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Residential Mortgage
Mortgage Refinancing
Replace your existing mortgage with a new loan to lower your rate, reduce monthly payments, shorten your term, or access your home equity through cash-out refinancing.
Is This Loan Right for You?
Refinancing is right for you if you can lower your interest rate by at least 0.5 to 1 percentage point, want to switch from an adjustable to a fixed rate, need to access home equity through a cash-out refinance, or want to shorten your loan term to build equity faster. You will need a minimum credit score of 620 and at least 5% equity for a rate-and-term refinance or 20% equity for cash-out. Maximum LTV reaches 97% for rate-and-term programs, and the debt-to-income ratio limit is typically 45%. Streamline options are available for existing FHA and VA borrowers with reduced documentation and faster processing. Compared to a HELOC, refinancing replaces your entire mortgage with new terms rather than adding a second lien, and it can eliminate PMI if your home has appreciated sufficiently. Choose to refinance when the interest savings exceed the closing costs within your planned time in the home.
I Saved This Family $847/Month With One Phone Call (Mortgage Refinancing)
Requirements
What Are the Refinance Requirements?
Min Credit Score
620+
Max LTV
97%
Max DTI
45%
Loan Limits
Same as the loan type you are refinancing into
PMI / MIP
Depends on new loan type and current equity position
Occupancy
Primary, secondary, or investment property
Features
Key Features
- Rate-and-term refinance to lower your interest rate
- Cash-out refinance to access home equity
- Streamline options for FHA, VA, and conventional loans
- No-cost refinance options available
- Potential to eliminate PMI with sufficient equity
Process
How It Works
1
Rate Analysis & Consultation
We analyze your current mortgage terms, compare them against today's rates, and calculate your potential savings to determine if refinancing makes financial sense.
2
Application & Documentation
Complete the refinance application with updated income documents, bank statements, and your current mortgage statement. We order a new appraisal to determine current home value.
3
Underwriting & Approval
The underwriter reviews your financials, the new appraisal, and your current mortgage payoff amount. Conditional approval is issued with any remaining items.
4
Closing & Funding
Sign your new loan documents and your old mortgage is paid off. For cash-out refinances, you receive your equity proceeds typically within 3 business days after closing.
Estimate Your Payment
20%
Results
Principal & Interest$2,128.97
Property Tax$416.67
Insurance$150
Total Monthly Payment$2,695.64
This information is not intended to be an indication of loan qualification, loan approval or commitment to lend. Rates, terms, and availability of programs are subject to change without notice.
Pros & Cons
What Are the Pros and Cons of Refinance?
Advantages
- Lower your monthly payment by securing a reduced interest rate
- Access home equity through cash-out refinancing for renovations, debt consolidation, or investments
- Shorten your loan term from 30 to 15 years to build equity faster and save on total interest
- Eliminate PMI if your home has appreciated to 20% or more equity
Considerations
- Closing costs typically range from 2-5% of the loan amount
- Restarting a 30-year term can mean paying more total interest over the life of the loan
- Cash-out refinancing reduces your home equity
FAQ
Frequently Asked Questions
Refinancing typically makes sense when you can lower your rate by at least 0.5-1%, plan to stay in the home long enough to recoup closing costs, want to switch from an ARM to a fixed rate, or need to access equity. We calculate your break-even point to help you decide.
Rate-and-term refinancing replaces your loan with a new one at better terms without taking additional cash. Cash-out refinancing replaces your loan with a larger one and you receive the difference in cash, tapping into your home equity.
For a rate-and-term refinance, you typically need at least 5% equity (conventional) or 3.5% (FHA). For a cash-out refinance, you generally need at least 20% equity and can borrow up to 80% of your home's value.
Streamline refinances are simplified programs for FHA (FHA Streamline) and VA (VA IRRRL) loans. They require less documentation, may not need a new appraisal, and offer faster processing. You must already have that loan type to use a streamline program.
A typical refinance takes 30-45 days from application to closing. Streamline refinances can close in as little as 15-21 days. Complex cash-out refinances or those requiring additional documentation may take longer.
Yes. In a no-cost refinance, the lender covers closing costs in exchange for a slightly higher interest rate. This can make sense if you plan to refinance again in the near future or want to avoid upfront out-of-pocket expenses.
Local Expertise
Getting a Refinance Loan in the San Gabriel Valley
NetCORE Lending™ is headquartered in Diamond Bar and has been helping borrowers across the San Gabriel Valley secure refinance financing since 2015. We serve homebuyers and homeowners in Pomona, Walnut, Rowland Heights, West Covina, Chino Hills, Covina, La Verne, Glendora, San Dimas, Hacienda Heights, and City of Industry — as well as borrowers throughout California.
As a local mortgage broker, we understand the San Gabriel Valley real estate market — from the higher-value properties in Chino Hills and Diamond Bar to the more affordable options in Pomona and West Covina. Our team provides bilingual service in English and Vietnamese and shops 100+ wholesale lenders to find you the lowest available rate on your refinance loan.
Call (714) 399-6361 to discuss refinance options with a local loan advisor, or get pre-qualified online in 2 minutes.
Related
Also Consider
Explore other loan products that might be a good fit for your needs.
Conventional
A traditional mortgage not insured by the federal government. Ideal for borrowers with strong credit and stable income who want competitive rates and flexible terms.
HELOC
Access your home equity with a flexible revolving line of credit. NetCORE offers HELOCs up to 90% LTV, significantly higher than the typical 65% offered by banks.
Fixed-Rate
Lock in a consistent interest rate and monthly payment for the entire life of your loan. Available in 15 or 30-year terms, providing long-term payment stability.
VA
Exclusive mortgage benefit for veterans, active-duty service members, and eligible surviving spouses. Backed by the U.S. Department of Veterans Affairs with no down payment required.
Ready to Get Started?
Apply online in minutes or call us to speak with a loan advisor about your Refinance options.
Official Sources
This information is not intended to be an indication of loan qualification, loan approval or commitment to lend. Rates, terms, and availability of programs are subject to change without notice.
Reviewed by Joann Ton, Loan Officer (NMLS# 1461031) | Last updated: June 2026