Refinance Your Mortgage on Better Terms
Refinancing can help you lower your rate, reduce monthly payments, or tap into your home's equity without selling or moving.
FOR TRANSPARENCY
No Closing Cost
No closing cost doesn't mean costs disappear — it means you don't pay them out of
pocket at closing. Here's how it works:
WHAT IT IS
Lender credit
HOW IT WORKS
We cover your closing costs in exchange for a slightly higher interest rate
WHAT YOU PAY UPFRONT
$0 at closing
LONG-TERM EFFECT
Monthly payment is slightly higher due to the adjusted rate
BEST FOR
Borrowers who want to preserve cash and may refinance again within a few years
Lender credit
Important disclosure — required by federal mortgage advertising rules (MAP Rule / Regulation N)
A "no closing cost" or "zero out-of-pocket" refinance does not eliminate closing costs. Costs are either offset by a lender credit (resulting in a higher interest rate) or added to the loan principal. The total amount you repay over the life of the loan may be higher than a comparable loan with upfront closing costs paid at closing. All advertised programs are subject to credit qualification, income verification, property appraisal, and applicable state and federal regulations. Rates shown are examples only and are not guaranteed. Contact a licensed loan officer for a personalized Loan Estimate. NextGen Mortgage, Inc. is an equal housing lender.
MLO License Info: NMLS #1621958, NH Broker license #1621958MBRR, and MA Broker license #MB1621958, ME Broker License #1621958, FL Broker License #MBR4542, RI Broker License #20265029LB
Refinance Options Based on What You Need
Refinancing can help you pay less each month or turn home equity into cash. These are the two most common ways homeowners do it.
Rate & Term Refinance
Perfect for the borrower who wants to lower their monthly bill or switch from an Adjustable Rate (ARM) to a Fixed rate for long-term security.
Eliminate Private Mortgage Insurance (PMI)
Switch to a 15-year term to save $100k+ in interest
Lock in a stable rate for 30 years
Cash-Out Refinance
Turn your equity into liquid capital. Use it to consolidate high-interest debt, fund a business, or finally start that kitchen remodel.
Consolidate 20%+ APR Credit Cards
Liquid cash for business investment
Add value with home improvements
What Our Clients Are Saying
Don't just take our word for it. Hear from the families we've helped
secure their dream homes.
Mortgage Payment Calculator
Estimate your monthly mortgage payment using home price, down payment, interest rate, and loan term. Get a quick principal and interest estimate for your home buying budget.
Minimum requirements for optimization.
Loan-to-Value (LTV)
You may be able to borrow up to 97.5% of the home’s value, depending on the program and qualifications.
Credit Profile
No minimum credit score is required. Loan approval is based on the overall borrower profile.
Income Verification
W-2s, 1099s, or bank statements accepted. Business owners may qualify using alternative income documentation.
Frequently Asked Question
How much can I save by making extra mortgage payments?
The savings depend on your loan balance, interest rate, and how much extra you pay. For example, adding $200 per month to a $300,000 mortgage at 6.38% can save you over $72,000 in interest and cut roughly 6 years off a 30-year loan. Use the calculator above to see your exact savings.
Should I make extra mortgage payments or invest the money?
It depends on your financial situation. Extra mortgage payments offer a guaranteed return equal to your interest rate with zero risk. If your mortgage rate is 6% or higher, paying it down is a strong choice. However, if you have high-interest debt like credit cards, pay those off first. Consider maxing out tax-advantaged retirement accounts before making extra mortgage payments.
Is it better to pay extra monthly or make a lump sum payment?
Both approaches reduce your balance and save interest, but monthly extra payments typically work better for most people because they build a consistent habit and reduce your principal steadily throughout the year. A lump sum payment is effective if you receive a bonus or inheritance. The key factor is timing: the earlier you make extra payments, the more interest you save.
Do extra mortgage payments go toward the principal?
Yes, when you make an extra payment and specify it as a principal-only payment, the entire amount goes toward reducing your loan balance. This is different from your regular payment, which splits between principal and interest. Always confirm with your lender that extra payments are applied to principal, not future payments.
Are there penalties for paying off a mortgage early?
Most modern mortgages do not have prepayment penalties. FHA loans, VA loans, and loans from federally chartered credit unions prohibit prepayment penalties by law. However, some conventional loans may include a penalty during the first 3 to 5 years. Check your loan agreement or ask your lender before making large extra payments.
How do biweekly mortgage payments work?
Instead of making 12 monthly payments per year, you pay half your monthly amount every two weeks. Since there are 52 weeks in a year, this results in 26 half-payments, which equals 13 full monthly payments. That one extra payment per year can shave several years off your mortgage and save thousands in interest.
Your first home starts right here.
Our loan specialists guide you through the process,
from credit repair tips to finding the right
down-payment assistance programs.
MLO License Info: NMLS #1621958, NH Broker license #1621958MBRR, and MA Broker license #MB1621958, ME Broker License #1621958, FL Broker License #MBR4542, RI Broker License #20265029LB
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