Conventional refinance to lower your payment, change your term, or reset your mortgage strategy.
Whether you want to lower your monthly payment, shorten your loan term, or consolidate higher-interest debt, a conventional refinance can help you re-align your mortgage with where you are now—not where you were when you first closed.
Get a quick, no-obligation review of whether a refinance makes sense based on rate, payment, timeline, and costs.
See your conventional refi options
Share a few details and we’ll compare your current loan against new refinance scenarios.
What is a conventional refinance?
A conventional refinance replaces your current mortgage with a new one—ideally with terms that better fit where you are now. That could mean a lower interest rate, a shorter term to pay the home off faster, or a different payment structure that frees up cash flow.
With WeLoan, you can compare your current loan side-by-side with new scenarios to see how much you might save and how long it may take to break even after costs.
Reasons people refinance
- Lowering the monthly payment
- Shortening the term (for example, 30 → 15 years)
- Consolidating higher-interest debts into one mortgage payment
- Removing a co-borrower from the loan
- Switching from an ARM to a fixed rate
What we look at with you
- Your current rate, payment, and loan balance
- Estimated home value and equity
- Your refinance goals (payment, term, cash-out, or a mix)
- Closing costs vs. monthly savings to estimate a break-even timeline
Conventional refinance options
Different refinance structures fit different goals. We'll help you match the structure to what you're trying to accomplish.
Rate-and-term refinance
- Focus on improving the rate, term, or both
- Common when you want monthly savings or faster payoff
- Often used to move from an ARM to a fixed-rate mortgage
Cash-out refinance
- Tap home equity for renovations, debt consolidation, or large expenses
- New loan amount is higher than your current balance, with cash going to you at closing
- We’ll help compare total costs and long-term impact on your goals
Compare your current loan vs. a new refinance
The key question isn't just “Can I refinance?”—it's “Does it make financial sense for what I'm trying to do?”
We look at today vs. new
- Current rate, P&I payment, and remaining term
- New proposed rate, payment, and term for one or more refi options
- Estimated monthly savings or changes in payoff timeline
And the break-even math
- Estimated closing costs for the new loan
- How many months of savings it takes to “earn back” those costs
- Whether it lines up with how long you expect to keep the home or mortgage
Conventional refinance FAQs
How do I know if a refinance makes sense?
We compare your current loan against one or more refinance options—looking at rate, payment, term, costs, and a rough break-even point. If the savings or structure don’t support your goals, we’ll tell you that too.
Can I roll closing costs into the new loan?
In many cases, yes, depending on your equity and program limits. We’ll show you scenarios with and without rolling costs in so you can see the difference in payment and long-term interest.
Does refinancing always lower the payment?
Not necessarily. Sometimes the goal is paying the home off faster with a shorter term, or shifting debt into one structured payment. We’ll keep the focus on the goal you care most about and show the trade-offs clearly.
Will a refinance reset my loan back to 30 years?
It can—but doesn’t have to. You can choose a new term (like 30, 20, 15 years, and others), and we’ll walk you through what that means for payment size and payoff timing.
Ready to see if a conventional refinance fits your goals?
We'll review your current loan, build a few refinance options, and help you decide if it makes sense to move forward now—or keep things as they are.
Exploring other options too? You can also review conventional purchase, FHA loans, VA loans, jumbo loans, and USDA loans.