Armed Forces Bank 320 Kansas Avenue Fort Leavenworth , KS 66027
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Mortgage Refinance
Refinance Your Mortgage.
Lower Your Rate or Own it Sooner.
Whether you want to reduce your mortgage refinance interest rates, shorten your loan term, or tap your home's equity, Armed Forces Bank has the refi mortgage loan — and the military-focused expertise — to make it happen.
Subject to credit approval. Terms and conditions apply. Fees apply.
What Is a Mortgage Refinance?
A mortgage refinance means replacing your existing home loan with a new one – typically to secure better refinance mortgage rates, change your loan term, or convert your equity into cash. When you refinance a mortgage loan, your lender pays off your current balance with the proceeds of the new loan, and you begin making payments on the updated terms.
Homeowners choose to refinance their mortgage loan for many reasons. You may be looking to lower your monthly payment, lock in a fixed rate before rates climb, shorten a 30-year mortgage to 15 years, eliminate PMI, or access equity to fund a major goal. Whatever your financial mission, Armed Forces Bank's dedicated loan advisors will help you find the right refinance mortgage loan for your situation.
Should You Refinance Your Mortgage?
Deciding to refinance a mortgage depends on your goals, how long you plan to stay in your home, and current refinance mortgage rates today. Here are common signs that a refi mortgage loan could make financial sense:
Rates have dropped:
If current refinance mortgage rates today are meaningfully lower than your existing rate, refinancing could reduce your monthly payment and total interest paid.
You want a shorter term:
Switching from a 30-year to a 15-year mortgage loan refinance can save tens of thousands in interest, even if your monthly payment rises slightly.
You want to switch rate types:
Convert an adjustable-rate mortgage (ARM) to a fixed rate for payment stability, or vice versa to take advantage of lower initial rates.
You need cash:
A cash-out refinance mortgage lets you access your home's equity as a lump sum for renovations, debt consolidation, education, or other needs.
You want to eliminate PMI:
If your home has appreciated and you now have 20%+ equity, a mortgage loan refinance may allow you to drop private mortgage insurance.
You have a VA loan:
Veterans may qualify for a VA IRRRL (streamline refinance) or VA cash-out refinance — often with fewer requirements and lower costs.
Comparing Your Mortgage Refinance Loan Options
Not sure which refinance mortgage loan is right for you? This side-by-side comparison covers the three most common refinance types available at Armed Forces Bank:
| Rate-and-Term Refi | Cash-Out Refi | VA IRRRL | |
|---|---|---|---|
| Goal | Lower rate / shorter term | Access home equity as cash | Reduce VA loan rate |
| Appraisal Required | Usually Yes | Yes | Usually No |
| Cash at Closing | No | Yes — lump sum | No |
| Min. Credit (AFB) | 620 (conventional) | 580–620 | 580 |
| Max LTV (AFB) | 95–97% | Up to 100% (VA) | 100% |
* Eligibility requirements, LTV limits, and credit requirements may vary. Contact a loan advisor for details.
Refinance mortgage rates today are influenced by market conditions, your credit profile, loan-to-value ratio, loan type, and term. Armed Forces Bank offers competitive mortgage refinance interest rates on both fixed and adjustable-rate options.
Why Refinance Your Mortgage with Armed Forces Bank?
Armed Forces Bank has served the military community since 1907. When you refinance a mortgage loan with us, you get more than competitive refinance mortgage interest rates — you get a partner who understands the unique financial challenges and opportunities of military life.
Dedicated Loan Advisors
Military-experienced advisors guide you through every step of the refinance mortgage process — from application to closing.
Competitive Refinance Mortgage Rates
We offer competitive mortgage refinance interest rates on both fixed and adjustable-rate products.
Fast Approvals
Our streamlined process is designed to move quickly, so you can lock your refinance mortgage rates today without delay.
Fixed & Adjustable Rates
Choose the rate structure that best fits your financial goals and timeline.
FDIC-Insured
Armed Forces Bank is FDIC-insured, Equal Housing, and backed by the full faith and credit of the U.S. Government.
Conventional Mortgage Refinance Eligibility Requirements
Requirements vary by loan type. Here are general eligibility parameters for Armed Forces Bank mortgage refinance products:
- Minimum credit score: 620 FICO
- Maximum LTV: 95–97%
- Maximum DTI: 50%
- Eligible for primary residences, second homes, and investment properties
- Fees apply — contact an advisor for a full cost estimate
How the Mortgage Refinance Process Works
Refinancing your mortgage loan with Armed Forces Bank is designed to be clear and manageable. Here's what to expect:
- Evaluate your goals. Use the refinance mortgage calculator to estimate savings and confirm refinancing makes sense for your situation.
- Apply online or with an advisor. Start your mortgage refinance loan application at your own pace or connect with a dedicated Armed Forces Bank loan advisor.
- Submit documentation. Provide income verification, tax returns, recent mortgage statements, and other required documents. VA borrowers will also need a Certificate of Eligibility (COE).
- Home appraisal. An appraisal determines your home's current market value — which affects your LTV and the refinance mortgage rates available to you. (Not required for IRRRL.)
- Underwriting & approval. Our team reviews your application. Fast approvals are a hallmark of Armed Forces Bank's refinance process.
- Rate lock. Once approved, lock in your refinance mortgage rates today to protect against market movement before closing.
- Close your loan. Sign your documents. Your existing mortgage is paid off, and your new refi mortgage loan begins. For cash-out refinances, your funds are deposited shortly after closing.
Already applied? Log in to upload documents or see the status of your application. No guesswork required.
Mortgage Refinance: Frequently Asked Questions
What is the difference between a rate-and-term and a cash-out mortgage refinance?
A rate-and-term mortgage refinance changes your interest rate and/or loan term without giving you cash at closing. A cash-out refinance mortgage replaces your loan with a larger one, and you receive the equity difference as a lump sum. Both are types of refinance mortgage loans, but they serve different financial goals.
How do I know if refinance mortgage rates today are low enough to refinance?
A common rule of thumb is that a mortgage refinance makes sense if you can lower your refinance mortgage interest rates by at least 0.5–1 percentage point and plan to stay in your home long enough to recoup closing costs. Use the Armed Forces Bank refinance mortgage calculator to run your personal numbers.
Can I refinance if I have a VA loan?
Yes — in two powerful ways. The VA IRRRL lets you lower your rate with minimal paperwork if you already have a VA loan. The VA cash-out refinance lets you access up to 100% of your home's equity and can even be used to convert a non-VA loan into a VA-backed mortgage. Both are available at Armed Forces Bank.
What is a refi mortgage loan break-even point?
Your break-even point is the number of months it takes for your monthly savings to cover the cost of refinancing. For example, if closing costs total $4,000 and your new refi mortgage loan saves you $200/month, your break-even is 20 months. If you plan to stay in your home longer than that, refinancing likely makes financial sense.
Can I refinance a mortgage loan for an investment property?
Yes. Armed Forces Bank offers conventional mortgage loan refinance options for investment properties. Note that VA refinance products are limited to primary residences only.
How long does a mortgage refinance take to close?
Most mortgage refinance loans close within 30 to 60 days. The IRRRL can sometimes close faster due to reduced documentation requirements. Armed Forces Bank's dedicated loan advisors are committed to keeping your timeline on track.
What does it cost to refinance a mortgage loan?
Closing costs for a mortgage refinance typically range from 2% to 5% of the loan amount and include appraisal fees, lender fees, title insurance, and prepaid items. VA loans include a funding fee. Many costs can be rolled into the new loan. Your loan advisor will provide a full Loan Estimate before you commit.
Mortgage Refinancing Resources
Deepen your understanding of the refinance mortgage process with these articles from Armed Forces Bank blogs:
Explore All Refinancing Options
Armed Forces Bank offers a full suite of refinance mortgage loan products:
- VA Cash-Out Refinance — Access up to 100% LTV. Convert any loan type to a VA loan. Primary residence only.
- Cash-Out Refinance — Conventional cash-out mortgage refinance. Max 80% LTV. Primary, second home, investment.
- Interest Rate Reduction Refinancing Loan — Streamline your existing VA loan to a lower rate with minimal paperwork.
- VA Loan — Learn about the full range of VA home loan benefits available to eligible borrowers.
- FHA Loan — For borrowers seeking low down payment options and flexible credit requirements.
- Compare All Mortgage Options — Not sure which product is right for you? Our comparison tool can help.
Subject to credit approval. Fees apply. Conventional Mortgage Refinance: Max 95%/97% LTV, Min 620 FICO, Max DTI of 50%. Eligible for Primary/Second Home/Investment Properties. VA Cash-Out Refinance: Max 100% LTV, Min 580 FICO, Primary Residence only, existing VA Mortgage loan required, must meet VA Net Tangible Benefit Requirements, not available in Texas. VA IRRRL: Existing VA-backed loan required. FHA Refinance: subject to FHA program requirements. Refinance mortgage rates are subject to change daily based on market conditions.