Mortgage Refinancing Options
Refinancing your mortgage can help you save money, lower your monthly payment, or access the equity you've built in your home. Sonic Loans offers multiple refinancing options to fit your financial goals.
Types of Refinancing
Rate and Term Refinance
Lower your interest rate or change your loan term to save money over the life of your loan. This is the most common type of refinance.
Cash-Out Refinance
Access your home's equity to pay for home improvements, consolidate debt, or cover major expenses. You can borrow more than your current mortgage balance and receive the difference in cash.
Streamline Refinance
If you have an FHA or VA loan, you may qualify for a streamlined refinance with reduced documentation and faster processing.
When to Refinance
Consider refinancing when interest rates drop, your credit score improves, or you need access to home equity. Our loan officers can help you determine if refinancing makes financial sense for your situation.
Call (313) 488-4888 to discuss your refinancing options with a Sonic Loans specialist.
Decision help
Decide whether a refinance helps your goal
A lower rate is only one part of the decision. Compare the new cash-to-close, total interest, loan term, break-even period, and how long you expect to keep the home.
What is the goal?
Separate payment reduction, term change, cash-out, debt restructuring, and removing mortgage insurance because each has different tradeoffs.
What costs are being added?
Ask for lender fees, points, appraisal, title, prepaid items, and any costs rolled into the new balance.
How long is the break-even?
Divide refinance costs by the estimated monthly savings, then test the result against your expected time in the home.
Next step: Request a side-by-side estimate using your current loan balance, payment, rate, and intended time horizon.