These are the questions we hear most often from Cincinnati and Northern Kentucky homeowners who are thinking about refinancing. The answers are general and educational; for terms that apply to your own loan, speak with a mortgage professional or the lender you choose.
Is Cincinnati Refinance a lender?
No. Cincinnati Refinance is not a lender, mortgage broker, or loan officer. We provide educational information and connect consumers with mortgage professionals; any loan is made solely by the lender you choose and is subject to credit approval and that lender’s terms.
What is mortgage refinancing?
Refinancing means replacing your current home loan with a new one. The new loan may change the interest rate, the term, the payment structure, or, in a cash-out refinance, the loan amount. See our Refinance Options hub for the main types.
What is a rate-and-term refinance?
A rate-and-term refinance changes your loan’s rate, term, or both, while keeping the loan balance broadly similar. It is not designed to provide cash. Learn more in our rate-and-term refinance guide.
What is a cash-out refinance?
A cash-out refinance replaces your loan with a larger loan and pays you the difference in cash at closing. It is often used for home improvements or consolidating other debts, but it increases the amount you owe. Learn more in our cash-out refinance guide.
What is an FHA refinance?
An FHA refinance is a refinance of a loan insured by the Federal Housing Administration. The FHA Streamline refinance is a simplified option for eligible existing FHA loans. Learn more in our FHA refinance guide.
What is a VA refinance?
A VA refinance is a refinance of a loan guaranteed by the Department of Veterans Affairs, for eligible veterans, service members, and surviving spouses. The VA Interest Rate Reduction Refinance Loan, or IRRRL, is a streamlined option for eligible existing VA loans. Learn more in our VA refinance guide.
What is a conventional refinance?
A conventional refinance is a refinance not backed by a government program. It is often considered by homeowners with strong credit profiles and meaningful equity, and it can be a route to removing private mortgage insurance in some cases. Learn more in our conventional refinance guide.
What are refinance closing costs?
Closing costs are the charges and prepaid items that arise when a new loan closes, including lender charges, third-party services such as appraisal and title work, and prepaid items such as escrow deposits. We describe the fee types, without dollar figures, in our closing costs guide.
How are refinance rates priced?
Rates are priced based on your credit profile, your home and equity, the loan type and term, and wider market conditions, as well as the lender’s own costs. That is why this site does not publish specific rates: any rate available to you depends on your individual application. Learn more on our rates page.
When does refinancing make sense?
Refinancing may make sense when the new loan, with all of its costs, serves your goals better than your current loan, and when you expect to keep the loan long enough for the benefit to cover its costs. Our guide to when refinancing makes sense explains break-even as a formula you can apply to your own figures.
How long does refinancing take?
The time varies by lender, loan type, and the documentation required. A mortgage professional can give you an expected timeframe for your situation and explain what could affect it, such as appraisal scheduling or additional documentation requests.
How do I get started?
Read the guides on this site, note the questions you want to ask, and then request a refinance quote or call (859) 380-3873. We will connect you with a mortgage professional who can discuss your options. You can also learn more about Cincinnati Refinance.
Cincinnati Refinance is not a lender, mortgage broker, or loan officer. The content on this site is educational information only and is not a loan offer, rate quote, or commitment to lend. We provide information and connect consumers with mortgage professionals; any loan is made solely by the lender you choose and is subject to credit approval and that lender’s terms.
Contact Cincinnati Refinance
355 Grand Ave, Cincinnati, OH 45205
Phone: (859) 380-3873
Email: info@cincyrefinance.com
Hours: Monday–Friday 7:00 AM – 9:00 PM