Frequently asked questions
About this site, about refinancing, and about what happens with your information.
Is Refinance Academy a lender?
No. We're an educational resource operated by licensed mortgage professionals. Nothing on this site is an offer or extension of credit, a loan approval, or a commitment to lend. When you submit your information, a licensed professional reviews it and contacts you with your written consent.
Does using this site cost anything?
No. The guides, calculators, and options review are free. If you eventually refinance with a lender, that loan's costs are disclosed to you in writing before you commit, as federal law requires.
Does checking my options affect my credit?
No. The intake form asks you to estimate your own credit range, and we never pull credit. A credit check happens only later, if you choose to move forward with a lender.
What is a rate and term refinance?
A refinance that changes your interest rate, your loan term, or both, without taking meaningful cash out. It's the standard tool for lowering a payment or shortening a payoff timeline.
What's the difference between a Streamline and a normal refinance?
Streamline programs (FHA Streamline, VA IRRRL) refinance a government-backed loan into a new one of the same type with reduced documentation, often no appraisal and no income verification. They're faster and simpler, but limited to rate-and-term style changes and bound by benefit rules that require the new loan to clearly help you.
How much does refinancing cost?
Closing costs commonly run about 2 to 5% of the loan amount, covering lender fees, title, and third-party services. Costs can be paid upfront, offset with lender credits, or in some programs added to the balance. Which structure is right depends on how long you'll keep the loan; our break-even calculator shows the trade.
Do I need 20% equity to refinance?
No. Rate and term refinances exist at high loan-to-value ratios. Twenty percent equity mainly matters for removing mortgage insurance and for cash-out eligibility.
Who will contact me if I submit my information?
Only the licensed professionals named in the consent language on the form: Davis Erhart (NMLS #2586220) or Craig Malmut (NMLS #2585619), or their team, and only after you've given express written consent. We don't sell your information to lead marketplaces.
How do I stop communications?
Reply STOP to any text, or tell us by phone or email, and contact stops. Revoking consent is always available and costs nothing.
How do I verify your licenses?
Search either NMLS number at nmlsconsumeraccess.org, the official registry run by state regulators. Every legitimate loan originator in the United States is listed there.
Ready to see your options?
Five quick questions. A licensed professional reviews your situation, then reaches out only with your written consent.