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Save Money with a Lower Rate

Mortgage Refinance in Bergen County

Lower your interest rate, reduce monthly payments, eliminate PMI, or access home equity. Refinance with competitive rates and streamlined processing.

0.75%
Lower Rate = Worth Refinancing
30-45
Days to Close
$300+
Avg. Monthly Savings
Check Your Refinance Options(718) 812-7798

Licensed Mortgage Broker • NMLS #1577754 • Equal Housing Lender

Types of Refinance Loans

Choose the refinance option that best fits your financial goals

Rate-and-Term Refinance

Lower your interest rate or change loan term without taking cash out. Best rates available.

  • • Reduce interest rate
  • • Lower monthly payment
  • • Shorten loan term (30yr → 15yr)
  • • Switch from ARM to fixed

Cash-Out Refinance

Borrow against home equity and receive cash at closing. Use for any purpose.

  • • Access up to 80% home value
  • • Debt consolidation
  • • Home improvements
  • • College tuition, investments

FHA Streamline Refinance

Simplified refinance for existing FHA loans. Minimal documentation.

  • • No appraisal required
  • • No income verification
  • • Lower FHA MIP (if originated pre-2013)
  • • Fast 2-3 week closing

VA IRRRL Streamline

Ultra-fast refinance for existing VA loans. Veterans only.

  • • No appraisal needed
  • • No income docs required
  • • 0.5% funding fee (waived if disabled)
  • • Close in 2-3 weeks

PMI Removal Refinance

Eliminate mortgage insurance with home appreciation.

  • • Remove PMI at 20% equity
  • • FHA → Conventional to drop MIP
  • • Save $100-300/month
  • • Appraisal-based equity

Jumbo Refinance

Refinance luxury homes over $929,200 conforming limit.

  • • Loans over $929,200
  • • Competitive jumbo rates
  • • Portfolio options available
  • • No maximum loan amount

Should You Refinance?

Refinancing makes sense if you meet these criteria

Good Reasons to Refinance

  • ✓Interest rate is 0.5-0.75% lower than current rate
  • ✓You plan to stay in home 2+ years (to recoup closing costs)
  • ✓Home equity has increased to 20%+ (remove PMI)
  • ✓Want to shorten loan term (30yr → 15yr) for faster payoff
  • ✓Need to switch from ARM to fixed-rate stability
  • ✓Need cash for debt consolidation or home improvements
  • ✓Credit score improved 40+ points since purchase

⚠When NOT to Refinance

  • ✗Rate savings won't cover closing costs in 2 years
  • ✗Planning to sell home within 1-2 years
  • ✗Just purchased home within last 6-12 months
  • ✗Home value declined significantly (underwater)
  • ✗Credit score dropped substantially since purchase
  • ✗Already 15+ years into a 30-year mortgage (restart = less savings)

Not sure if refinancing makes sense? CMG Home Loans provides free refinance analysis calculating your break-even point, total interest savings, and monthly payment reduction. Call (718) 812-7798 for your personalized analysis.

Calculate Your Refinance Savings

See how much you could save monthly with a lower rate

Refinance Questions Answered

Everything you need to know about mortgage refinancing

When should I refinance my mortgage?
Refinance when rates are 0.5-0.75% lower than your current rate, you want to shorten your loan term, need to access home equity, or want to eliminate PMI. Bergen County homeowners with 20%+ equity and 680+ credit often benefit from refinancing. We calculate your break-even point to ensure refinancing makes financial sense.
What is the difference between rate-and-term and cash-out refinance?
Rate-and-term refinance changes your interest rate or loan term without taking cash out. Cash-out refinance lets you borrow against home equity - you get the difference between new and old loan in cash. Cash-out rates are typically 0.25-0.50% higher than rate-and-term, and you can borrow up to 80% of home value (90% on some programs).
How much equity do I need to refinance?
Conventional refinances typically require 20% equity (80% LTV) for best rates, though 5% equity (95% LTV) options exist with PMI. FHA allows refinancing with minimal equity. VA IRRRL requires no equity verification. Cash-out refinances generally cap at 80% LTV conventional or 90% LTV VA.
What are closing costs for refinancing?
Refinance closing costs are typically 2-5% of loan amount ($4,000-10,000 on a $200,000 loan). Costs include appraisal ($500-700), title insurance ($1,000-2,000), origination fees, and other lender charges. No-closing-cost refinances are available (costs rolled into rate). We provide detailed cost/benefit analysis upfront.
Can I refinance if I have PMI on my current loan?
Yes! Refinancing is often an excellent way to eliminate PMI if your home has appreciated to 20%+ equity. Even if you don't have 20% equity yet, you might refinance to a lower rate that offsets PMI cost. FHA borrowers can refinance to conventional to eliminate permanent MIP once they reach 20% equity.
What is a VA IRRRL streamline refinance?
VA Interest Rate Reduction Refinance Loan (IRRRL) is a streamlined refinance for existing VA loans. No appraisal required, no income verification, no credit score minimum (though lenders set overlays). Must result in lower payment or move from ARM to fixed rate. Funding fee is just 0.5% (waived for disabled vets).
How long does a refinance take?
Refinances typically close in 30-45 days from application. Streamline refinances (FHA, VA IRRRL) can close in 2-3 weeks. Timeline depends on appraisal scheduling, documentation completeness, and underwriting volume. CMG expedites refinances for time-sensitive situations (rate locks expiring, etc.).

Ready to Lower Your Mortgage Payment?

Get a free refinance analysis from CMG Home Loans. We'll calculate your savings and determine if refinancing makes sense for you.

Get Your Free AnalysisCall (718) 812-7798

Licensed Mortgage Broker • NMLS #1577754

Helping Bergen County homeowners save with refinancing since 2015