Every refinance type PRMG offers, FHA Streamline, VA IRRRL, USDA Streamlined Assist, Conventional Rate/Term and Cash-Out, RefiNow, Refi Possible, Jumbo, and Non-QM for self-employed borrowers and investors. We'll run the break-even math, compare it side-by-side with your current loan, and tell you honestly whether refinancing actually saves you money.
Refinancing isn't always about chasing a lower rate. The smartest refinance moves usually solve a specific financial problem.
The classic refinance. If your current rate is meaningfully higher than today's market and you plan to stay in the home long enough to break even on closing costs, refinancing locks in real monthly savings.
Renovate the home, pay off high-interest debt, fund an investment property, pay for college, or build a reserve cushion. Cash-out refinance at first-mortgage rates is almost always cheaper than personal loans, HELOCs, or credit cards.
Refinance from a 30-year into a 15-year or 20-year to pay off the home faster and save tens of thousands in interest. Payment may go up but total cost goes way down.
If you have FHA mortgage insurance and your home's value has risen, you can often refinance into a Conventional loan, drop PMI, and lower your total payment, even at a slightly higher interest rate.
If your adjustable-rate mortgage is about to adjust upward, refinancing into a 30-year fixed locks in a predictable payment for the life of the loan. Removes interest rate risk from your monthly budget.
After a divorce, a partner death, or when buying out a co-investor, a refinance removes the other party from the loan. Often the cleanest way to do a buyout without selling the home.
For existing FHA borrowers only. No appraisal in most cases, reduced income documentation, no formal credit qualification beyond the mortgage payment history. New rate must show a net tangible benefit. Closing costs can be rolled into the loan in many scenarios.
Best for: Current FHA borrowers who want a faster, cheaper rate reduction.
Up to 80% LTV cash-out. Refinance any first-mortgage type (FHA, Conventional, VA, USDA) into a new FHA loan and pull cash from equity. Useful when credit score is in the 580-680 range and Conventional cash-out isn't available.
Best for: Borrowers with FHA-friendly credit who need cash and don't yet qualify for Conventional cash-out.
Standard FHA refinance for rate or term changes. Appraisal required, full income documentation. Use to refinance a non-FHA first mortgage INTO FHA, or to do a more involved FHA-to-FHA refinance that doesn't fit Streamline requirements.
Best for: Refinances that need a full underwrite, or moves into FHA from another loan type.
Refinance + renovation rolled into one loan. Pay off the existing first mortgage and roll the renovation budget into the new FHA loan. Limited 203(k) up to ~$75K cosmetic, Standard 203(k) for major work.
Best for: Homeowners who want to refinance AND remodel in one transaction.
For existing VA loan holders. No appraisal in most cases, no income documentation, reduced funding fee of 0.5 percent (vs 2.15-3.30 percent on purchase). Closing costs can be rolled into the loan, often allowing $0 out of pocket refinance.
Best for: Veterans with an existing VA loan who want a lower rate fast.
Up to 90% LTV cash-out on primary residence (sometimes up to 100% LTV with full entitlement). Higher LTV than any other government cash-out program. Refinance any loan type INTO VA, including refinancing FHA or Conventional into VA to drop PMI.
Best for: Veterans who need higher cash-out limits than FHA or Conventional allow.
VA refinance + renovation rolled into one loan. Up to ~$50,000 in non-structural improvements rolled into the refi. Improvements must be completed within 120 days of closing. Maintains the $0 down and no-PMI VA benefit on the new loan.
Best for: Veterans refinancing with a rehab budget in one transaction.
Refinance VA loans above conforming county loan limits. California, New Jersey, and other high-cost markets routinely produce VA jumbo scenarios. Available as both IRRRL Streamline and full Cash-Out.
Best for: Veterans in high-cost areas with loan balances above the standard county limit.
For existing USDA loan holders. No appraisal, no income documentation, no credit qualification beyond mortgage payment history (12 months on-time). Designed to make USDA refinancing as simple as FHA Streamline.
Best for: Current USDA borrowers wanting a faster rate reduction.
Standard USDA refinance with full documentation. Income limits apply (typically 115 percent of area median income). Appraisal required. Use when Streamlined Assist isn't an option or when the property has changed significantly since the original USDA loan.
Best for: USDA borrowers who don't qualify for Streamlined Assist, or for refinancing into USDA from another loan type in an eligible rural area.
USDA refi with renovation rolled in. Combines a USDA refinance with a rehab budget in one transaction. Available in USDA-eligible rural and suburban areas.
Best for: Existing USDA homeowners who want to refinance and renovate together.
Standard conventional refinance. Lower your rate, shorten or extend your term, drop FHA mortgage insurance, or move from ARM to fixed. Up to 95-97% LTV on primary, lower on second home and investment. Flexible credit guidelines.
Best for: Borrowers with good credit and standard income docs looking for the cleanest refi.
Up to 80% LTV cash-out on primary residence. Up to 75% on second homes, 75% on investment properties. Use cash for renovation, debt consolidation, investment, or reserves.
Best for: Equity-rich homeowners with strong credit looking to pull cash at first-mortgage rates.
Designed for lower-income homeowners (at or below 100% of area median income). Includes a 0.5% rate reduction, appraisal credit, and reduced fees. Specifically built to make refinancing accessible to borrowers who would otherwise skip a rate-and-term refi.
Best for: Income-eligible homeowners with existing conventional loans backed by Fannie Mae.
Freddie's equivalent of RefiNow. Same income eligibility and similar benefits: rate reduction, appraisal credit, reduced fees. Designed for lower-income homeowners with Freddie-backed conventional loans.
Best for: Income-eligible homeowners with Freddie Mac conventional loans.
Conventional refinance + renovation in one loan. Roll the rehab budget into the new conventional first mortgage. Allows luxury items (pools, outdoor kitchens) that FHA 203(k) excludes. Available on primary, second home, and investment.
Best for: Conventional borrowers, investors, or luxury-rehab scenarios.
For loan amounts above standard conforming limits but below true jumbo. California and New Jersey high-cost counties commonly fall in this range. Typically priced between conforming and jumbo rates.
Best for: Higher-priced markets where loan balance exceeds standard conforming limits.
Refinance loan amounts above county high-balance limits. Up to $3M+ loan amounts on primary, second home, and investment. Stronger credit and reserve requirements than conventional, but often very competitive rates at the upper end of the market.
Best for: California Bay Area, SoCal, NJ commuter markets, NYC metro borrowers.
Cash-out from high-balance equity. Up to 80% LTV on primary, 70-75% on second home and investment. Typical cash-out limits up to $1M+ on a single transaction.
Best for: High-equity homeowners in high-cost markets looking to access substantial cash.
Loan amounts above $3M. Available through PRMG's jumbo and non-QM programs. Tighter underwriting, higher reserve requirements, but available on owner-occupied, second home, and investment.
Best for: Ultra-high-net-worth borrowers with luxury property portfolios.
When your tax returns don't tell the real story of your income, or you want to qualify based on the property's cash flow instead of your personal income.
Qualify using 12 or 24 months of personal or business bank statements instead of tax returns. Especially valuable for self-employed borrowers whose tax returns show low taxable income after deductions. Up to 80% LTV on primary, lower on investment.
Best for: Self-employed business owners, 1099 contractors, gig workers.
Investment property refinance qualified using rental cash flow (Debt Service Coverage Ratio), not personal income or tax returns. The property's rental income covers the new payment with a minimum ratio (typically 1.00 to 1.25).
Best for: Real estate investors with rental property portfolios who don't want to use personal income on every loan.
Qualify using a CPA-prepared profit and loss statement without tax returns or bank statements. 12 or 24 months of P&L documentation. Available on primary, second home, and investment.
Best for: Self-employed borrowers with strong CPA documentation who want to bypass bank statement averaging.
Qualify using assets in lieu of income. Liquid assets (savings, brokerage, retirement) are divided by 60-84 months to create a documented income stream. Useful for retirees and asset-rich/income-light borrowers.
Best for: Retirees, trust fund holders, asset-rich borrowers with limited W-2 or self-employment income.
For non-US citizens with US property holdings. Qualify with foreign income documentation and assets. Larger down payment and reserve requirements, but allows non-residents to refinance US investment properties.
Best for: Foreign investors holding US rental properties.
Qualify using 1099 income forms instead of tax returns or W-2s. Designed for independent contractors and commission-only earners who want a faster path than bank statement underwriting.
Best for: Real estate agents, insurance agents, consultants, commission-only earners.
We pull your current loan terms (rate, balance, payment, term remaining) and compare against today's available programs. You get a side-by-side payment comparison and break-even analysis. No commitment.
If the math works, we lock your rate (typically 30-60 days), submit a formal application, and start the loan file. Credit pull, income documentation, and disclosure delivery happen in this phase.
Appraiser values the home, title company pulls a payoff on your existing mortgage and orders title insurance. Most refis close on a 12 to 21 day timeline; streamlined refis (FHA Streamline, VA IRRRL, USDA Streamlined Assist) often close faster because no appraisal is required.
Underwriter reviews the full file, issues conditions (if any), then clears to close. Streamlined refis have minimal underwriting; cash-out and full-doc refis go through a more involved review.
You sign closing documents at title or notary. Per federal Right to Rescission rules, primary-residence refinances have a 3-business-day cancellation window after signing. The loan funds, your old mortgage is paid off, and any cash-out is wired to your account.
Compare your current mortgage against a refinance scenario. See the monthly savings, total interest impact, and break-even point.
Estimates only. Actual rate depends on credit, LTV, property type, and program. Closing costs vary by state, lender, and program. Cash-out refinances may have different rate adjustments than rate/term refinances. Not a commitment to lend.
Typically 12 to 21 days for streamlined refinances (FHA Streamline, VA IRRRL, USDA Streamlined Assist) and 21 to 35 days for full-documentation refinances with appraisal. After signing, primary residence refinances have a federally-mandated 3-business-day Right to Rescission window before funding.
Depends on the loan type and whether it's rate/term or cash-out. Rate/term refinances can go up to 95-97% LTV on Conventional, 96.5% on FHA, 100% on VA. Cash-out refinances typically allow 80% LTV on FHA and Conventional, 90% LTV on VA. Streamlined refis (Streamline, IRRRL, Streamlined Assist) don't have LTV restrictions because they don't typically require an appraisal.
Generally yes, but slightly lower. Refinances typically have closing costs in the range of 2 to 3 percent of the loan amount, including appraisal, title insurance, escrow setup, recording fees, and lender fees. Closing costs can usually be rolled into the loan balance so you don't have to bring cash to the closing table, but this affects break-even math.
For most full-doc refinances, yes. For streamlined refinances (FHA Streamline, VA IRRRL, USDA Streamlined Assist), no appraisal is required in the vast majority of cases. Some Conventional refinances qualify for a "Property Inspection Waiver" (PIW) from Fannie Mae that skips the formal appraisal if the loan-to-value is conservative and the property type is straightforward.
Only if you choose to refinance into a new 30-year term. You can refinance into ANY term, 30, 25, 20, 15, or 10 years. Many homeowners with 5+ years already paid on a 30-year refinance into a 20- or 25-year loan to keep the same payoff date while still capturing a lower rate.
Yes. Conventional, Jumbo, and Non-QM (DSCR, Bank Statement) refinance programs are all available for investment and second-home properties. LTVs are lower (typically 75% on investment, 75-80% on second home for cash-out) and rates are slightly higher than primary residence, but the programs absolutely exist.
Floors vary by program. FHA Streamline can go quite low (no formal credit qualification beyond payment history). VA IRRRL similar. Conventional rate/term typically needs 620+, Conventional cash-out stronger credit profile, Jumbo higher credit profile. Non-QM ranges from 620 to 700 depending on program and LTV. We'll review your score and tell you what's actually available.
Short-term, slightly. The hard inquiry typically drops your score by 3-5 points, and the new account temporarily lowers your average account age. The mortgage payoff and new mortgage net out over a few months, and on-time payments rebuild quickly. Most homeowners see scores back to baseline (or higher, due to lower utilization on revolving accounts when you cash-out to pay down credit cards) within 4-6 months.
Most programs require a 6-month seasoning period between the original loan and a refinance. FHA Streamline specifically requires 210 days from closing AND 6 on-time payments. VA IRRRL requires 210 days. Cash-out refinances on most programs require 6-12 months of seasoning. We'll confirm the specific waiting period for your scenario.
Yes, just with fewer program options. FHA Streamline and VA IRRRL are the most lenient because they're for existing borrowers in good standing with their current loan. FHA Cash-Out goes down to flexible credit cases. Non-QM programs sometimes start at 620 with compensating factors. Conventional refinances follow conventional guidelines for credit. We'll tell you what's available based on your actual score, not generic advice.
Quick scenario, no credit pull required. We'll model your refi against the right PRMG program and tell you whether it actually saves you money.