Mortgage Refinance - Lower Your Rate or Cash-Out (Conventional)

Smart Refinancing Options for New Jersey Homeowners

If your current mortgage rate feels too high-or you've built up equity you'd like to use-it might be time to refinance. At Elias Mortgage, we help homeowners across New Jersey refinance their conventional home loans with clear guidance, competitive options, and no sales pressure.



Whether you're looking to lower your monthly payment, shorten your loan term, or tap into cash for home improvements or debt consolidation, we'll walk you through what's possible and what makes the most financial sense for you.

Two Ways to Refinance: Lower Your Rate or Tap Equity

There are two common types of mortgage refinancing:

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Rate-and-Term Refinance

Replace your current mortgage with a new one at a lower interest rate, shorter term, or both. The goal is to reduce your monthly payment or pay off your loan faster.

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Cash-Out Refinance

Take out a new mortgage for more than you currently owe, and pocket the difference as cash. This can be used for renovations, major purchases, or consolidating higher-interest debt.

If you bought your home when rates were higher-or your financial picture has improved-a refinance can be a strategic way to save or access funds.

Conventional Refinance Options That Fit Your Needs

If your current mortgage is conventional-or even FHA or VA-we can help you refinance into a conventional loan with flexible terms and fewer costs.

  • No upfront mortgage insurance (unlike FHA loans)
  • No PMI required if you have 20% or more equity
  • More flexible use of equity, especially for cash-out
  • Standard term options: 30-year, 15-year, or custom durations

If your original loan was FHA and you now qualify for a conventional refinance, we can often help eliminate monthly mortgage insurance altogether.

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Thinking About a Cash-Out Refinance? Here's How It Works

With a cash-out refinance, you replace your existing mortgage with a new one based on your home's current value-and receive the difference in cash. Most lenders allow you to borrow up to 80% of your home's appraised value.


Example:

If your home is worth $400,000 and you owe $280,000, you may be able to refinance for $320,000 and receive $40,000 cash at closing (minus closing costs).


Keep in mind: Your new monthly payment will likely be higher, since your loan balance increases-but it's often a lower-cost way to fund big expenses than using credit cards or personal loans.

When Is the Right Time to Refinance?

You may want to explore refinancing if:

  • Interest rates have dropped since you bought your home
  • Your credit score has improved, potentially qualifying you for a better rate
  • You want to switch from an FHA to a conventional loan
  • You need cash for repairs, tuition, or debt payoff
  • You want to shorten your loan term to build equity faster

Not sure if it's worth it? We'll run the numbers and compare your options. Try our Mortgage Calculator or contact us for a quick quote.

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Common Questions About Refinancing in NJ

  • How much does it cost to refinance?

    Refinancing typically involves closing costs between 2-5% of the loan amount. However, these can often be rolled into the loan to reduce upfront expenses.

  • Do I reset my loan back to 30 years?

    Not unless you want to. You can refinance into a new 15-, 20-, or 30-year term-whatever fits your goals. We'll show you what each looks like.

  • How long does a refinance take?

    Most refinances in New Jersey close within 30-45 days, depending on appraisal and documentation timelines.

  • Can I refinance if my credit score is higher now?

    Yes-improved credit can qualify you for a lower interest rate, saving you money both monthly and long-term.

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  • Should I get a cash-out refinance or a HELOC?

    If you need a large lump sum and want a fixed interest rate, a cash-out refinance may be best.


    If you only need occasional access to funds and want a revolving credit line, a HELOC might be better. 

Local Insight for New Jersey Refinances

In New Jersey, refinancing typically includes a title review and legal documentation, just like when you purchased. As both a mortgage broker and an attorney, Adam Elias ensures your refinance is legally sound-avoiding the fine print surprises that can delay or derail closings.


We handle the paperwork, coordinate with title companies, and answer every question along the way-so you can refinance with confidence.

Let's Make Your Refinance Worth It

Whether you're looking to lower your payment, drop your mortgage insurance, or cash out some equity, we'll help you navigate the refinance process from start to finish.