REFINANCE
Whether you’re looking to lower your rate, access cash, or pay off your home faster, refinancing with Murray Mortgage Solutions offers low rates, transparent guidance, and a partner committed to your financial success. Our ClearPath™ application process makes refinancing simple, clear, and stress-free.
✅ Create an account, complete an application and upload income, asset and other required documentation
✅ Takes 10 minutes to complete
✅ Once complete, schedule a Pre-Approval Review meeting with your Loan Officer
✅ Receive a certified Pre-Approval Letter
✅ Hard credit check required (valid for 90 days)
Protected with bank-level security
What's Your Goal?
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FAQ
Will I pay a mortgage broker fee? The mortgage broker model is built around access to wholesale lending, which is specifically designed for brokers to be compensated by lenders, not borrowers, while still offering lower rates and fees to consumers. Unlike retail banks that set their own rates with built-in profit margins, wholesale lenders compete for broker business by offering more competitive pricing. This allows us to secure lower interest rates and reduced fees for you, while our compensation is typically covered by the lender. If a borrower-paid option ever makes sense in a specific scenario, we will disclose it upfront with full transparency, ensuring you always have control over your loan choices. Check out our "What is a Mortgage Broker?" article on our Insights page to learn more.
How do mortgage brokers differ from banks/retail ? The user experience with a Mortgage Broker and bank/retail lender is the same in many ways, you work directly with us and our loan officers, just as you would with the loan officers at a bank/retail lender. The key difference is where your loan is funded and how that impacts your options, rates, and costs. When you work with a bank or direct to consumer retail lender, you’re limited to that institution’s loan products, rates, and guidelines. As a Mortgage Broker, we still handle the entire process, but instead of using a single bank’s products, we access wholesale mortgage lenders that fund the loans. These lenders don’t work directly with consumers, they provide funding through brokers like Murray Mortgage Solutions, allowing for lower rates, reduced fees, and a wider range of loan options. So while the process may feel similar, working with a Mortgage Broker not only provides access to better rates and lower fees but also delivers a more personalized, flexible, and streamlined experience tailored to your needs. Visit our “What is a Mortgage Broker” article to learn more.
Do I need to use the same lender to refinance? No, you are not required to refinance with your current lender. When you refinance a mortgage, you're paying off the current mortgage and replacing it with a new mortgage.
What are the costs associated with refinancing? The cost of refinancing can vary depending on your loan type and scenario. Generally speaking, they are less than the closing costs for purchase loans. Some refinance options allow you to roll closing costs into the new loan, while others may offer lender credits to offset expenses. At Murray Mortgage Solutions, we provide transparent cost breakdowns upfront so you can make an informed decision before moving forward.
Is it possible to refinance without closing costs? Yes, but it’s important to understand how “no-closing-cost” refinancing works. Instead of eliminating the costs entirely, lenders/brokers typically offer two main options: 1.)rolling the closing costs into the loan balance or 2.) offering a lender credit in exchange for a slightly higher interest rate. This means you won’t pay the costs upfront, but they are still accounted for in the loan structure. Whether a no-closing-cost refinance makes sense depends on how long you plan to stay in the home and your overall financial goals. At Murray Mortgage Solutions, we help you compare true cost savings vs. rate trade-offs to ensure the best option for your situation.
Can I refinance without resetting my loan term? Yes, you can choose a custom loan term for most loan types. For example, if you have 27 years left on your mortgage, you may be able to refinance into a 27 Year mortgage or opt to reset it back to 30. Alternatively, you could reduce the term from 27 in order to pay it off faster and pay less interest over time. We will work with you to structure the new loan in accordance with your goal.
Cash-Out refinance vs HELOC? A cash-out refinance restructures your existing mortgage by increasing your loan amount and giving you cash from your home’s equity, usually at a competitive rate. If you already own the property free and clear, you can also obtain a Cash Out refinance. A home equity loan functions more like a personal loan secured by your home, with a payment separate from your mortgage. We will work with you to determine which of the 2 options makes sense given your financial situation and desired outcome.
Is a new appraisal required on a refinance? In most cases, lenders require a new appraisal for a refinance to determine the current market value of your home. However, some loan programs, such as FHA Streamline, VA IRRRL, and certain conventional loans, may allow for an appraisal waiver if eligibility criteria are met. Factors like your loan type, loan-to-value ratio, refinance type (cash-out vs rate & term) and automated underwriting findings will determine whether an appraisal is needed. If you’re unsure, we can help assess your options and whether you qualify for an appraisal waiver.
INSIGHTS
