Refinance Mortgage Broker Near Me | Compare Lenders & Lower Your Payment

With 240+ lender access, AI-powered speed, and 14,000+ reviews, Loan Factory helps you refinance quickly, locally, and affordably.

Yes, some lenders offer lender credits that offset closing costs. Brokers can show you these options side by side.

Usually 25–40 days. With Loan Factory’s AI-powered process and in-house underwriting, many refinances close faster.

Most lenders require 620+ for conventional, FHA may allow lower. VA and FHA streamline refinances are more flexible.

If your current rate is 0.5%–1% higher than what’s available, or if you want to cash out equity or remove PMI, refinancing is worth exploring.

Category

1. What Does It Mean to Refinance a Mortgage?

What Does It Mean to Refinance a Mortgage?

Refinancing means replacing your current mortgage with a new loan that has better terms—such as a lower rate, shorter term, or cash-out option.

When you refinance, your broker pays off the old loan with a new one, and you start fresh with new payments.

Rate-and-Term Refinance
Replace your old loan with a new one at a lower interest rate or different term (30 → 15 years).
Cash-Out Refinance
Borrow against the equity you’ve built. Example: if your home is worth $400,000 and you owe $250,000, you may refinance into a $300,000 loan and get $50,000 cash at closing.
FHA Streamline Refinance
For FHA borrowers: minimal paperwork, no appraisal required, often faster approvals.
VA IRRRL (Interest Rate Reduction Refinance Loan)
For veterans with VA loans: lowers rates with no appraisal or income documentation in most cases.
USDA Streamlined Assist Refinance
Available in eligible rural areas, often no appraisal and reduced documentation.

When homeowners search “refinance mortgage broker near me”, they want a solution that is fast, fair, and local.

Here’s the key difference:

Banks → Only offer their own refinance programs, limited flexibility.
Brokers → Shop across dozens or even hundreds of lenders, helping you:
- Get a lower interest rate
- Remove PMI if you’ve built 20%+ equity
- Shorten loan term (30 → 15 years)
- Pull cash out for renovations or debt consolidation

According to the Mortgage Bankers Association (MBA), even a 0.5% drop in rate can save homeowners hundreds of dollars per month.

Closing Costs: Typically 2%–5% of the loan amount
Common Fees: Appraisal, title, origination → many can be reduced or waived with brokers
Break-Even Point: If you save $200/month but pay $4,800 in costs, you’ll break even in 24 months. After that, it’s pure savings.