In short
Refinancing replaces your current mortgage with a new loan. Homeowners refinance to change their payment, take cash out of their equity, remove FHA mortgage insurance, or change their term or loan type. It makes sense when the new loan lowers your total cost over the time you'll keep the home, after closing costs.
Reviewed by Scottie Campbell, NMLS #1610726 · Last updated October 18, 2026
Is refinancing my home worth it right now?
It depends on your goal and how long you plan to keep the home. A refinance has closing costs, so the key is how many months it takes your savings to earn those costs back, and whether you'll own the home past that point. A cash-out refinance or a move from FHA to conventional to drop mortgage insurance follows different math and can make sense on its own. I run a Total Cost Analysis on your actual loan and give you an honest recommendation, including when the answer is to wait.
Key takeaways
I'm Scottie Campbell, Mortgage Advisor and owner of Waymaker Mortgage Company. A refinance should make your financial life better over the time you own your home, not just look good on a rate sheet. I'll show you your break-even point, what each option really costs, and whether now is the right time. If waiting is the smarter move, I'll tell you that too.
Refinancing Starts With Your Goal, Not the Rate
A refinance replaces the mortgage you have today with a new one. That's the simple part. The real question is whether the new loan puts you in a better spot over the time you plan to own the home, and that answer is different for every family.
I've been doing this since 2003, and quite frankly, the refinances I'm proudest of didn't start with a rate. They started with a goal. Maybe you want a smaller monthly payment so there's breathing room in the budget. Maybe you want to pull cash out for a remodel, or to pay off other debts and simplify your life. Maybe you bought with FHA and you're ready to be done with mortgage insurance. Each of those calls for a different strategy.
My job is to educate and empower you. Your job is to decide. So let's walk through how I think about it.
Common Reasons Homeowners Refinance
- Change your payment. Restructure the loan so the monthly number fits your life better.
- Cash-out refinance. Turn part of your home equity into cash for renovations, college, a business, or another property.
- Remove mortgage insurance. Move from an FHA loan into a conventional loan once your equity supports it.
- Change your term. Shorten to pay the home off sooner, or lengthen to free up monthly cash flow.
- Change your loan type. Move from an adjustable-rate loan to a fixed-rate loan for long-term stability.
- Streamline a VA loan. Veterans with a VA loan may be able to use an Interest Rate Reduction Refinance Loan (IRRRL), often with less paperwork than a full refinance.
Total Cost Analysis: The Math I Run for Every Refi
A refinance has real closing costs, so the question is never just "what's my new payment?" It's "what does this loan cost me over the years I'll actually keep it?" That's what my Total Cost Analysis is built to answer.
Here's what goes into it:
- Break-even point. How many months of savings it takes to earn back your closing costs.
- Your timeline. How long you realistically plan to stay in the home.
- Term reset. What happens if you restart the clock versus choosing a shorter or custom term so you don't lose the progress you've made.
- Total interest and costs. The full picture side by side, your current loan against each option.
What that means for you is a clear, honest recommendation. If refinancing helps, I'll show you exactly how. If it doesn't, I'll tell you to hold tight. Can't do it now doesn't mean can't do it ever, and I'd rather keep an eye on your scenario than put you in a loan that doesn't serve you.
On rates: your rate depends on your scenario and the day's market. Reach out and I'll price it for real.
Credit Scores for a Refinance
The credit floor follows the loan you're refinancing into:
| Refinancing into | Minimum credit score |
|---|---|
| FHA | 500 |
| VA (including IRRRL) | No minimum |
| Conventional with Fannie Mae DU approval | No minimum |
| Conventional, manually underwritten | 620 |
Credit is only one piece of the file. Equity, income, and how your current loan is structured all matter too. If your credit has taken some hits, that's okay. It's never a no. It's always a how. We'll look at what's possible today and map out a plan if it makes sense to wait.
Why Where You Refinance Matters
Waymaker Mortgage Company closes and funds Conventional, VA, USDA, bank statement and DSCR loans in its own name, with underwriting through multiple investor partners. A bank has one underwriting desk and one set of rules. If one investor's guidelines don't fit your refinance, I take the file to one that does.
That matters a lot on a refinance. Self-employed borrowers, real estate investors, and homeowners with a unique property or income story are the ones who get turned down by a bank's single box. With several investors behind me, I have more than one path to look at.
And you're talking to the owner of this company. I'm a real estate investor myself, so I look at your home the way I look at my own: as a long-term asset that should be working for you.
How a Refinance Works With Me
- Quick conversation. Feel free to text me or book a call. Tell me what you want the refinance to do.
- Review your current loan. I look at your existing mortgage statement, your goals, and your timeline.
- Total Cost Analysis. I lay out your options side by side, including the option to do nothing.
- Mortgage Action Plan. You get a written plan with the strategy I recommend and why.
- Application and appraisal. If you decide to move forward, my team handles processing and keeps you updated. High-tech, high-touch: modern tools, and a real person who answers.
- Closing. We sign, and your new loan takes over from the old one.
Refinancing in Georgetown, TX
Waymaker's office is at 117 W 7th St in Georgetown, TX, and I'm licensed in Texas, Florida, Pennsylvania and Ohio. Whether you're a few years into your first home or sitting on equity you've built over a long time, I'm here to serve. Let's look at your numbers together and get you rocking and rolling on a plan that makes sense.
Information on this page is general and educational. It is not a commitment to lend or an offer of credit. Programs, guidelines and eligibility change and depend on your full scenario. Waymaker Mortgage Company, NMLS 2440476. Equal Housing Lender.
Quick facts
- Minimum credit score
- Follows the new loan: 500 FHA, no minimum VA (incl. IRRRL), no minimum DU conventional, 620 manual
- Common goals
- Payment change, cash-out, drop FHA MI, term or loan type change
- Key decision tool
- Total Cost Analysis with break-even point
- Closing costs
- Apply; weighed against your savings over time
- Funded in house
- Conventional, VA, USDA, bank statement and DSCR
- Licensed in
- Texas, Florida, Pennsylvania and Ohio
Is this loan right for you?
Who it's for
- Homeowners who will keep the home past the break-even point on their closing costs
- Owners who want to use home equity for renovations, other debts, or investing
- FHA borrowers ready to move to a conventional loan and drop mortgage insurance
- Veterans with a VA loan who may benefit from an IRRRL or VA cash-out refinance
- Self-employed borrowers and investors whose refinance didn't fit a bank's box
Who it may not fit
- Homeowners planning to sell before they'd earn back the closing costs
- Owners whose current loan already fits their goals and timeline well
Pros and cons
Pros
- Can restructure your payment to fit your budget better
- Cash-out puts built-up equity to work
- Can remove FHA mortgage insurance by moving to conventional
- Lets you shorten your term or switch from adjustable-rate to fixed-rate
- Multiple investor options when one set of guidelines doesn't fit
Trade-offs to weigh
- Closing costs apply and need to be weighed against the benefit
- Restarting a long term can increase total cost unless you choose a shorter term
- Cash-out reduces the equity you have in the home
Frequently asked questions
What credit score do I need to refinance?
It follows the loan you're refinancing into. FHA starts at 500. VA, including the IRRRL streamline, has no minimum score. Conventional loans with a Fannie Mae DU approval have no minimum, and manually underwritten conventional loans need 620. Credit is only part of the picture, so let's look at your whole file together.
How do I know if a refinance will save me money?
I run a Total Cost Analysis. It shows your break-even point (how long it takes to earn back your closing costs) and compares the total cost of your current loan with each option over the time you plan to stay. If the numbers don't work, I'll tell you to wait.
Can I refinance out of my FHA loan to get rid of mortgage insurance?
Often, yes. Once you have enough equity, refinancing from FHA into a conventional loan can remove FHA mortgage insurance. Whether it's worth doing depends on your equity, your credit and your closing costs, which is exactly what we'll map out in your Mortgage Action Plan.
How does a cash-out refinance work?
You replace your current mortgage with a larger one and receive the difference in cash at closing. How much you can take out depends on your home's value, the loan program and your overall file. I'll show you what you can access and what it does to your payment before you decide.
Will refinancing restart my loan at 30 years?
Not necessarily. You can choose a shorter term or, in many cases, a custom term so you keep the progress you've already made. I'll show you a few term options side by side.
What are today's refinance rates?
Your rate depends on your scenario and the day's market. Reach out and I'll price it for real. Feel free to text me and we'll start with what you want the refinance to do.
I'm a veteran. Can you help with a VA refinance?
Yes. Waymaker Mortgage Company originates and funds VA loans in house under its own name, with underwriting through multiple investors. Depending on your situation, that could be a VA IRRRL streamline or a VA cash-out refinance.
Related loan programs
Put the equity you've built to work for a renovation, a debt payoff or your next investment, and leave your first mortgage exactly where it is.
Low down payment options, dozens of down payment assistance programs and a Greenlight Approval that helps your offer compete. It's never a no. It's always a how.
Flexible credit, low down payment, and dozens of assistance programs. I'll show you how FHA fits your plan, then you decide.
Last updated October 18, 2026 · Reviewed by Scottie Campbell, NMLS #1610726. This page is educational and not a commitment to lend; program details change — ask for current figures.