Homeowner Refinance FAQs

Have questions about refinancing? You’re not alone. Below are straightforward answers to the questions homeowners ask most before they start a refi. For a deeper dive into the process, see how the refinance process works.

Do I need perfect credit to refinance?

No. Strong credit can unlock better rates, but many homeowners refinance with average credit profiles. A licensed lender will look at your full picture: credit, income, home value, and current loan terms. In some cases, improving your credit for a few months before applying can make a big difference—your loan officer can help you decide.

How much does it cost to refinance?

Refinances usually include closing costs such as appraisal fees, title work, lender fees, and state-specific charges. You can often roll some or all of these into the new loan instead of paying them out of pocket. Your lender will show you a cost breakdown and how long it takes to break even based on your monthly savings.

Is a cash-out refinance the same as a HELOC?

They’re different tools. A cash-out refinance replaces your existing mortgage with a new, larger one and gives you the difference in cash. A home-equity line of credit (HELOC) is a separate loan that uses your home as collateral. Each has pros and cons in terms of rate, flexibility, and closing costs. A lender can walk you through which option fits your plans.

Will refinancing restart my 30-year clock?

It can—but it doesn’t have to. Many homeowners refinance into a new 30-year term to maximize payment savings. Others choose a 20- or 15-year term to stay on track or pay the home off faster. You can also plan extra principal payments to mimic a shorter term even if you choose a 30-year loan. Your lender can model these scenarios for you.

How long does the refinance process take?

Most refinances close in a few weeks, though timelines vary by lender, state, and how quickly documents are provided. Appraisal availability and verification steps can also impact timing. When you start, ask your lender for an estimated timeline so you know what to expect.

Will I skip a payment when I refinance?

You won’t “skip” a payment, but the timing can feel that way. Because interest is paid in arrears, you may have a gap before your first payment on the new loan. Your closing disclosure and final documents will show exactly when the first payment is due.

How does BuyRefiLeads get paid?

BuyRefiLeads is not a lender. We build marketing systems that help licensed mortgage companies connect with homeowners who are actively exploring refinance options. Those companies pay us for marketing and lead services so we can keep improving the experience on both sides. You don’t pay us a separate fee.

Will multiple lenders contact me?

Our goal is to balance choice with simplicity. In many cases, your inquiry is routed to a focused set of licensed lenders who operate in your state. You’re always free to tell a lender if you’re no longer interested or if you’ve chosen a different path.

What if refinancing doesn’t make sense for me right now?

A good lender will tell you that. Sometimes the numbers don’t work in your favor today, but a small change in credit, home value, or rates could open a better window later. Use these conversations as information, not pressure. The decision to move forward is always yours.

If you have a question that isn’t covered here, start a conversation using the form on this site. A licensed lender can review your specific situation and help you decide what comes next.