Refinance Your Mortgage:
Save More, Pay Less
Take control of your finances and reduce your monthly burden with a refinance mortgage. Whether you’re aiming to lower your rate, switch terms, or tap into home equity—refinancing can help you reach your goals faster.
Connect with Top RI Mortgage Brokers
Connect with Top RI Mortgage Brokers
Lower Monthly Payments
Benefit from today's competitive market with potentially lower rates than your current mortgage.
Access Better Interest Rates
Pay significantly less interest over the life of your loan
Tap Into Home Equity
Use your home’s value to finance major expenses like renovations, tuition, or debt consolidation.
Flexible Refinance Options
Perfect for those planning to retire debt-free
Refinance Options
FHA Streamline Refinance
Simplified refinancing for existing FHA loans with reduced documentation and potentially no appraisal required — perfect for current FHA borrowers looking to save time and money with quicker approvals and fewer hurdles.
- Minimal documentation required
- No appraisal in most cases
- Must result in lower payment
Conventional Refinance
Standard refinancing option for borrowers with good credit and home equity — ideal for lowering interest rates, reducing monthly payments, or switching to a shorter loan term, all while building equity faster and improving overall loan terms.
- Competitive interest rates
- No mortgage insurance with 20%+ equity
- Various term options available
VA IRRRL
Interest Rate Reduction Refinance Loan (IRRRL) for veterans with existing VA loans — streamline your refinance with minimal paperwork, no appraisal in most cases, and lower monthly payments.
- No appraisal or credit underwriting
- Lower interest rate or monthly payment
- Reduced funding fee
Rate & Term Refinance
Change your interest rate, loan term, or both without taking additional cash out.
- Lower your interest rate
- Change loan term (shorter or longer)
- Switch between loan types
Cash-Out Refinance
Access your home equity by refinancing for more than you currently owe and taking the difference in cash.
- Access home equity as cash
- Consolidate high-interest debt
- Fund home improvements
The Power of Mortgage Refinancing
Mortgage refinancing is one of the most effective financial strategies for homeowners in Rhode Island looking to save money, reduce debt, or achieve long-term stability. By replacing your existing mortgage with a new one—often with better terms—you can lower your interest rate, reduce monthly payments, or switch to a shorter loan term. For many, refinancing is a smart way to access home equity for large expenses such as renovations, education, or consolidating high-interest debt. Refinancing is especially beneficial if your credit score has improved or your home has appreciated in value. Whether you’re preparing for retirement, planning a major expense, or simply aiming to pay off your home faster, mortgage refinancing can help you build a stronger financial future.
Benefits & Considerations
Refinancing offers powerful advantages—but it’s important to understand both the benefits and the key considerations before you move forward.
Benefits
Important Considerations
Lower Interest Rates
Refinancing at a lower rate can save you thousands over the life of your loan, especially in today’s competitive mortgage market.
Closing Costs
Refinancing comes with costs such as appraisal fees, loan origination charges, title services, and taxes. These should be factored into your break-even analysis.
Reduced Monthly Payments
By lowering your rate or extending your term, you can ease monthly cash flow and make budgeting more manageable.
Longer Break-Even Period
It may take a few years before your monthly savings outweigh the upfront costs of refinancing.
Shorter Loan Term
Switching to a 15-year mortgage helps you pay off your home sooner and build equity more quickly—ideal for retirement planning.
Resetting the Loan Term
While monthly payments may be lower, restarting a 30-year mortgage could increase the total interest paid unless you choose a shorter term.
Access to Home Equity
With a cash-out refinance, you can use your equity to fund major projects, repay debt, or cover significant expenses.
Qualification Requirements
To qualify, most lenders require a strong credit score, steady income, and sufficient home equity (typically 20% or more for cash-out options).
Improved Loan Type
Replacing an adjustable-rate mortgage (ARM) with a fixed-rate loan can bring long-term stability to your finances.
Possible Prepayment Penalties
Some mortgages include fees for paying off the loan early. Always review your current mortgage terms before refinancing.
Testimonials
What Our Rhode Island Neighbors Say
Real stories from real Rhode Islanders who found their perfect mortgage solution with us.
Connect with Top RI Mortgage Brokers
Why Choose Us?
Competitive Rates
We shop multiple lenders to find you the best rates and terms for your situation.
Fast Closings
Our streamlined process helps you close on your loan quickly and efficiently.
Dedicated Refinance Mortgage Specialists
Work with experienced professionals who specialize in refinance solutions designed to lower your interest rate, reduce monthly payments, or help you pay off your home faster.
We’re available Monday-Friday from 9AM-5PM and Saturdays by appointment. Evening appointments are also available upon request.
Contact Us Directly
- (401) 500 7702
- Info@rimortgagebrokers.com
- Mon-Fri: 9AM - 6PM