Refinance

Refinancing your mortgage is a fantastic way to help you reach your financial goals. Simply put, refinancing means that you pay off your existing loan and replace it with a new loan. Some homeowners may choose to refinance and use their home’s equity to get cash to pay down debt, finance home renovations, or put towards a larger purchase. Others may want to lower their current monthly mortgage payment or shorten their loan term, saving on interest and putting them on the path to owning their home sooner.

Whatever your goals, PHH Mortgage has personalized loan options to help you reach them, and it's easy with our PHH Rapid Refi.

Cash Out Refinancing

Refinance Mortgage Calculator

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• Cash Out: If you have equity in your home, you can refinance your mortgage for more than you currently owe and receive the difference in cash. This can be used to pay off debt, make home improvements, and more.
• Lower monthly payment: Lowering your monthly mortgage payment means a more flexible budget. This can help you save for other things or simply to have more income for day-to-day expenses.
• Lower interest rate: Refinancing can help you secure a lower interest rate, which can result in overall savings.
• Shorter loan term: Refinancing into a shorter loan term can help you pay off your mortgage faster and own your home sooner, creating interest savings over the life of the loan.  

Calculate your loan options with our mortgage calculators

Even if you’re happy with your current loan, it’s worth exploring new loan options to see if you can find better terms for your current goals.

Reasons to consider may include:

• Financial goals change: Your financial situation may have changed since you first took out your loan. Refinancing can help you adjust your loan to meet your current goals.
• Credit Score Improvement: If your credit score has improved since you first got your loan, you may qualify for better loan terms, including lower rates.
• Interest rates change: Rates are constantly fluctuating, which means the rate you got a few years ago may no longer be the best option for you.

And some lesser-known reasons to refinance include:

• Change in loan type: If you have an adjustable-rate mortgage, refinancing can allow you to switch to a fixed-rate mortgage, providing stability and predictability in your rate and payments
• To get rid of private mortgage insurance (PMI): PMI is insurance that protects the lender in case you default on your loan. If you have a high loan-to-value ratio (LTV), you may be required pay PMI. Refinancing into a loan with a lower LTV can help you get rid of PMI.
• To remove a co-signer from your loan: If you have a co-signer on your mortgage, and want to put the loan in your name only, you may be able to refinance to do so.

To review your personalized loan options and refinance benefits, call (800)-451-1895 to speak with a PHH Loan Officer. Our digital application, reduced paperwork requirements, and dedicated team of mortgage experts are designed to save you time and effort for a smooth refinancing experience.