Conventional Refinance
Connect with Top RI Mortgage Brokers
Lower your monthly payments, reduce your interest rate, or unlock home equity—refinancing with a conventional loan gives you the flexibility to improve your financial future.
Connect with Top RI Mortgage Brokers
Lower Interest Rates
Refinance to a lower rate and potentially save thousands in interest over the life of your loan.
Tap Into Home Equity
Choose a cash-out refinance to convert your built-up equity into funds for home renovations, debt consolidation, or major purchases.
Remove PMI
Already hit 20% equity? Refinance to eliminate PMI, reducing your monthly payment.
Flexible Terms
Pick a new loan term that fits your goals—10, 15, 20, or 30 years—whether you want to pay off your mortgage faster or lower your monthly expenses.
Competitive mortgage rates available for qualified borrowers — rates vary based on market conditions.
What is a Conventional Refinance?
A conventional refinance lets you replace your current loan with one that better fits your financial goals—whether that’s lowering your rate, changing your term, removing PMI, or tapping into home equity.
Cash-Out Refinance
Need funds for renovations, college tuition, or high-interest debt? A cash-out refinance lets you borrow more than your current mortgage balance and receive the difference in cash—using your home equity as leverage, up to 80% loan-to-value (LTV) in most cases.
Rate & Term Refinance
Looking to lower your monthly payment or pay off your loan sooner? A rate-and-term refinance allows you to reduce your interest rate, shorten or extend your loan term, or both—without taking out any cash. This is the most common refinance option for Rhode Island homeowners seeking better terms.
PMI Removal Refinance
If your home has increased in value and you’ve reached at least 20% equity, refinancing may allow you to remove private mortgage insurance (PMI) from your monthly payment. This helps you reduce your long-term housing costs and improve cash flow.
Benefits of Conventional Refinancing
Refinancing with a conventional loan gives you the flexibility to realign your mortgage with your financial goals.
Lower Monthly Payments
Secure a lower rate or extend your loan term to reduce your monthly payment and boost your monthly cash flow.
Build Equity Faster
Shorten your loan term to pay off your mortgage quicker and save thousands in long-term interest.
Eliminate PMI
If you’ve gained at least 20% equity, refinancing can eliminate private mortgage insurance and lower your monthly costs.
Access Home Equity
Use a cash-out refinance to tap into your home’s equity for renovations, debt consolidation, education, or major expenses.
Switch Loan Types
Move from an ARM to a fixed-rate mortgage for payment stability, or refinance out of an FHA loan to drop mortgage insurance.
Flexible Terms
Choose from 10, 15, 20, or 30-year loan terms to match your financial plan and timeline.
Are You Eligible?
To qualify for a conventional refinance, you’ll typically need to meet these requirements:
Credit Score
Minimum 620 credit score, though better rates are available with scores of 740+
Home Equity
At least 3% equity for rate-and-term refinance; 20% equity to avoid PMI; 20% equity remaining after a cash-out refinance
Debt-to-Income Ratio
Maximum 43% DTI ratio, though some lenders may allow up to 50% with compensating factors
Income Stability
Stable, reliable income and employment history (typically 2+ years in the same field)
Payment History
Good mortgage payment history with no late payments in the last 12 months
Property Type
Primary residence, second home, or investment property (higher rates/requirements for non-primary homes)
Not sure if you qualify? Our mortgage specialists can review your specific situation and help determine your eligibility for a conventional refinance.
The Conventional Refinance Process
Our streamlined process makes refinancing your mortgage simple and straightforward.
Initial Consultation
Meet with one of our refinance specialists to review your current mortgage, goals, and credit profile. We’ll compare rate options and help you decide whether lowering your rate, shortening your term, or cashing out equity makes the most sense.
Application
Complete a standard refinance application and provide key documents like income verification, homeowner’s insurance, and mortgage statements. We’ll handle the disclosures and guide you through every step.
Processing & Underwriting
Our team orders your home appraisal, verifies your financials, and submits your loan for underwriting. We’ll review income, assets, credit, and property value to confirm eligibility. Most approvals are completed within a couple of weeks.
Closing
Once approved, you’ll sign your final loan documents and fund your new mortgage. Your previous loan is paid off automatically, and you’ll start enjoying your updated rate, term, or cash-out proceeds right away.
What to Expect
- Timeline: Most conventional refinances close within 30-45 days from application.
- Communication: Your dedicated loan officer will keep you updated throughout the process.
- Costs: Closing costs typically range from 2-5% of the loan amount, which can be paid upfront or rolled into the new loan.
Why Choose Us?
Refinancing should be an upgrade, not a headache. At RI Mortgage Brokers, we cut through noise and give Rhode Island homeowners clear choices. With direct access to brokers, sharp rates, and a team that actually listens, you refinance with confidence. No hidden steps, no wasted time—just real guidance, better payments, and a smoother path forward.
License & Regulated
It isn’t side-hustle lending. We’re licensed Rhode Island brokers operating under strict compliance. That means you work with a team held to professional standards every step of the refinance process.
Consistently Competitive Rates
We don’t settle for one offer. By tapping multiple lending partners, we find the rate that fits your budget best—so you save every month and over the lifetime of your loan.
Local market Expertise
National brokers miss the details. We live and work in Rhode Island, know how local brokers operate, and use that insight to avoid slowdowns while tailoring your refinance to the state’s unique housing market.
Personalized Guidance That Lasts
Refinancing isn’t DIY. Our VA loan experts walk you through every detail, explain the fine print, and handle the process for you. You focus on savings—we handle the paperwork and deadlines.
Stronger Chances of Approval
We know how underwriters think. By packaging your application the right way, we position you to succeed with brokers who fit your profile—giving you stronger odds of approval on your refinance goals.
Simplified & Speedy Closings
Nobody likes dragging files. We keep the paperwork lean, line up the right documents from the start, and drive communication fast—turning months of waiting into a matter of weeks.
2,500+
Local Buyers Served
99.99%
Client Satisfaction
4.9★
Average Review
24/5
Personalized Support
What Our Clients Say
Real stories from homeowners who have refinanced their home loan with us.
Ready to Lower Your Rate?
- Free consultation with no obligation
- Competitive rates and flexible terms
- Experienced loan officers to guide you
- Fast, efficient closing process
We’re available Monday-Friday from 9AM-5PM and Saturdays by appointment. Evening appointments are also available upon request.
Our mortgage specialists are ready to help you find the perfect refinance solution for your unique situation.
Contact Us Directly
- (401) 500 7702
- Info@rimortgagebrokers.com
- Mon-Fri: 9AM - 6PM
Connect with Top RI Mortgage Brokers
FAQs
Get answers to common questions about the FHA Streamline Refinance program.
The right time to refinance depends on your goals. If current mortgage rates are lower than what you’re paying, or if you want to switch to a shorter term, reduce monthly payments, or access home equity, it might be the right time. A mortgage review with a loan advisor can help you decide.
Refinancing typically costs 2% to 6% of your loan amount. These costs may include appraisal fees, title insurance, origination charges, and more. However, some lenders offer no-closing-cost refinance options that roll fees into the loan.
Most lenders prefer you to have at least 20% equity in your home to refinance without mortgage insurance. However, some loan programs allow refinancing with less equity, especially for FHA, VA, or streamline refinance options.
Refinancing can cause a small temporary dip in your credit score due to the hard inquiry and new loan account. However, making consistent, on-time payments after refinancing can help strengthen your credit over time.
Yes, you may still qualify. While higher credit scores help you secure better rates, FHA and VA refinance programs offer more flexible credit requirements. A mortgage professional can help match you with the best option for your credit situation.
Most FHA Streamline refinances can close in as little as 2 to 3 weeks, thanks to the reduced paperwork and faster approval process.