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KNB Capital · Loan Programs
Rate & Term
Refinance
Lower your interest rate, reduce your monthly payment, or shorten your loan term. Wholesale pricing means you get a better deal than going directly to a retail bank.
The Basics
What Is A Rate & Term Refinance?
A rate and term refinance replaces your existing mortgage with a new one at a better interest rate, a different loan term, or both — without pulling out cash. It’s the most common type of refinance, used to reduce monthly payments, pay off a loan faster, or eliminate FHA mortgage insurance.
The break-even period is the key metric: divide your closing costs by your monthly savings to find out how many months it takes to come out ahead. KNB Capital runs this analysis for every refi client before you decide to move forward.
Do You Qualify?
Refinance Requirements
Equity Position
Conventional refinances typically require 5–20% equity (80–95% LTV). Best rates are at 80% LTV or below. FHA and VA streamline options have more flexible LTV requirements.
Credit Score
620+ for conventional, 580+ for FHA. A higher score since your original loan means better pricing — we check rates at your current score to see your real savings.
Income Verification
Full documentation refinances require W-2s, tax returns, and recent pay stubs. Streamline programs (FHA/VA IRRRL) have reduced doc requirements.
Seasoning Requirements
Most lenders require 6–12 months of on-time payments before refinancing. Exceptions exist for rate drops significant enough to justify early refinancing.
Common Questions
What Refi Clients Ask Us Most
How Much Can I Save By Refinancing?
It depends on your current rate vs. today’s rates and your remaining balance. On a $500K loan, a 1% rate drop can save $300–400/month. We model your exact numbers before you commit to anything.
How Long Does A Refinance Take?
Typically 21–30 days for a conventional refinance. FHA and VA streamline programs can close faster. The appraisal is often the longest part — we work to schedule it quickly.
When Does It Make Sense To Refinance?
The general rule is if you can recover closing costs within 24–36 months and you plan to stay in the home that long. Rate drop alone isn’t the only reason — removing FHA MIP or shortening your term can also be worth it.
Find Out How Much You Can Save
No hard pull. No commitment. Just real numbers for your specific loan.