Refinance Your Home The Right Way

Lower your rate. Reduce your payment. Unlock your equity — all with a trusted Tampa mortgage broker.

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Tap into your home equity

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How the Refinance Process Works

We make refinancing your home simple, straightforward, and stress-free. Here’s what to expect:

Apply and Explore Your Options

Start with a quick application to help us understand your full financial picture, including your credit history, income, savings account, existing debts, and goals. Our team also reviews your deposit account balances, recent pay stubs, and bank statements.

From there, we’ll walk you through your refinancing options, whether you're looking to:

Lower your annual percentage rate (APR)
Convert equity into cash for home improvements, college tuition, or to pay off high-interest credit card debt
Change loan terms — go from a 30-year to a 15-year mortgage or switch from an ARM to a fixed-rate loan
Eliminate Private Mortgage Insurance (PMI), Mortgage Insurance Premium (MIP), or consolidate debt
Take advantage of lower fees and simpler programs for FHA, VA, or USDA loans

Curious what your new monthly payment might look like? Try our mortgage calculator to estimate your savings after refinancing.

Lock Your Rate

Once you decide on a strategy, we help you lock in your new interest rate to protect against rate changes. You’ll also learn about floating your rate and how to minimize upfront costs. Understanding your options, like paying points or rolling fees into your loan, can make a big difference in your long-term savings.

Underwriting and Appraisal

During this phase, we verify your financial documents and order a home appraisal. The value of your property affects:

Your loan-to-value ratio (LTV)
Whether you can remove private mortgage insurance
How much cash you can take out, especially for a home equity loan or cash-out refinance

Close and Start Saving

After approval, you’ll sign final documents and officially refinance your home loan. Expect to close in about 30–45 days with full guidance throughout.

Once you close, your new terms go into effect immediately—so you can start seeing savings, improving your monthly budget, or gaining access to equity.

Types of Mortgage Refinancing We Offer

Every homeowner’s situation is different. Here are the most common refinance options we offer to help you reach your financial goals:

Rate-and-Term Refinance

Reduce your interest rate, change your loan duration, or switch from an adjustable-rate to a fixed-rate mortgage to improve long-term savings.

Cash-Out Refinance

Turn your built-up equity into cash for major expenses, such as home renovations, college tuition, paying down high-interest debt, or even down payment for a second property. This is ideal if you have significant home equity and want to maximize liquidity.

Cash-In Refinance

Bring cash to the closing table to reduce your loan balance. This could help you qualify for a better rate or eliminate mortgage insurance. It’s a smart move if you’ve built up funds in a savings account or deposit account.

No-Closing-Cost Refinance

Roll most or all of your refinance costs into the loan. Perfect for borrowers who want to minimize out-of-pocket expenses.

Streamline Refinance

Offered through Federal Housing Administration (FHA), U.S. Department of Veteran Affairs (VA), and U.S. Department of Agriculture (USDA) loan programs. These options require less paperwork, no income re-verification, and sometimes no appraisal.

Reverse Mortgage

Homeowners aged 62+ can convert their home equity into tax-free income without selling their home. You still maintain ownership, and repayment doesn’t begin until you move out or sell.

Debt Consolidation Refinance

Use your home equity to consolidate personal loans or credit card debt. This can dramatically lower your overall interest costs and monthly payments.

Short Refinance

For homeowners in financial hardship, a short refinance may allow your lender to reduce the principal you owe and restructure the mortgage.

Streamlined and Specialty Refinance Options

These unique programs are designed to help eligible homeowners refinance faster. Designed to cut down on paperwork, skip common hurdles, and provide cost savings, these programs are especially helpful if:

Fannie Mae RefiNow

Best for: Moderate-income homeowners with conventional loans

Program Highlights:

Designed to help borrowers with a debt-to-income (DTI) ratio over 40%
Requires a credit score of at least 620
Offers reduced interest rates, lower fees, and simplified qualification standards
May provide a $500 appraisal credit in some cases
Must demonstrate on-time mortgage payments for the past 6 months

Why It Matters:

RefiNow helps homeowners who may not traditionally qualify for conventional refinancing due to higher debt levels or lower income. It’s ideal if you’ve been consistent with your payments but your budget still feels tight.

FHA Streamline Refinance

Best for: Homeowners with an existing FHA loan who are current on payments Program Highlights:

No home appraisal required
No income verification or employment re-check
Minimal credit check requirements (FICO scores often not reevaluated)
Requires the new loan to have a net tangible benefit (e.g., lower rate or shorter term)
Can only be used for primary residences

Why It Matters: FHA Streamline is one of the fastest and easiest ways to refinance if you’re already in an FHA loan. If rates drop or you want to switch to a fixed-rate mortgage, you can often skip the red tape—and avoid most closing headaches.

VA IRRRL

Best for: Veterans, active-duty service members, and surviving spouses with an existing VA loan.

Program Highlights:

Stands for VA Interest Rate Reduction Refinance Loan
Often referred to as the VA Streamline Refinance
No appraisal or credit underwriting package required
May not require income verification or employment confirmation
Can roll closing costs into the loan
Available even if the property is now used as a rental or second home (as long as it was once your primary residence)

Why It Matters:

The VA IRRRL helps veterans lower their rate with minimal cost and effort. It’s especially useful when rates drop and you want to reduce your payment without jumping through hoops.

USDA Streamlined Assist

Best for: Homeowners with an existing USDA Rural Development loan

Program Highlights:

No new appraisal required in many cases
No credit report or score recheck needed
No new income documentation required
Must have made 12 on-time payments
New payment must be at least $50 lower per month to qualify

Why It Matters:

This option is perfect for homeowners in USDA-eligible rural or suburban areas who need a simpler path to lower payments. It’s one of the few refinance programs that doesn’t require a credit pull, making it ideal for families with stable income but less-than-perfect credit.

Is Refinancing Right for You?

If you’re not sure whether refinancing makes sense, ask yourself these simple questions:

Do you want to lower your monthly mortgage payment?

Refinancing to a lower interest rate could free up hundreds each month.

Has your credit score improved since you bought your home?

A higher score can qualify you for better refinance terms.

Do you want to eliminate PMI or MIP?

If you’ve paid down enough of your mortgage or your home’s value has increased, refinancing could help you remove mortgage insurance.

Need cash for home improvement, tuition, or to pay off credit card debt?

Cash out refinancing can free up money for remodeling, tuition, medical costs, or emergencies.

Do you plan to stay in your home for several years?

If you plan to move soon, weigh your closing costs against expected savings. We’ll help calculate your break-even point to see if refinancing is worth it.

Still have questions? We’re here to help you compare your options with no pressure.

Why Work with Ebenezer Mortgage Solutions?

When you're buying your first home, the right guidance makes all the difference. At Ebenezer Mortgage Solutions, we’ve built our reputation on trust, transparency, and results—helping first-time buyers in Tampa and across Florida turn homeownership dreams into reality. Here’s why local homebuyers choose us:

2,000+ Florida families helped

We’ve successfully guided thousands of homeowners through the mortgage process.

5 expert mortgage brokers with bilingual support

Our experienced team speaks English and Spanish, ensuring clear communication every step of the way.

Personalized guidance from pre-approval to closing

We don't believe in one-size-fits-all advice. Whether you’re working with limited credit or exploring 0% down options, we’ll help you find the loan that fits your life and goals.

Frequently Asked Questions

What does refinancing a mortgage do?

Refinancing replaces your existing mortgage loan with a new one—often offering a better interest rate, lower monthly payment, or updated loan terms. It can also help you access home equity through a cash-out refinance.

Can refinancing lower my monthly mortgage payment?

Yes. Your monthly payment may decrease if you qualify for a lower interest rate or extend your loan term. Refinancing can also remove mortgage insurance in some cases, further reducing costs.

How soon can I refinance after buying a home?

Many lenders allow refinancing after 6 months, but 12 months is more common. Your eligibility will depend on your credit score, debt-to-income ratio, and whether you've built enough equity in the property.

Is refinancing the same as a second mortgage?

No. Refinancing replaces your current mortgage with a new one—often to get a better rate or change terms. A second mortgage is an additional loan on top of your existing mortgage, like a home equity loan or Home Equity Line of Credit (HELOC). You’ll make two payments if you have both. Keep in mind that both options may impact your escrow, including property tax and homeowners insurance adjustments.