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Refinancing

Is refinancing right for you?

Learn MoreRefinance Calculator

Consolidate high interest debt with a low mortgage rate!

You could pay off those higher-interest debts by refinancing to a lower rate. Even with less-than-perfect credit, we can help you lower your monthly payment and pay off your higher-interest debt. By consolidating your payments into one low monthly payment, you may pay less each month. Depending on the program that works for you, you might be able to pay off your debt sooner, which may help improve your credit score.

*Note that by refinancing your existing loan, your total finance charges may be higher over the life of the loan.

Refinancing Programs that can Reduce Your Monthly Mortgage Payment

  • FHA Loan
    You may be able to refinance your FHA loan into a conventional loan and removing monthly mortgage insurance. This can help lower your monthly payment.
  • 15-Year Loan
    Pay off your debt quicker by refinancing it into a 15 year loan
  • 30-Year Loan
    Find stability and security by refinancing into a 30 year rate and feel good knowing your monthly payments will remain consistent
  • VA Loan
    Veterans and military members can consolidate all debts with one low-cost loan

Not sure which program is right for you? Contact one of our specialists today! Refined Lending, a division of Luminate Bank, can advise you on which mortgage refinancing program best meets your needs, and help you refinance quickly and without any headaches.

First Time Homebuyer

Check out if refinancing makes sense for you by using our Mortgage RefinanceComparisionCalculator…

Our mortgage calculators are for demonstration purposes only and may not reflect actual numbers for your specific mortgage. Contact us and we will walk you through the best possible mortgage scenario for your specific needs!

Current mortgage
$
%
0%20%
/yrs
mths
1 year30 years
New mortgage
$
%
0%20%
Refinanced Loan Term
Advanced (optional)
$
$0$50,000
$
$
$
$50,000$2 Million
$
%
0%5%
$
%
0%20%
$/month
$each month
$in interest over the life of the loan


Savings over time(total interest saved - cost of refinancing)
Year 1$0Breakeven in
 Year 1

Current Mortgage
Monthly Payment
Payoff Date
Total Interest
New Mortgage
Monthly Payment
Payoff Date
Total Interest
Interest Savings
Refinance Fees

New Monthly Payment:

Loan amount
Cash out
Cash in
Refinance fees
Roll Fees Into New Loan?
Total loan amount
Interest rate
Loan term
Monthly savings
Timeframe
Total Interest Savings

This is the sum of all the interest you will save over the life of the loan after refinancing.Year 1$0
 Year 1
Monthly Savings Breakdown

Current
New
Savings
$1,703
-
$3,065
=
-$1,362
Amortization Schedule Breakdown

Our detailed amortization schedule breaks down your mortgage payments, showing how they are split between interest and principal over the life of your loan.Note: The actual monthly payment may be higher than what is shown here, as this schedule does not account for variable costs such as property taxes and home insurance, which are often included in your total mortgage payment.
  • Principal payments: (the amount borrowed)
  • Interest payments: (the cost of borrowing)

Is refinancing right for you?

Here are the most common reasons for refinancing:

  • You have a fixed-rate mortgage with a high interest rate, and are looking to get a lower interest rate
  • You have an adjustable rate mortgage (ARM) and are looking to get a fixed rate
  • You have two mortgages and would like to consolidate them into one
  • You have a long-term loan and would like a shorter-term loan so you can pay it off and build equity more quickly
  • You have a short-term loan and would like a longer-term loan so as to reduce your monthly payments
  • You want to move from an interest-only mortgage to a loan that pays down the principal
  • You want some extra cash to make a purchase or to pay off other debt
Mortgage Loan Originator
Mortgage Loan

Benefits of refinancing

Refinancing makes sense if you fit into one of the categories listed above. If you’re curious about your specific scenario, reach out today and we’ll take a look!

Four common refinancing options:

Cash-Out or Cash Back Refinance

This plan allows you to refinance your mortgage for more than you currently owe. The difference and the equity is converted into cash for the homeowner.

Lower Fixed-Rate Loan

If you currently have a high fixed-rate mortgage and the rates have dropped due to market conditions, then you may want to refinance to a low fixed-rate loan. Also, if you have an ARM, you might consider this option in order to get the security of a fixed rate. Even if your adjustable rate is low now, it is not guaranteed to remain that way; but if you get a low fixed-rate loan, then you lock that low rate in for the life of the loan. This option is a good choice if you are not planning on moving within the next five years.

Shorter-Term Loan

If your main goal is to quickly build up equity and to pay off your mortgage sooner, then the shorter-term loan is probably your best choice. A lot of times, if you refinance to this type of loan, your monthly payments will be higher, but you will pay substantially less interest and your mortgage will be paid off sooner. Also, you would benefit from a larger tax deduction on interest if you move from a 30-year fixed to a 15-year fixed loan. There are some cases, however, in which you may be able to refinance to a shorter-term loan without raising your monthly payment -if you’ve had your current mortgage for enough years.

Longer-Term Loan

If your current monthly payments are higher than is comfortable for your financial situation, then you might want to consider refinancing to a longer-term loan. This will result in a decrease in your monthly payments, since you will have more time to repay the loan. Examining your current mortgage and knowing how you would like to improve it are the first steps you need to take when starting the refinancing process. Once you know this, you can choose the option that will best help you achieve your goals.

Refined Lending logo and branding, a division of Luminate Bank, featuring modern design elements and color gradient.

Refined Lending

a division of Luminate Bank   //  NMLS #1281698

Refined Lending, a division of Luminate Bank, is a custom home mortgage team specializing in up-and-coming or established, urban and suburban neighborhoods in the Twin Cities. Our experienced team works closely to suggest the perfect mortgage for your unique lifestyle; a payment that fits within your budget. The choice to work with Refined Lending, a division of Luminate Bank, will make your next move a simple, streamlined and highly rewarding experience. Our in-house products such as new construction, purchases, and refinancing will allow us to assist every homeowner.

With Refined Lending, a division of Luminate Bank, you will work with one team from the pre-approval stage all the way through your final home closing. Refined Lending, a division of Luminate Bank, partners with highly sought-after real estate agents, and home builders to make sure you get the most current trends and technology, as well as superior products and workmanship.

Contact Refined Lending, a division of Luminate Bank, today to find out what makes us stand out from the competition! Reaching us is easy:

MArvold@Refinedlending.comCNorton@RefinedLending.com(763) 784-8700
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Refined Lending logo and branding, a division of Luminate Bank, featuring modern design elements and color gradient.

Join our team!

Interested in joining the team at Refined Lending, a division of Luminate Bank?  Our culture and employees are what sets us apart from others in our industry. If you want to work for a company that cares about making a difference in the lives of our customers, referral partners and in the success of every staff member on  our team, then Refined Lending, a division of Luminate Bank, may be the right place for you!

Contact one of our branch managers today.