💰 How Much Does It Cost to Refinance a Mortgage?
💼 How VA Loans Work for Refinancing or Cash-Out
Don’t let misinformation keep you from saving money.
If you’ve thought about refinancing but felt unsure, you’re not alone.
There’s a lot of outdated — and just plain wrong — advice floating around.
👉 These refinance myths can cause homeowners to miss out on savings, equity protection, and financial flexibility.
Let’s set the record straight. Here are 5 of the biggest myths about refinancing — and the real truth behind them.
❌ Myth #1: You Should Only Refinance If Rates Are Lower
Truth: Refinancing isn’t just about rates.
Even if today’s rates are the same or slightly higher, refinancing could still help you:
- Remove mortgage insurance (PMI or MIP)
- Consolidate debt and lower your total monthly payments
- Restructure your loan term to better match your budget or retirement goals
- Refinance out of an FHA loan to stop paying lifetime mortgage insurance
📘 A good refinance solves a financial problem — not just lowers a number.
❌ Myth #2: Refinancing Is Expensive and Not Worth It
Truth: It can cost money — but most people get it back quickly through monthly savings.
Your break-even point could be just 12–24 months. After that, it’s all savings.
Even better? You may be able to:
- Roll costs into your loan
- Choose a no-closing-cost option
- Get a partial MIP refund if you’re doing an FHA streamline
We’ll show you the math upfront — no surprises.
❌ Myth #3: You Can’t Refinance With Bad Credit
Truth: You don’t need perfect credit to qualify for a refi.
✅ FHA streamline refinances work even if your score has dropped
✅ Conventional refis are possible with 620+ credit
✅ Cash-out refis or debt consolidation options exist even for mid-600s
We help you build a plan — or improve your score fast — if needed.
❌ Myth #4: Refinancing Resets Your Loan to 30 Years
Truth: You don’t have to restart your term — unless you want to.
You can choose:
- A 20-year, 15-year, or 10-year loan
- A custom term that keeps your original timeline
- Or even a 30-year loan with the option to prepay and stay on track
📘 You’re not locked into any one structure — refinancing is about what works best for you now.
❌ Myth #5: The Process Is Complicated and Takes Forever
Truth: Refinancing today is faster and easier than ever.
At PRMI, we offer:
- Streamlined online applications
- In-house processing for fast closings
- FHA streamline and conventional options that require less documentation
- Loan teams that handle everything — so you don’t have to
Most refis close in 2–3 weeks, and you can start saving immediately after.
🏢 Why PRMI?
At PRMI, we:
- Cut through refinance confusion and explain what really matters
- Compare multiple options, terms, and savings
- Show you how fast you’ll break even — and when to wait, too
- Handle the heavy lifting so refinancing feels like relief, not work
Your mortgage should work for you — not against you.
👇 Wondering If a Refinance Makes Sense for You?
Let’s replace confusion with clarity. No pressure, just real options.