Unlock your home's potential
Refinance your current loan to adjust your rate, access equity, or pay off your mortgage sooner.
Optimize Your Financing
Discover what refinancing can do
Lock in a Lower Interest Rate 1
If rates have dropped or your credit score has improved, you may be able to access a better rate.
Rate Rebound
Purchase your dream home now and rest easy knowing you can tak advantage of lower interest rates in the future with no lender fees2.
- 5-year refinance period: if market rates drop, you can take advantage of the reduced rate with a no-lender fee refinance
- No lender fees: CMG waives all lender fees, saving you money at the closing table
- Pay less each month: enjoy a lower mortgage payment when you refinance to a lower rate with CMG
Cash-Out Refinance
You’ve earned it, now put it to work! A cash-out refinance allows you to turn your home’s equity into cash that you can use for just about anything, including:
- Home improvements
- School tuition or medical bills
- Unplanned expenses
Rate-and-Term Refinance
Optimize your mortgage by reducing your monthly payment or shortening your loan term.
- If interest rates have dropped since you purchase your home, refinancing could help you save now and over the life of your loan.
- Refinancing to a shorter term could help you pay off your loan faster and reduce the total amount of interest you’ll pay over the life of your loan.
Reasons to Refinance
Refinancing can help you make the most of your home's value. Whether you're accessing equity to fund important goals or securing a lower rate, lower monthly payment, or shorter loan term, refinancing offers the flexibility to better align your mortgage with your financial future.
Download Refinance Guide
Access all the refinancing information you’ll need in an easy-to-read PDF.
Frequently Asked Questions
We're here to help! Find answers to your everyday mortgage questions.
Rate Rebound gives borrowers the opportunity to refinance to a lower interest rate if market rates drop within the first five years they own their home. CMG will issue a general lender credit to cover the costs of all lender fees, appraisal fee, credit report, and tax service fee allowing borrowers to refinance with reduced closing costs.
Rate Rebound covers the lender fees, appraisal fee, credit report, and tax service fee.
Yes. To qualify for a Rate Rebound refinance, your original loan must be with CMG.
A cash-out refinance replaces your current mortgage with a new, larger loan and allows you to receive the difference in cash. Homeowners often use the funds for home improvements, debt consolidation, investments, or other major expenses.
If your home has increased in value or you've built equity by paying down your mortgage, you may be able to refinance for more than you currently owe. After your existing loan is paid off, the remaining funds are provided to you as cash.
The amount depends on your home's value, your current mortgage balance, and lender guidelines. Many programs allow homeowners to borrow up to 80% of their home's value, though limits may vary.
You can typically use the funds for almost any purpose, including:
- Home renovations
- Debt consolidation
- College tuition
- Medical expenses
- Business investments
- Emergency funds
- Major purchases
A cash-out refinance replaces your existing mortgage with a new loan. A home equity loan or HELOC is a separate loan in addition to your current mortgage.
It could. Your new payment may increase or decrease depending on:
- The amount of cash you take out
- Your new interest rate
- The loan term you choose
- Property taxes and insurance
A rate-and-term refinance replaces your existing mortgage with a new loan that typically changes the interest rate, loan term, or both. Unlike a cash-out refinance, the primary goal is not to access home equity for cash.
Homeowners often refinance to:
- Lower their interest rate
- Reduce their monthly mortgage payment
- Pay off their loan faster
- Switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage
- Change the length of their loan term
A rate-and-term refinance focuses on improving your loan's terms, such as the rate or repayment period. A cash-out refinance allows you to borrow against your home equity and receive cash at closing.
It may. A lower interest rate, a longer loan term, or both could reduce your monthly mortgage payment. However, extending your loan term may increase the total interest paid over time.
Refinancing can allow you to replace an ARM with a fixed-rate loan, providing more predictable monthly payments.
Many homeowners refinance from a 30-year mortgage to a 20-year, 15-year, or even 10-year term to build equity faster and potentially save on interest.
Refinancing typically involves closing costs, which may include lender fees, appraisal fees, title fees, and other related expenses.
In some situations, refinancing may allow eligible homeowners to eliminate mortgage insurance if they have sufficient equity and meet program requirements.
Common documentation may include:
- Recent pay stubs
- W-2s or tax returns
- Bank statements
- Homeowners insurance information
- Current mortgage statement