Welcome Why Refinance Get in the BEST Position Loan Products & Qualifications Market Factors & Timing Savings Examples Refi Prep Checklist Calls to Action Q&A Opening Welcome & What You’ll Learn Hi! I’m Dan Frio , host of The Rate Update . In the next 45–60 minutes, you’ll learn how to qualify for a refinance, how to get into the best position for maximum savings , and how we compare rates across 30+ lenders with one application and one credit pull .
Goal Lower Payment & Costs
Agenda Refinance basics & goals Get in the BEST position (credit, income, equity) Loan products & qualifications Market factors & timing Real savings examples Live Q&A Tip: Ask questions anytime in chat — we’ll tackle them during Q&A.
Framing Why Refinance? Lower your monthly payment Remove mortgage insurance (PMI/MIP) Shorten your term (30 → 20 → 15) Access cash for high‑interest debt or renovations Break‑Even Snapshot Divide total costs by monthly savings to estimate months to break even.
We’ll run your personal numbers during a 1‑on‑1 consult.
Positioning Get in the BEST Position for Maximum Savings Credit Score Even a +20 point bump can reduce pricing hits. Tactics:
Pay down revolving balances below 30% utilization Avoid new credit lines pre‑refi Fix errors and add missing tradelines Impact: Lower rate & fees Debt‑to‑Income (DTI) Target < 45% (programs vary) Document income clearly (W‑2, 1099, award letters) Avoid large new debts before closing Underwriting watch item Equity / LTV 80% LTV or lower helps drop PMI on conventionalConsider minor home improvements that influence appraised value Bring cash to close to hit pricing tiers if needed Can unlock PMI removal Documentation Readiness ID, mortgage statement, insurance, 2 months bank statements 30 days of paystubs + 2 years W‑2/1099/tax returns HOA, divorce decree, BK/foreclosure docs (if applicable) Speeds underwriting Programs Loan Products & Qualifications Loan Type Min Credit Score Equity Needed Documentation Best For Conventional 620+ 3% min (20% to drop PMI) Full docs + appraisal Strong credit, drop PMI, flexible terms FHA Standard 580+ (500–579 w/10% equity) 3.5%+ Full docs + appraisal Lower credit, limited equity FHA Streamline No credit check (must be current) None (no appraisal) No income docs, no appraisal Current FHA borrowers lowering rate/payment VA IRRRL None (payment history matters) None (no appraisal) No income docs, no appraisal Veterans w/ VA loan lowering rate/payment VA Cash‑Out 620+ (varies by lender) Must keep 10–20% equity Full docs + appraisal Veterans tapping home equity USDA Streamlined Assist None (must be current) None (no appraisal) No income docs, no appraisal USDA borrowers lowering payment Cash‑Out Refi (Conv/FHA) 620+ (higher = better rate) Must keep 20% equity Full docs + appraisal Debt consolidation, remodel, pulling cash
Guidelines vary by lender and can change. We shop 30+ lenders to fit your scenario.
Timing Market Factors & Lock Strategy What Drives Mortgage Rates Inflation trends (CPI, PCE) Bond market (10‑Year Treasury, MBS pricing) Federal Reserve policy & guidance We monitor daily so you don’t have to Lock vs Float — Quick Guide Closing < 30 days: Usually lock30–60 days: Consider market calendar & risk tolerance> 60 days: Use Rate Watch + periodic re‑checksCase Studies Real‑World Savings Examples Payment Drop Current rate 7.25% → New rate 6.25% on $380,000.
≈ $240 / month saved
Excludes taxes/insurance; varies by credit score, LTV, program, and fees.
PMI Removal + Rate Conventional borrower hits 80% LTV + rate improvement.
≈ $320 / month saved
We’ll confirm with an appraisal waiver or full appraisal.
Download Refi Prep Checklist Photo ID, mortgage statement, homeowners insurance Paystubs (30 days), W‑2/1099 (2 years), tax returns if needed Bank statements (2 months) & explanation for large deposits HOA statement (if applicable) Any legal docs: BK, divorce, child support, etc. (if applicable) Next Steps Ready to See Your Savings? Get Started We’ll shop 30+ lenders for your scenario and send you a side‑by‑side quote.
Live Q&A Questions? Drop your questions in chat: costs, appraisals, timeline, or which program fits you.
For a private review, book a consult above. We’ll run the numbers and confirm your best path.
Disclosures: Programs/eligibility subject to change and lender approval. Not a commitment to lend. Equal Housing Lender. Terms, conditions, and availability vary by state and borrower profile. NMLS and licensing as applicable. © The Rate Update.
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