Refinance Your Mortgage in Rhode Island
Take control of your mortgage. Whether you want to lower your rate, shorten your term, or access your equity — Best Financial shops across lenders to find the best refinance option for your situation.
Refi Watch List
Let us notify you when it's the perfect time to refinance.
What Is Refinancing?
Refinancing means replacing your existing mortgage with a new one — usually with better terms. The new loan pays off your old loan, and you move forward with the new rate, term, and monthly payment.
Homeowners refinance for several reasons:
- Lower your monthly payment by securing a better interest rate
- Shorten your loan term to pay off your mortgage faster
- Convert from an adjustable rate to a fixed rate for payment stability
- Access your home equity as cash for renovations, investments, or other needs
As a broker, Best Financial shops your refinance across multiple lenders to make sure you get the best rate and terms available — not just the one option your current bank offers.
Refinance Requirements
Credit Score
Varies by program. Conventional typically 620+, FHA Streamline may be more flexible.
Current Mortgage Standing
Must be current on your mortgage payments. Most programs require 6-12 months of on-time payments.
Home Equity
Most programs require positive equity. Cash-out refinances typically need at least 20% equity.
DTI Ratio
Debt-to-income ratio must be within program guidelines. As a broker, we find the lender that fits.
Types of Refinance
Rate-and-Term Refinance
Lower your interest rate or change your loan term without taking cash out. Ideal for borrowers who want to reduce monthly payments or pay off their mortgage faster.
Cash-Out Refinance
Replace your current mortgage with a larger loan and receive the difference as cash. Use the funds for renovations, debt consolidation, or other major expenses.
FHA Streamline Refinance
A simplified refinance option for borrowers who currently have an FHA loan. Minimal documentation required, and often no appraisal needed.
VA Refinance (IRRRL)
The Interest Rate Reduction Refinance Loan is available to veterans with an existing VA loan. Streamlined process with minimal documentation.