California Mortgage Refinance Programs

A mortgage refinance replaces an existing home loan with a new loan, typically to change the interest rate, change the term, pull equity out as cash, or simplify documentation through a government streamline program. Advanced Funding Solutions is a mortgage brokerage that works with a network of wholesale lenders offering refinance programs across multiple investors.

Common Refinance Types

Rate-and-term refinance replaces the existing loan with a new loan at a different rate or term, with approximately the same loan balance (plus closing costs, where applicable). Cash-out refinance replaces the existing loan with a larger loan, with the difference disbursed to the borrower at closing. Maximum cash-out loan-to-value (LTV) is set by each funding lender and program, and is typically lower for investment properties than for primary residences. Streamline refinance is a reduced-documentation program available on certain government-backed loans (such as FHA Streamline or VA IRRRL) when borrower and loan meet program seasoning and net-tangible-benefit requirements set by HUD/FHA, the VA, and the funding lender.

Whether a Refinance Makes Sense

Whether a refinance produces a net benefit depends on the borrower's existing rate, the available new rate, the closing costs of the new loan, the borrower's expected time in the property, and the reason for refinancing. Borrowers who want to preserve a favorable first mortgage rate but still access equity sometimes review a refinance against a HELOC or fixed-rate home equity loan as an alternative structure. Advanced Funding Solutions can review a refinance scenario and discuss the available programs, but the funding lender determines final program eligibility, qualifying income, loan amount, rate, points, and closing costs at the time of formal application.

Refinance rates, points, and closing costs are determined by the funding lender at the time of application based on credit profile, loan-to-value, occupancy, property type, loan amount, and program. Rates change without notice and are disclosed in writing during the formal application process as required by state and federal law. Any rate or cost figures discussed before a complete application are illustrative only and are not a quote, rate lock, or commitment to lend.

Non-QM Refinance Options

For borrowers who may not fit conventional refinance income documentation, non-QM refinance programs — such as a bank-statement refinance for self-employed borrowers or a DSCR refinance for real estate investors — may be available through the funding lender. Specific eligibility, documentation requirements, and pricing are set by each funding lender and program.