The information provided by this calculator is for illustrative purposes only and accuracy is not guaranteed. The values and figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results. This calculator does not have the ability to pre-qualify you for any mortgage or loan program. Qualification for mortgages or loans requires additional information such as credit scores and existing debts which is not gathered in this calculator. Information such as interest rates and pricing are subject to change at any time and without notice. All information such as interest rates, taxes, insurance, monthly mortgage payments, etc. are estimates and should be used for comparison only. Ark-La-Tex Financial Services, LLC – NMLS#2143 does not guarantee any of the information obtained by any calculator.
Possibly. Improved credit or income may open better options, and if things have gotten tighter, there may still be paths, including streamline programs for some FHA, VA, and USDA borrowers. A conversation is the fastest way to find out.
When you refinance the home you live in, federal law often gives you a three-business-day right to cancel after signing, before the loan funds. Your closing documents will explain whether this applies and how to use it.
Once your old loan is paid off, your previous servicer refunds any remaining escrow balance to you, generally within about 30 days. Your new loan will set up its own escrow account if it has one.
Not exactly. Mortgage interest is paid in arrears, so depending on when you close, your first payment on the new loan may not be due for several weeks. The interest for that period is included in your payoff and closing figures. Keep paying your current loan until your Loan Officer confirms it's been paid off.
Often, but not always. Many refinances require an appraisal or other property valuation. Some streamline options and some conventional loans may not. Your Loan Officer will tell you up front.
Applying usually includes a credit check, which can cause a small, temporary dip. Credit scoring models generally treat multiple mortgage inquiries within a short shopping window as a single inquiry, so you can compare options without being penalized for each one.
It depends on the loan. Some programs, especially cash-out and streamline options, have waiting periods or require a certain number of on-time payments. Your Loan Officer can check the rules that apply to your current mortgage.
You borrow above your current balance and take the difference in cash, commonly for renovations or debt consolidation. It raises the new payment and total interest — enter the amount to see the effect.
It replaces your loan with a new one at the term you choose. Matching your remaining term (say, refinancing 24 remaining years into a 20-year loan) avoids stretching interest back out.
Typically 2–5% of the loan amount in closing costs. Some lenders offer low- or no-closing-cost options in exchange for a slightly higher rate — the calculator lets you model both.
A useful test: you plan to keep the home past the break-even point, and the total cost picture (not just the payment) improves. Rate drops of 0.5–1% often clear that bar, but term and closing costs matter as much as rate.