Chances are you have heard someone you know mention that they “refinanced their mortgage” or did a “refi” on their home loan. If you aren’t familiar with the refinancing process and have never done it before, you probably have a lot of questions. We’ll break down the basics and walk you through some reasons why refinancing might be beneficial for you.
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1. What is refinancing?
When you refinance your home, you are effectively trading in your old mortgage agreement for a new one. You can do this with your original mortgage lender or a different one. When you refinance, you often agree to a new principal and interest rate, and the lender refinancing your loan uses the transaction to pay off your previous mortgage. There are two main types of refinances: no-cash out and cash out.
2. Why do people refinance?
The most common reason to refinance is to lower your interest rate, but there are so many things you can do if you choose to turn your home equity into cash. Here are some common reasons why people choose to refinance their mortgage:
Removing a co-signer from the mortgage agreement (for example, in the case of divorce)
Getting a different type of loan (perhaps switching from an FHA loan to a Conventional loan)
Switching to a lower interest rate
Changing the term of the loan to pay it off faster (for example, reducing your loan from a 30-year to a 15-year agreement)
Turning your home’s equity into cash (maybe for home improvements or to pay for a large purchase)
3. When can you refinance?
The answer is, it depends. Some mortgages require a period of time to pass before you can refinance, while others allow you to do so immediately. It just depends on your lender and the type of loan you have. This article from NerdWallet gives a good general outline of the rules surrounding refinancing. It’s always a good idea to get in touch with the mortgage company servicing your loan to understand the specifics of when you are allowed to go through the refinancing process.
4. How Do you refinance?
The process of refinancing will look slightly different depending on who you are refinancing with and what kind of refinance you are doing. In a lot of ways, refinancing is similar to the process you went through when obtaining the original mortgage on your home. Intuit has an awesome article that outlines the basic process of a refinance. If you want to know more, contact us to get your questions answered.
Have questions about refinancing?
It may make you feel better to know that refinancing is an option when you are purchasing your home. Let’s face it, it’s a huge purchase. It may be a comfort to know that the interest rate you buy your home at doesn’t have to be the rate you pay forever. That means you don’t need to limit yourself to only purchasing a home when rates are low. Learn more reasons about why you should house hunt when rates are high.
If you are considering refinancing your mortgage, it is a good idea to speak with an experienced Loan Officer who can help you explore your options. Contact us to get in touch with a Loan Officer or visit our refinance page to learn more.
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About Acrisure Mortgage
Acrisure Mortgage (formerly FBC Mortgage, LLC) is a Top 10 national mortgage lender headquartered in Orlando, Florida. Licensed in 49 states and supported by more than 19,000 dedicated professionals across Acrisure, we specialize in residential mortgage lending through both retail and wholesale/correspondent channels. Our comprehensive offerings include purchase, refinance, construction and renovation loans—tailored to meet the unique needs of homebuyers, homeowners and partners nationwide.
We are proud to serve as a trusted partner to many of the nation’s largest homebuilders and real estate professionals, with a strong foundation of loyal, satisfied clients. Recognized for our commitment to service, innovation and operational excellence, Acrisure Mortgage has received numerous national accolades, including Top 50 Mortgage Companies, Best in Loan Delivery and Best Place to Work honors.
As part of the Acrisure family, we are backed by a global fintech leader that shares our values of innovation, integrity and service. Together, this empowers us to expand our capabilities, leverage world-class technology and resources, and grow alongside the clients and communities we serve.
All information presented is for educational purposes only and not intended as financial advice. NMLS ID#152859 EHL ©2025.
FBC Mortgage is Now Acrisure Mortgage
FBC Mortgage officially rebranded as Acrisure Mortgage on July 1, 2025. This change reflects the company’s continued alignment with its parent company, Acrisure.
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