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Mortgage Refinance

Whether you want a lower interest rate, to shorten the number of remaining years on your term, or to get cash-out, NASB can help you secure the refinance loan you need.

Check today's rates 

Get what you need with a mortgage refinance.

There are many reasons why it might be beneficial to refinance your home mortgage loan. You may want to refinance to a lower interest rate, get some cash for home improvement projects or pay for college, or simply reduce the number of years remaining on your term.

Whatever your need, one of our helpful loan consultants would be happy to show you the benefits of obtaining a new mortgage and assess the overall savings to you.

  • Simple to apply and pre-qualify.
  • Use the equity you've built for things you need.
  • Access cash in one lump sum to spend however you wish.
  • Refinance at lower rates reducing monthly payments.
  • Shorten the loan term.
  • Save on interest over the life of the loan.
  • VA-approved lender.
  • No NASB lender fees2.
  • Can choose IRRRL with no appraisal or credit underwriting package required.
  • Purchase a second property for rental
  • May be able to get better terms than VA loan2.
  • An option if do not qualify for IRRRL
  • Get the answers to your refinance questions.
  • Learn the process and what you need to apply.
  • Clear and concise answers.
Let's get started!

Answer a few simple questions to get your personalized recommendations.

What type of loan are you looking for?
Whether you're seeking an FHA home loan, conventional home loan or VA home loan, a purchase loan or refinance loan, or a 15-year or 30-year fixed rate loan, here are the mortgage interest rates today.

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The interest rates shown above are based on your credit history, property type and loan amount. The actual interest rates and fees available to you may vary and may differ from the rates displayed. The Interest rates, Annual Percentage Rates (APR) and fees shown are subject to change without notice. Additionally, rates displayed for an Adjustable Rate Mortgage (ARM) may increase after consummation and throughout the life of the loan. This is not a credit decision or commitment to lend. For actual rates, please complete a loan application or contact a NASB loan officer. The APR reflects the annual cost of your loan, including items such as mortgage insurance, most closing cost, discount points (also referred to as “points”) and loan origination fees. Your monthly payment is not based on APR, but instead on the Interest Rate. Payment amounts shown include principal and interest only. The payment amount shown does not include the monthly escrow payment for real estate taxes, hazard and / or flood insurance, if applicable. If an escrow account is established, the actual mortgage payment will include escrow totals in addition to principal and interest.



Refinance FAQs

A mortgage refinance is when a homeowner gets access to a new mortgage loan to replace the existing one.The reasons for this could include getting a lower rate, reducing the term of the loan, access the equity built up in the house for cash, or cancelling mortgage insurance premiums.
There are essentially two different ways to refinance your home loan:

1. Cash-out refinance - This replaces your current mortgage with a new one for a higher loan amount that includes both the original loan balance and an additional portion towards closing costs, if applicable, and cash to you. You are basically using the equity you’ve built up with your house to go towards other things you need, like home improvements or college tuition.
2. Rate and term refinance - Rate and term refinancing is done to either change the interest rate of the loan if the market rate is lower than the current loan rate, or change the term of the loan.
There are a number of reasons that homeowners want to refinance their current mortgage loan. Here are the most common:

1. Your current mortgage has rates well above the current market
2. You want to switch from an adjustable-rate loan to a more secure fixed-rate loan
3. You want to lower payments for improved cash flow
4. You have equity built up in your home and you need access to cash
Cash-out refinancing replaces your current mortgage with a new one for a higher loan amount that includes both the original loan balance and an additional portion towards closing costs, if applicable, and cash to you. You are basically using the equity you’ve built up with your house to go towards other things you need, like home improvements or college tuition. There are some minimum requirements to be met, but if you need cash and you have built up equity in your home, this could be a solution for you. Here's more information about cash-out refinancing.
Rate and term refinancing is done to either change the interest rate of the loan if the market rate is lower than the current loan rate, or change the term of the loan. Here's more information on rate and term refinancing.
You should not refinance your current mortgage if:

1. You have had your mortgage for a long time and most of your payments are being applied to principal 
2. Your current mortgage has a prepayment penalty if you pay your loan off early
3. If you are planning to move in the next few years

This refinancing calculator helps determine if refinancing is worth it.
How much equity you need to refinance depends on the type of loan and the lender. Some lenders require at least 20% equity, while others only 5%. At NASB, if you meet certain requirements, you can get a cash-out refinance with up to a 95% loan-to-value. Read here to find out more about cash-out refinancing options up to 95% LTV.
Refinancing includes closing costs, which can range from 2% to 5% of the mortgage balance. Here's a tool calculates your mortgage refinance closing costs for a given set of loan terms. The calculator lumps settlement charges into two categories: origination charges and other settlement services.
To refinance you will be going through essentially the same process as when you created your first mortgage loan, so having good credit will play a role. Having bad credit can prevent you from getting a refinance with a conventional lender's requirements, but you still may be able to get a refinance using an FHA loan.
Once you decide that you would like to refinance your home loan for whatever reason, the first thing to do is to shop around for the best rate. And getting the best rate means having a good credit score, so you'll want to know what that is, and see if you can get it as high as possible. You'll also want make sure you can pay any up-front and closing fees associated with the loan. Here's a blog that can tell you more about getting started with a refinance loan.
Streamline refinancing is a mortgage refinancing process that reuses the original mortgage loan's paperwork to allow for quicker refinancing approval. This option is popular for borrowers who want to take advantage of lower interest rates or get out of an adjustable rate mortgage. Streamline mortgages are offered through both the VA and FHA.


Refinance loan resources



Video - Cash-Out Refinance - What it is and How to Use It

 



 

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What Our Customers Say
Anne C., January 10, 2022
★★★★★ (5)

"My loan team was very knowledgeable of the process from start to finish and conveyed this knowledge in an easy-to-understand, step-by-step way. A shout out to my loan officer who was very patient and continued to answer all my questions until I was ready to commit to a refinance. We could not believe how quickly the process was completed and the funds were available in my account. I have already recommended NASB to a friend."