cash.
It depends. A cash-out refinance replaces your current first mortgage, while a HELOC usually keeps your first mortgage in place and adds a second line of credit. If your current mortgage rate is low, a HELOC may be worth comparing.
Yes, some homeowners use a debt consolidation refinance to pay off high-interest credit cards or other debts. This can simplify payments, but it is important to compare the long-term cost and avoid building the debt back up.
Possibly. If your home value has increased and your loan-to-value ratio has improved, refinancing may help remove PMI depending on the loan type and qualification requirements.
Yes. Self-employed homeowners may qualify through traditional documentation or alternative programs such as bank statement loans, depending on income, credit, equity, and lender guidelines.
Refinance closing costs may include lender fees, title fees, appraisal fees, prepaid taxes and insurance, and other third-party costs. These should be compared against the monthly savings or cash-out benefit.
Divide the estimated closing costs by the estimated monthly savings. For example, if closing costs are $5,000 and the refinance saves $250 per month, the break-even point is about 20 months.
Not Sure Which Refinance Option Fits?
Answer a few quick questions and Andes Mortgage Match™ can help point you toward the refinance path that may make the most sense for your goals.