This Free Refinance Advisor has been designed to help narrow down options based on your individual needs. It's quick, it's easy, and the more questions you answer - the more accurate your results. You'll receive the Refinance information you need instantly without all the calls and emails!
Who Should Consider a Mortgage Refinance
Refinancing is generally worth evaluating when a homeowner's current rate is meaningfully higher than what's available today, when credit has improved significantly since the original loan, when switching from an adjustable-rate mortgage to a fixed rate makes sense before an adjustment period, or when tapping equity for renovations or debt consolidation is the goal. Eligibility depends on current credit, income, and home value — not the profile used for the original loan — so a refinance credit score requirements check is often the first useful step.
Rate-and-Term Refinance vs. Cash-Out Refinance
Most refinances fall into one of two categories, and the right one depends on the homeowner's goal:
| Refinancing Type | Primary Goal | Typical Use Case |
|---|---|---|
| Rate-and-Term Refinance | Lower the interest rate and/or change the loan term | Reduce monthly payment or pay off the home faster |
| Cash-Out Refinance | Access built-up home equity as cash | Fund renovations, consolidate debt, or cover major expenses |
Today's Refinance Rates and What Affects Them
Refinance pricing moves with the same bond-market factors that drive purchase rates, and also depends on loan-to-value ratio, credit score, and loan type. A full breakdown of what determines pricing day to day is available on our today's mortgage rates in South Carolina page.
Refinance Break-Even Calculation: When It's Worth It
The most reliable way to evaluate a refinance is a break-even comparison: divide the closing costs of the new loan by the monthly savings it produces to see how many months it takes to recoup the cost. Homeowners planning to stay past that break-even point generally come out ahead.
- Current mortgage rate is meaningfully higher than today's rates
- Credit score has improved significantly since the original loan
- Switching from an ARM to a fixed rate before an adjustment period
- Removing mortgage insurance after building sufficient equity
- Debt consolidation refinance to combine higher-interest balances
- Shortening the loan term to reduce total interest paid
Required Documents to Refinance
Refinance underwriting reviews largely the same categories of information as a purchase loan, since the lender is re-verifying the ability to repay a new loan.
- Recent pay stubs and the last two years of W-2s or tax returns
- Two to three months of bank and asset statements
- Current mortgage statement showing the existing balance and payment
- Homeowners insurance declarations page
- Photo ID and documentation for any additional income sources
How Cash-Out Refinance Funds Are Typically Used
A cash-out refinance replaces the existing mortgage with a larger loan, and the homeowner receives the difference as a lump sum at closing. Lenders generally cap how much equity can be accessed, commonly leaving a portion of equity in place after the new loan funds.
- Home renovations or repairs that add value to the property
- Debt consolidation refinance for higher-interest credit card or personal loan balances
- Covering major expenses such as education costs or medical bills
- Funding a down payment on an additional property
The Refinance Process, Step by Step
Refinancing follows a similar underwriting path to a purchase loan, though it typically moves faster since there's no purchase contract or seller timeline to coordinate.
- Initial review of the current mortgage, goals, and estimated home value.
- Rate comparison across multiple lenders for rate-and-term or cash-out scenarios.
- Application and submission of income, asset, and property documentation.
- Home appraisal (in most cases) to confirm current value.
- Underwriting review and conditional approval.
- Closing on the new loan, which pays off the existing mortgage.
Refinance Closing Costs and No-Closing-Cost Options
Refinance closing costs generally run in a similar range to purchase closing costs and typically include lender fees, appraisal, title work, and recording fees. A no-closing-cost refinance option folds these costs into the loan balance or a slightly higher rate rather than requiring payment at closing — a trade-off worth comparing directly against paying costs upfront.
How Long a Mortgage Refinance Takes, Start to Finish
Most refinances close within three to five weeks from application, depending on appraisal scheduling and how quickly documentation is submitted. Homeowners with straightforward income documentation and a recent appraisal on file sometimes close faster; self-employed borrowers or more complex property types may take longer.
- Initial rate comparison and application: same day to a few days
- Appraisal scheduling and completion: commonly one to two weeks
- Underwriting review: generally one to three weeks depending on file complexity
- Clear to close and closing appointment: scheduled once all conditions are satisfied
Refinancing in the Myrtle Beach & Grand Strand Market
Homeowners in Horry and Georgetown counties, including Myrtle Beach, North Myrtle Beach, and Conway, often refinance to remove flood-zone-related mortgage insurance once sufficient equity has built, or to convert a second-home financing structure after establishing the property as a primary residence. Local appraisal familiarity with coastal and vacation-community properties helps keep these refinances on a predictable timeline.
Comparing Refinance Quotes From Multiple Lenders
The same rate-shopping principle that applies to a home purchase applies to a refinance: requesting quotes from more than one lender, on the same day, for the same loan scenario, is the only reliable way to confirm whether a quoted refinance rate is actually competitive. A broker who already has relationships across several wholesale lenders can produce that side-by-side comparison faster than contacting each lender individually.
Licensing and Trust
Funding Resources LLC, NMLS #[insert number], is a licensed mortgage brokerage operating in South Carolina and Michigan and is an Equal Housing Lender. Loan estimates and closing disclosures are provided in writing at each required stage so homeowners can review refinance costs and terms before committing. Homeowners who haven't yet reviewed lender options can also see our mortgage lenders in Myrtle Beach, SC comparison, and buyers who haven't yet purchased can start with our home loan lenders near you in Horry County, SC page.
