Refinance
Mortgage Refinance in Columbus, OH — Honest Advice, Many Lenders Compared
A refinance replaces your current mortgage with a new one. Done for the right reasons, it can change your rate or term, turn home equity into cash, or replace a loan that no longer fits. Done for the wrong reasons, it just adds closing costs. My job is to help you tell the difference.
Why a Broker
Why refinance with a broker?
I'm Cierra Aranya, a Mortgage Banker with Liberty Capital Services in Worthington, with 20+ years in the business. As a broker, I'm not limited to one bank. I shop your refinance across many lenders, compare rate, cost and fees, and pass along lender specials when they're available.
Refinance Options
Your refinance options
Rate/term refinance
Changes your interest rate, your loan term, or both, without taking cash out. Homeowners use it to move from an adjustable rate to a fixed rate, change how long they'll be paying, or remove a co-borrower. Some FHA borrowers refinance into a conventional loan once they've built equity, which may let them drop mortgage insurance, depending on the home's value and lender guidelines.
Cash-out refinance
Replaces your mortgage with a larger loan and pays you the difference from your equity, often for renovations, paying off higher-interest debt or buying another property. How much you can access depends on your appraised value, credit, program and lender. Because you're borrowing more against your home, we'll talk honestly about whether it's worth it.
VA IRRRL (VA streamline refinance)
If you already have a VA loan, the Interest Rate Reduction Refinance Loan (IRRRL) is a streamlined way into a new VA loan, typically with less paperwork, and many lenders don't require a new appraisal. The new loan must give you a real benefit, there are waiting-period rules, and a VA funding fee may apply unless you're exempt. Want cash out? Ask about a VA cash-out refinance. VA Home Loans
FHA streamline refinance
If you have an FHA loan, a streamline refinance can move you into a new FHA loan with reduced documentation, often without a new appraisal. You need to be current on your mortgage, and FHA requires a "net tangible benefit": the new loan must meaningfully improve your situation. FHA mortgage insurance still applies. FHA Loans
Investor and self-employed refinances
Own rentals? A DSCR refinance (rate/term or cash-out) qualifies mainly on rental income. Self-employed or a 1099 owner-operator? A bank-statement refinance can use deposits instead of tax returns. DSCR Investor Loans
When does refinancing make sense?
A refinance may be worth a closer look if:
- Market rates have moved since you got your loan, and you'll stay long enough to recover the closing costs.
- You have an adjustable-rate loan and want a fixed rate.
- Your home's value has gone up, which may open better options, such as removing mortgage insurance on some loans.
- Your credit has improved.
- You need cash for a project or to consolidate debt, and you're comfortable borrowing against your home.
- Your life has changed: a divorce, a co-owner buyout or planning for retirement.
It may not make sense if you plan to sell soon, the costs outweigh the benefit, or you'd be resetting the clock on a loan you're close to paying off.
My honest rule:
If a refinance doesn't clearly benefit you, I'll tell you to keep the loan you have.
How the refinance process works
- 1
Quick conversation by phone, video, or at a location convenient to you: your goal, current loan and plans.
- 2
Application and documents. Your mortgage statement, income documents and insurance details. Streamlines often need less.
- 3
I shop lenders. You see rate, costs and fees side by side, with your Loan Estimate.
- 4
Lock and process. We lock your rate; the lender orders title and an appraisal if needed.
- 5
Underwriting. I keep you updated and handle conditions.
- 6
Close at a location convenient to you, or remotely where the lender and state allow. Most loans close in about 21 days, depending on the property, appraisal and lender; timing isn't guaranteed. On a primary-home refinance, you generally have a three-business-day right to cancel before funding.
Refinance FAQs
Ready to see if a refinance makes sense?
Tell me what you want your mortgage to do. I'll compare lenders and give you a straight answer, even if it's "keep your current loan."