A mortgage refinance replaces your existing home loan with a new one to secure a lower interest rate, change your loan term, or convert equity into cash. Options include rate-and-term refinances, cash-out refinances up to 80% LTV, and reduced-documentation FHA/VA streamline refinances.
What is a Refinance?
Refinancing replaces your existing mortgage with a new loan — typically to secure a lower interest rate, change your loan term, or convert home equity into cash. The right refinance can reduce your monthly payment, save tens of thousands in interest, or fund major goals like renovations and debt consolidation.
ASB Capital Loan Funding offers rate-and-term refinances, cash-out refinances, and streamlined government refinances (FHA/VA). We structure every refinance around your goal — whether that is lowering your payment, eliminating mortgage insurance, or unlocking capital.
Program Highlights
- Rate-and-term refinance
- Cash-out refinance up to 80% LTV
- Streamline options (FHA/VA/USDA)
- No-cost refinance available
- 15, 20 & 30-year terms
- Eliminate mortgage insurance
Who This Loan Is For
- •Homeowners seeking a lower interest rate
- •Borrowers wanting to shorten their loan term
- •Owners tapping equity for renovations or debt payoff
- •FHA/VA borrowers removing mortgage insurance
Typical Requirements
- •Sufficient home equity (typically 20%+ for best terms)
- •Credit score 620+ (varies by program)
- •Stable, verifiable income
- •Debt-to-income ratio within guidelines
- •Current on existing mortgage payments
- •Property meets appraisal standards
Key Terms to Know
- Rate-and-Term Refinance
- A refinance that changes the interest rate or loan term without taking cash out of the property's equity.
- Cash-Out Refinance
- A refinance that replaces your existing mortgage with a larger loan, paying you the difference in cash.
- Streamline Refinance
- A simplified, reduced-documentation refinance available for FHA, VA, and USDA loans.
- LTV (Loan-to-Value)
- The loan amount divided by the property value. Lower LTV generally unlocks better refinance terms.
See our FAQ and loan resources for more definitions and checklists.