Loan program
Refinance
Replace your current mortgage with a new one, for rate, term, cash-out, or a simpler monthly structure.
Overview
What it is
A refinance pays off your existing mortgage with a new loan. The only reason to do it is that the new loan is a better fit for your life after you count costs, tax effects, and how long you will keep the home.
Rate-and-term refinances change the rate and/or the length of the loan. Cash-out refinances convert equity into cash, which can be useful and can also be expensive if the use is unclear.
VA, conventional, FHA, and jumbo refinances follow different rules. There is no single “Hancock refinance product.” There is a conversation about your current note and your goal.
Who it may be good for
- Homeowners whose rate, term, or mortgage insurance no longer matches how they live.
- Borrowers who want to tap equity for a documented purpose and understand the trade-off.
- VA borrowers who may be eligible for a streamline refinance, only if it actually helps.
How it works
- 01
Bring your current loan information: balance, rate, remaining term, and whether you have PMI or a funding fee already built in.
- 02
Your officer compares a new loan after estimated closing costs, not a billboard rate.
- 03
If it is not clearly better, a good officer should say so. Hancock’s job is not to refinance every file that walks in.
Potential advantages
- May lower the payment, shorten the term, or remove mortgage insurance when the numbers work.
- Cash-out can consolidate higher-interest debt or fund a documented need, when the math is honest.
Things to consider
- Closing costs and extending the term can erase a lower rate.
- Cash-out reduces equity and can change pricing.
- If you plan to move soon, a refinance may not recoup its cost.
Same house, different loan
Refinance only if the new loan improves your position after costs. The house is already yours.
Common questions
Questions about Refinance loans
Only if the savings after costs beat the time you expect to keep the loan. A quarter-point on a small balance with two years left in the house is a different decision than a large loan you will hold for a decade.
Ready when you are
The house is the point.
Whether you’re buying your first home, moving into your next one, refinancing, or exploring your options, we’re here to help you figure out the next step.