Make your mortgage more affordable

Replace your current mortgage with a new one to lower your interest rate, adjust terms, and even eliminate costly mortgage insurance.

Get Pre-Qualified

How to win with Home Field Lending

Let’s see if a conventional refinance loan is right for you with three simple steps.

Find out if you pre-qualify for a refinance loan by sharing your needs.

Get approved through our straightforward application process.

Receive the financing you need to move toward your goals.

When conventional refinance loans can help

Things have changed since you were approved for the first mortgage on your property.
You’ve paid down your loan balance, which builds equity. Maybe your credit score has improved, along with other qualification factors like your debt-to-income ratio. Interest rates may have dropped and your home value may have increased.

By refinancing your home with a conventional refinance loan, you’ll re-evaluate your mortgage terms based on all of these factors.

If you qualify, you may be able to improve your terms and get approved for a lower monthly mortgage payment.

Top three benefits of a conventional refinance loan

Set affordable term lengths for your goals

Choose a 15-year term to pay off your loan sooner or 30-year term to lower your monthly payment

Switch to a new loan type and lower interest

Get a fixed-rate conventional loan with lower interest to pay less over the life of your loan

Eliminate costly mortgage insurance

With 20% home equity, get rid of the mortgage insurance costs from your original home loan

Make the most of your home equity with new refinance terms

A conventional refinance loan is a popular refinance option, because many homeowners find that they’ve improved their chances of approval for better mortgage terms.

Rising home values, lower interest rates, improved credit score, lower loan balance, and increasing home equity all work toward qualifying for better terms and a more affordable mortgage.

Does a conventional refinance loan sound like the right option for you?

Lower your monthly payment
Eliminate mortgage insurance
Pay off your mortgage sooner
Get a lower interest rate with high credit
Set new, flexible term options

Pre-Qualify Now

Conventional Refinance Loan FAQs

Financing property is an important step in reaching your investment goals. It’s normal to have questions. We’ve compiled answers to the frequently asked ones, but don’t hesitate to ask more.

How do I know if I’m eligible for a conventional refinance loan?

To decide if a conventional refinance is right for you, and whether you can qualify for affordable terms, you’ll want to consider these requirements.

A credit score of 620 or higher is best. The higher your score, the better your terms. You’ll need to provide documentation of consistent, ongoing income with a debt-to-income (DTI) ratio at or below 50% along with employment verification.

If you have 20% equity in your home, this will allow you to eliminate private mortgage insurance as you have a loan-to-value (LTV) ratio of 80%. This amount of equity isn’t necessarily required, but it can make your monthly payments more affordable.

How does a conventional refinance loan compare to an FHA streamline or VA IRRRL refinance?

Regardless of your original mortgage type, you can refinance to a conventional refinance loan, including from FHA or VA purchase loans. The reasons for wanting to switch to a conventional loan include a wider range of options for rates and terms, which can make your monthly mortgage payments more affordable or allow you to pay off your loan faster. It can also eliminate any mortgage insurance you’re paying if you have enough equity.

To provide these improved terms, a conventional refinance requires more documentation, more time, and an appraisal. With a higher credit score, you have the highest chance at the best terms available.

On the other hand, an FHA streamline refinance only applies to refinancing FHA purchase loans and a VA IRRRL only applies to a VA purchase loan. In these scenarios, these types of refinance loans are helpful in that they allow for a streamlined process to make lowering interest and monthly payments simpler.

Can I use a conventional refinance loan for an investment property or second home?

Conventional refinance loans apply to a broad range of scenarios, including refinancing the loan on an investment property or second home. Your terms might differ compared to refinancing a primary residence, depending on details of your property and scenario. This could impact factors like credit score and LTV ratio requirements.

That said, we can help you decide if a conventional refinance will make the mortgage on your other property more affordable with lower rates and better terms.

See if you qualify

Pre-qualify now to find out whether a conventional refinance loan will work for you. We’ve got your back through the approval process so that you can receive funding and move forward with your goals.

Pre-Qualify Now