Refinancing a mortgage replaces an existing loan with a new loan that pays off the debt of the old loan. The new loan should have better terms or features that improve your finances. The details depend on the type of loan and your lender, but the process typically looks like this:

  1. You have an existing loan you would like to improve in some way.
  2. You find a lender with better loan terms, and you apply for the new loan.
  3. The new loan pays off the existing debt completely.
  4. You make payments on the new loan until you pay it off or refinance it.


If you’re a homeowner and find it difficult to make high mortgage payments, refinance might be something to consider. If you can receive a new interest rate that is better by at least 2%, it is generally recommended that you try to refinance and reduce your current interest rate.

If your mortgage payments are too high for your current earnings, you have the ability to lengthen your mortgage and reduce your monthly payments substantially.

If you want to make improvements on your house but lack the capital to do so, it can let you access your equity in liquid form for improvement and repairs.

If you dislike the uncertainly of your adjustable-rate mortgage, you have the option to switch to a fixed-rate mortgage and put your mind at rest.

If you are struggling with other debt (like credit card debt), it can allow you to pay off other higher-interest loans with the equity you have invested into your mortgage.

If the equity of your home has increased since your mortgage, then it can help you eliminate PMI (private mortgage insurance) payments.

Overall, there are many reasons why a homeowner would want to refinance, and with a broker like Bill Mervin Team, you may do it in a way that suits you and the purpose.


Always double check your credit. The higher your score, the better chance you have of getting a good rate on your new loan. If you have already sent in your credit scores and have been accepted for a second loan, avoid overusing your credit cards until the deal has officially closed. Often, lenders will order a second credit check before closing.

What’s Next?

After you purchase your home and get your loan, you may think that everything is up to you to manage. But with the Bill Mervin team, you will continue to be supported and educated on how to manage your mortgage. The Mortgages Under Management is a program that will guide you after getting the keys to your home. We offer quarterly updates and annual mortgage planning reviews for any changes in your life situations. Our goal is so you have expert guidance at all times, always have a perfect mortgage. Contact Bill Mervin Team today to learn more about the ‘Mortgages under management’ program.


Monthly Mortgage Payments

free mortgage calculator by mlcalc.com

Buying a home has been the primary way Americans have built wealth for decades. In today’s world, new technology and a multitude of financing options have intersected to create a host of options for buyers – and they’re taking notice. Whether you’re buying your first home or your fifth, we’re here to help.

Conventional loans are ideal for homebuyers with good credit scores. There are a variety of loan programs for with different minimum down payments. We lend both conforming and non-conforming (jumbo) loans.

  • Minimum down payment requirement
  • Advantages for higher down payments
  • Ideal financing for properties commonly restricted by government loans
  • Several mortgage insurance options available for loans with less than 20% down, including:
    • One-time, upfront insurance
    • Monthly mortgage insurance, which could cancel at 78% equity
    • Financed mortgage insurance
    • Lender paid mortgage insurance

An FHA loan is an attractive option for many first-time homebuyers because it allows for lower down payment and easier credit qualifying.

  • 3.5% down payment
  • Program can be combined with additional down payment assistance programs to further reduce costs
  • Monetary gifts from family can be accepted towards down payment
  • Seller can pay up to 6% towards closing cost / prepaids
  • Fixed or adjustable rates available
  • Shorter waiting period after a derogatory credit event

VA Mortgage

Designed for active-duty military, veterans, reservists, and the surviving spouse of a veteran, VA loan programs offer up to 100% financing (based on VA lending limits) for purchase loans, and up to 100% for cash-out refinances.

  • 0% down payment (based on VA lending limits and VA eligibility)
  • Seller can pay all closing costs and escrows
  • Seller can pay debts in veteran’s name to help qualify
  • VA funding fee may be financed
  • Fixed or adjustable rates available
  • No monthly mortgage insurance premiums


Refinancing is the process of getting better terms on your current mortgage by taking out a completely new loan. This new-and-improved mortgage will leverage positive market conditions, and Apex can customize it to your financial goals, helping you to achieve:

  • Lower monthly payments
  • Shorter loan terms & greater financial stability
  • Adjustable to fixed-rate loan conversions
  • Consolidated debt
  • Home enhancements & renovations
  • Removal of Private Mortgage Insurance premiums
  • Low Down Payment Programs
  • Low Credit Score Programs
  • Customized Marketing Support
  • Strong Core Values
  • 95 Net Promoter Score
  • Consistently Close Clear & On-Time
  • Firm Established in 1998
  • Direct Lender
  • Cutting-Edge Technology
  • Consumer Connect Digital App
  • Wide & Diverse Product Mix
  • Heroes First Program


We don’t need an email address. We want a more educated buying experience for our clients.


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