Refinancing your Colorado Springs mortgage can lower your rate, shorten your term, drop mortgage insurance, or turn equity into cash. The right move depends on your goals and the market, and we’ll tell you straight whether it makes sense. 719 Lending, local and rated 4.9★ on Google. (NMLS #1601989, Equal Housing Lender.)
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Should you refinance?
Refinancing replaces your current mortgage with a new one. It can be worth it when rates have dropped, when your credit or equity has improved, when you want to switch from an ARM to a fixed rate, when you want to remove FHA mortgage insurance, or when you need cash for a goal. The key is whether the savings outweigh the costs over how long you’ll keep the home. We run that math with you honestly, with no pressure.
Types of refinance
Rate-and-term refinance
Lower your interest rate, change your loan term, or both, without taking cash out. The classic way to cut your monthly payment or pay your home off faster.
Cash-out refinance
Tap your home’s equity for renovations, debt consolidation, or other goals by borrowing more than you owe and taking the difference in cash.
Streamline refinances
Have an FHA or VA loan? Streamline programs make refinancing faster with less paperwork. Veterans, see our VA Streamline (IRRRL) and VA cash-out pages.
Refinance benefits
- Lower your interest rate and monthly payment.
- Shorten your term to build equity and save on interest.
- Switch from an adjustable rate to a stable fixed rate.
- Remove FHA mortgage insurance by refinancing to conventional once you have equity.
- Access cash from your equity for big goals.
The refinance process in Colorado Springs
- Tell us your goal — lower payment, cash out, drop PMI, or pay off faster.
- We run the numbers — real costs vs. real savings, break-even included.
- Appraisal & underwriting — we manage it.
- Close — and start saving.
Why Colorado Springs chooses 719 Lending
We’ll tell you when refinancing makes sense and when it doesn’t. Rated 4.9★ on Google. 719 Lending, NMLS #1601989 — Equal Housing Lender. Compare every option on our loan options page. Read our reviews.
Refinance FAQ
Is it worth refinancing my mortgage in Colorado Springs?
It depends on how much you’ll save versus the cost, and how long you’ll keep the home. We calculate your break-even point so you can decide with real numbers.
How much equity do I need to refinance?
Often around 20% for the best terms, but some programs (and VA or FHA streamlines) allow less.
Can I take cash out when I refinance?
Yes. With a cash-out refinance you borrow more than you owe and receive the difference, subject to your equity and qualifying.
Can I refinance to remove PMI?
Yes. Refinancing an FHA loan into a conventional loan once you have about 20% equity is a common way to drop mortgage insurance.
719 Lending — NMLS #1601989. Equal Housing Lender. This is not a commitment to lend; all loans are subject to credit approval and property appraisal. Rates and terms are subject to change.