Refinance · Maryland & Virginia · NMLS #2656628

Refinance With the Math Done Honestly.

A refinance is only smart when the numbers work: the monthly savings have to repay the closing costs within a reasonable time, or the move has to accomplish something a rate alone cannot, like eliminating FHA mortgage insurance or pulling equity for your next investment. Ken pulls your current loan, estimates your costs, and tells you your exact break-even point. If refinancing does not make sense yet, he tells you that too, and tells you what number to watch for.

📅 Get My Break-Even Number Start My Refinance →

Rate & term refinance FHA to conventional (drop MI) Cash-out up to 90% VA Streamline options (VA IRRRL, FHA)

Ken Powell

Mortgage Loan Officer · Fairway Home Mortgage

NMLS #2656628 · Equal Housing Lender

Five Reasons People Refinance

What a Refinance Can Actually Do for You.

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Lower Your Rate and Payment

The classic move. If you bought when rates were higher, even a modest rate drop can clear your break-even quickly. The rule is not "rates must fall 1%." The rule is: monthly savings must repay your closing costs within the time you plan to stay.

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Eliminate FHA Mortgage Insurance

Often the biggest hidden win. If you bought FHA and now have 20% equity through payments and appreciation, refinancing to conventional removes the monthly mortgage insurance entirely, frequently a bigger monthly savings than the rate change itself.

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Shorten Your Term

Moving from a 30-year to a 20 or 15-year loan raises the payment but slashes total interest and gets you to a paid-off home years sooner. Popular with clients within sight of retirement.

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Cash Out Equity

Convert equity into funds for renovations, debt consolidation, or an investment property down payment. Up to 80% LTV conventional and 90% for eligible veterans. Full cash-out guide →

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Streamline Refinances

VA IRRRL and FHA Streamline programs let existing VA and FHA borrowers drop their rate with reduced documentation and, in many cases, no appraisal. If you have a VA loan and rates have moved, the IRRRL is one of the fastest, cheapest refinances that exists.

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Restructure After Life Changes

Remove a co-borrower after divorce, buy out a sibling on an inherited home, or move out of an adjustable-rate loan before it resets. A refinance is often the cleanest legal and financial tool for the job.

The Only Math That Matters

Your Break-Even Point, Explained.

Divide your total refinance costs by your monthly savings. That is how many months it takes to come out ahead. Example: $6,000 in closing costs divided by $200 in monthly savings equals a 30-month break-even. Staying longer than 30 months? The refinance pays. Selling in a year? Skip it. Two homeowners with the same rate can get opposite answers depending on their costs, their timeline, and whether they are also dropping mortgage insurance. It is personal math, not a market call, and it is exactly what Ken runs with you on a free 15-minute call. One more honest point: nobody reliably times the bottom on rates. If rates fall meaningfully after you refinance, you can refinance again. The savings you collect in the meantime are real money.

The Process

Refinancing With Ken, Start to Finish.

The Numbers Call

Ken pulls your current rate and balance, estimates costs, and gives you the break-even math. Go or no-go, you will know in 15 minutes.

Application & Appraisal

Full application, rate lock when the timing is right, and appraisal if the program requires one. Streamline programs often skip it.

Underwriting

In-house underwriting with weekly milestone updates. Typically 30 to 45 days start to finish, faster for streamlines.

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Close

Sign, then a 3-business-day right of rescission on primary residences, then the new loan replaces the old one and your new payment begins.

Frequently Asked Questions

Refinance Questions, Answered.

When does refinancing make sense?+

When the monthly savings repay your closing costs within a timeframe shorter than how long you plan to keep the home, or when the refinance accomplishes a structural goal: removing FHA mortgage insurance, shortening your term, exiting an ARM, or accessing equity. Ken calculates your specific break-even in one call.

I have an FHA loan. When can I drop the mortgage insurance?+

FHA monthly mortgage insurance on loans with less than 10% down does not cancel on its own. The exit is refinancing to a conventional loan once you have roughly 20% equity. With the appreciation Maryland has seen in recent years, many FHA buyers reach that point faster than they expect. Ken can check your estimated equity in minutes.

What is a VA IRRRL?+

The Interest Rate Reduction Refinance Loan, a streamlined refinance for existing VA borrowers. Reduced documentation, often no appraisal, and lower funding fee than a standard VA loan. If you hold a VA loan from a higher-rate period, it is usually the fastest path to a lower payment.

Do I need 20% equity to refinance?+

No. Rate and term refinances can go well above 80% LTV depending on the program, and streamline refinances often do not require an appraisal at all. Cash-out refinances are where the 80% (or 90% VA) limits apply.

Will refinancing restart my 30 years?+

Only if you choose a new 30-year term. You can refinance into a 25, 20, or 15-year term to preserve or accelerate your payoff date. Ken shows the total-interest picture for each option so the payment and the payoff date are both eyes-open decisions.