Conventional Refinance
Lower your mortgage rate, change your loan terms, or access your home's equity with conventional refinance options in Florida.
Call (855) 744-EDGEWhat is Conventional Refinance?
Conventional refinance allows you to replace your current mortgage with a new conventional loan. This can help you lower your interest rate, change your loan term, reduce monthly payments, or access cash from your home's equity.
Lower Interest Rate
Reduce your monthly payment by refinancing to a lower interest rate.
Access Home Equity
Cash-out refinance allows you to access equity for home improvements or other expenses.
Change Loan Terms
Switch from a 30-year to 15-year loan or adjust your payment schedule.
Types of Conventional Refinance
Rate & Term Refinance
Best For:
- Lowering your interest rate
- Changing loan terms (15, 20, 30-year)
- Reducing monthly payments
- Paying off loan faster
Key Features:
- No cash out from equity
- Loan amount cannot exceed current balance
- Appraisal usually required
- All property types eligible
Cash-Out Refinance
Best For:
- Home improvements and renovations
- Debt consolidation
- Education expenses
- Investment opportunities
Key Features:
- Access up to 80% of home equity
- Appraisal always required
- Higher loan amounts
- Tax-deductible interest
When Should You Consider Conventional Refinance?
Refinance Rule of Thumb
Consider refinancing if you can lower your interest rate by at least 0.75-1%. This typically means you'll break even on closing costs within 2-3 years.
Good Reasons to Refinance:
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Interest rates have dropped significantly - You can save hundreds monthly on payments
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You want to shorten your loan term - Switch from 30-year to 15-year to pay less interest
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You need cash for home improvements - Cash-out refinance for renovations that increase home value
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Your credit score has improved - Qualify for better rates than when you originally purchased
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You want to remove PMI - If you have 20%+ equity, refinance to eliminate private mortgage insurance
When NOT to Refinance:
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You plan to move soon - Closing costs may not be recouped if moving within 2-3 years
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Rate reduction is minimal - Less than 0.50% savings may not justify the costs
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You have poor credit - Higher rates may offset any benefits
Refinance Savings Calculator
Your Monthly Savings
Ready to Refinance Your Mortgage?
Contact Edge Home Loans today for a free refinance consultation and see how much you can save with conventional refinance.