Looking to Lower Your Interest Rate and Monthly Payment?
Receive a quote on a Home Refinance that may help you save money.
Why Refinance?
Refinancing means replacing your current mortgage with a new one—usually to lower your interest rate, reduce your monthly payment, or adjust the loan term.
Homeowners also refinance to access cash from their home’s equity, which can be used for major expenses like renovations, debt consolidation, or investments.
What Is Mortgage Refinancing?
Mortgage refinancing is the process of replacing your current home loan with a new one that better fits your financial goals. Whether you're looking to secure a lower interest rate, reduce your monthly payment, or access equity from your home, refinancing can be a smart move. When you refinance, the new mortgage pays off your existing loan in full—essentially giving you a financial reset.
Mortgage refinancing is the process of replacing your current home loan with a new one that better fits your financial goals. Whether you're looking to secure a lower interest rate, reduce your monthly payment, or access equity from your home, refinancing can be a smart move. When you refinance, the new mortgage pays off your existing loan in full—essentially giving you a financial reset.
What You'll Need:
Just like when you first purchased your home, you'll need to provide some documents to get started:
Recent pay stubs
W-2s or tax returns
Bank statements
Details about your current mortgage (loan balance, interest rate, remaining term)
This information helps us calculate the most effective refinancing solution tailored to your needs.
How Much Does It Cost to Refinance?
Refinancing isn’t free, but it can still save you money in the long run. On average, refinance closing costs range from 2% to 6% of your loan amount. These costs can vary based on your location, loan size, loan type, and lender.
Can You Roll Costs Into Your Loan?
Yes. Most lenders—including OMEGA Mortgage—allow you to roll your closing costs into your new mortgage, which means you won’t have to pay them upfront. However, this increases the total amount borrowed, so it’s important to weigh the long-term impact.
At OMEGA Mortgage, we’ll help you run a cost-benefit analysis to ensure refinancing truly benefits your financial goals.
Common Refinance Fees
Here's a breakdown of typical refinance-related costs:
Lender fees
Credit report fee
Appraisal fee
Title search, title report & title insurance
Attorney or escrow signing fee
Transfer taxes (state-specific)
Escrow and settlement fees
Flood certification
County recording fee
Property tax fees
Homeowners insurance
Prepaid interests
Not sure if refinancing makes sense for you?
Home Refinance Loans without the Hassle!
Refinancing could save you a considerable amount of money over the life of your loan and potentially improve your overall financial outlook.
We’re here to make the home refinance process easier, with tools and knowledge that will help guide you along the way, starting with a pre-qualification letter request.
We’ll help you clearly see differences between loan programs, allowing you to choose the right one for you.
The Home Refinance Process
Here’s how our home refinance process works:
Complete our simple home pre-qualification letter request
Receive options based on your unique criteria and scenario
Compare mortgage interest rates and terms
Choose the offer that best fits your needs
Is Refinancing Worth It? Here’s How to Calculate Your Savings
Refinancing can be a smart move—but only if the numbers make sense. Here’s how to assess
whether it’s worth it for you:
Refinancing can be a smart move—but only if the numbers make sense. Here’s how to assess whether it’s worth it for you:
How to Calculate Refinance Savings
To understand the value of refinancing:
Compare Your Payments
Look at your current monthly mortgage payment versus the proposed new payment.
Use an Amortization Schedule
Compare the principal balance of the new loan against your current loan, assuming you’ve made the same number of payments.
Use Our Refinance Calculator
An appraisal will confirm your home's current market value—this helps determine how much equity you can access.
Loan Approval & Closing
Plug in your real numbers to see estimated savings over time.
Let OMEGA Mortgage Help You Make the Right Move
Is Refinancing Worth It?
Refinancing is typically worthwhile if the interest savings over time outweigh the upfront costs. It’s most effective when:
You’re getting a lower interest rate
You plan to stay in the home long enough to recoup costs
You want to tap into equity or shorten your loan term
OMEGA Mortgage can help you determine whether the financial benefits align with your goals.
Calculate the Breakeven Point
Your breakeven point is the moment your refinance savings exceed the costs of refinancing.
Formula:
Breakeven (months) = Total Refinance Costs ÷ Monthly Savings
Then divide by 12 to get the breakeven in years.
If you plan to sell before hitting the breakeven point, refinancing may not be the right move.
Understanding Amortization
Mortgage loans are amortized, which means early payments go mostly toward interest, not principal. When you refinance, you reset your amortization schedule, starting the cycle over again.
If you've already paid down your loan significantly or plan to sell soon, it’s critical to run the numbers carefully. Our team can walk you through this.
Top Reasons to Refinance Your Mortgage
Refinancing isn’t just about rates—it’s about reaching your financial goals. Here are some of the most common and strategic reasons homeowners refinance:
Lower Your Interest Rate
This is the most popular reason to refinance. Qualifying for a lower interest rate can significantly reduce your monthly mortgage payment and save you thousands in interest over the life of your loan.
Switch from Adjustable to Fixed Rate
If you’re in an adjustable-rate mortgage (ARM) and your rate is about to increase, you can refinance into a fixed-rate mortgage for more long-term stability and peace of mind.
Cancel Mortgage Insurance
If you've built up at least 20% equity in your home, refinancing could eliminate costly PMI or MIP from your monthly payments—especially if you started with a low down payment or FHA loan.
Pay Off Your Loan Faster
Want to get out of debt sooner? Refinancing into a shorter loan term, such as 15 years, helps you pay off your home faster and reduces the total interest paid—even if the monthly payment is higher. Some lenders (including OMEGA Mortgage) also offer bi-weekly payment plans that shave years off your loan!
Reduce Your Monthly Payment
By resetting your loan term to 15 or 30 years, your current mortgage balance is spread over more payments, reducing your monthly cost. Have a lump sum to apply toward your loan? Ask us about a cash-in refinance to lower your payments even more.
Tap Into Your Home’s Equity
Need funds for home improvements or to consolidate high-interest debt? With a cash-out refinance, you borrow more than what you currently owe and take the difference in cash. Just remember: cash-out refinances typically carry slightly higher interest rates, so it’s important to compare carefully.
Whatever your reason, OMEGA Mortgage is here to help you refinance with confidence.
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Feature Headlie
This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply.
Licensed In: AL,CA,FL,GA,IL,MD,NC,TN,TX,VA, NMLS # 1068689 | NMLS ID 1660690 |
AZMB #0944059
Corporate Address : 5559 S Sossaman Rd #1-101, Mesa AZ 85212
Disclaimer: All loans subject to qualifying factors. Not all applicants will qualify.
Feature Headlie
This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All
products are subject to credit and property approval. Other restrictions and limitations may apply.
Licensed In: AL,CA,FL,GA,IL,MD,NC,TN,TX,VA, NMLS # 1068689 | NMLS ID 1660690 | AZMB #0944059
Corporate Address : 3100 W Ray Rd STE 201, Office 209 Chandler, AZ 85226
All product names, logos, and brands are property of their respective owners.
Disclaimer: All loans subject to qualifying factors. Not all applicants will qualify.
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