Mortgage Refinancing

Enjoy new rates and terms on your outstanding balance

Take advantage of mortgage refinance benefits

Do you want to make home improvements? Are you seeking capital to invest in your business or your child's college fund? Maybe you'd like to lower your mortgage payment or shorten your loan term. These are just some of the possibilities when you choose mortgage refinancing.

Lower monthly payments

Lower your payments and potentially pay less interest with a refinanced mortgage.

Unlock your equity

Consolidate debt or pay for a home improvement with a mortgage refinance.

Change your term

Shorten or lengthen your repayment schedule through mortgage refinancing.

Get started with mortgage refinancing today
Mortgage Refinancing Application Requirements

Qualify for mortgage refinancing

Create an account in our online application platform. Here's what you'll need to apply.

  • Social Security number
  • Employer contact information
  • Estimated income, assets and liabilities
  • Details on the property you're interested in buying

Refinance Home Loan Calculator
Calculate your mortgage refinance

Find out how refinance mortgage rates will affect your home loan and monthly payments.

Benefits of a Mortgage Refinance
Make a smart move for your money

Pay off your mortgage faster

Mortgage refinancing can lower your interest rate or shorten your term to make it easier to pay off your mortgage early.

Consolidate debts

By rolling other debts into your mortgage refinance, you can lock in one interest rate for paying off all of them.

Gain stability

Convert your adjustable-rate mortgage to a fixed-rate mortgage with a short term and potentially end up paying less.

How to get started

Ready to apply for mortgage refinancing? Begin your journey to a new and improved home loan here.

Step 1

Assess your refinance readiness

Contact a mortgage advisor to assess your readiness. Discuss terms, pricing, options, payments and costs to refinance.

Step 2

Apply for mortgage refinancing

You can use our online platform to apply and submit supporting documentation that will be used to process your application.

Step 3

Processing your application

Underwriting will process your loan application and review your documentation. Provide answers to questions and additional documentation as requested.

Step 4

Close on your refinanced mortgage

You'll receive your closing date and meet with your lender and closing attorney to close on your refinanced mortgage.

Mortgage Refinancing FAQ
People often ask us

Mortgage refinancing occurs when a borrower applies for a new mortgage, usually at a lower interest rate. The newly approved mortgage loan replaces the first home loan.

Refinancing a mortgage can offer several benefits:

  • Lower interest rate
  • Lower monthly mortgage payment
  • Shorter mortgage repayment term
  • Utilizing home equity
  • Switching from an adjustable rate to a fixed rate

Contact your mortgage lender or banker to determine if refinancing a mortgage is right for you.

Depending on the type of mortgage, many homeowners may be eligible for mortgage refinance with little to no waiting period. Others may be eligible in as little as 6 months to take advantage of refinanced mortgage rates.

Yes. You can refinance an adjustable-rate mortgage and switch to the certainty of a fixed-rate mortgage to take advantage of favorable initial rates that may be available with an adjustable-rate mortgage. You can also choose to switch out from a fixed-rate mortgage to take advantage of favorable initial rates that may be available with an adjustable-rate mortgage.

If you're interested in refinancing your mortgage, talk to a mortgage banker about your options.

A standard refinance doesn't provide you with access to cash from your home's equity. However, a cash-out refinance replaces your existing loan with a larger one. The larger loan allows you to access cash from your home's equity, and the cash received can be used for any purpose.

Yes. In some instances, refinancing your home loan can eliminate the need for mortgage insurance if increased home value or lowered loan payments reduce the principle and increase your home equity to 20% or more.

Yes. A mortgage refinance can help you pay off your home faster. Refinancing to a shorter term or a lower interest rate—or both—could reduce the term of the loan.

Yes. A home refinance can help improve your budget each month. If interest rates have declined, a rate-and-term refinance can provide a lower payment, resulting in money you can add back to your monthly budget.

Yes. You can take equity out of your house without refinancing your mortgage. A home equity line of credit, or HELOC, allows you to take equity out of your home without disrupting your current mortgage.

Additionally, a home equity loan is another great way to access your home equity without refinancing.

Insights
A few financial insights for your life

Home

Is a Mortgage Refinance Right for You?

Thinking of refinancing your mortgage? Discover the pros, cons and key considerations to help you determine whether a mortgage refinance makes sense for you.
When it comes to deciding when to refinance your home, it's helpful to consider the following questions.
Home

The Ins and Outs of a Mortgage Rate Check-Up

A rate check-up can help you see if there are mortgage opportunities that are a better fit for you.
A mortgage rate check-up is the process of researching what types of mortgage loans exist in the market today.

Christy Bencivenga-Burns

Mortgage Banker

Home

Pay Off Your Mortgage Faster

Do the math before you decide if an early pay-off is right for you.
Paying off your mortgage early could have its benefits.

Normal credit approval applies.

Not applicable in all states.

Links to third-party websites may have a privacy policy different from First Citizens Bank and may provide less security than this website. First Citizens Bank and its affiliates are not responsible for the products, services and content on any third-party website.

Bank deposit products are offered by First Citizens Bank. Member FDIC and an Equal Housing Lender. icon: sys-ehl.

NMLSR ID 503941