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ThumpsMortgage Refinancing with Midland States Bank

Midland States Bank can help you reduce your monthly mortgage expenses and adjust your loan term with home refinancing. We give you refinancing solutions to meet all your financial plans and goals. Refinancing your mortgage could help you:

  • Shorten your loan term
  • Lower your interest rate
  • Reduce monthly payments
  • Pay for home improvements or other expenses

Mortgage Refinance Options

If you want to lower your monthly mortgage payments or cash out some of the equity in your property, refinancing is an excellent option. At Midland States Bank, we offer several types of home refinancing solutions:


RateRate and Term Refinance

A rate and term refinance allows you to change the terms of your current mortgage. You can choose to refinance to the same or a longer term to reduce monthly payments or shorten your term to pay your loan off quicker.

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cashCash-Out Refinance

With a cash-out refinance, you can tap the equity in your home to pay for home improvements, pay off higher interest rate debt, fund your child’s college tuition or whatever you can dream up.

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FHA1FHA Streamline Refinance

An FHA Streamline Refinance allows you to refinance a current FHA loan into a new FHA loan to lower your rate or change your loan term. An appraisal is not required, and the credit guidelines are more flexible than other types of mortgage finances.

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VaVA Interest Rate Reduction Refinance Loan (IRRRL)

The VA Streamline Refinance program, also known as the Interest Rate Reduction Refinancing Loan program (IRRRL), allows veterans who are current on their existing VA home loan to quickly and easily refinance to the lowest fixed rate available, with little to no out-of-pocket costs.

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MortageWhen to Consider Refinancing Your Mortgage

Generally speaking, refinancing is a good idea when it:

  • Helps save you money by obtaining a lower interest rate
  • Achieve your financial goals by reducing your monthly mortgage payments
  • Shorten existing loan terms

For example, if you have a 30-year mortgage but want to pay it off more quickly, you could refinance to a 15-year mortgage. You can also refinance to change from an adjustable-rate to a fixed-rate mortgage. If you need additional funds for a financial emergency or home improvements, refinancing allows you to tap into your home equity to cover those costs.

Determine if Refinancing Your Mortgage is Right For You

Whatever your reason for refinancing, it's a good idea to calculate your costs and potential savings before you make your decision. You should consider:

  • Prepayment penalties: Check your current home loan to see if there are any penalties for paying off your principal balance early.
  • Closing costs: Determine whether your savings will exceed your closing costs.
  • Term length: Factor in any additional years of interest you'll need to pay.

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Mortgage Refinance Payment Calculator

Use our Mortgage Refinance calculator to determine when you will break even on a mortgage refinance and what your new monthly payment might be.

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Frequently Asked Questions

When you refinance, you take out a new mortgage to replace your current one. It works similarly to getting a mortgage when you buy a new house. Instead of using your new loan to purchase a home, you use it to pay off your existing mortgage.

You'll need to provide documentation about your current income, including:

  • Pay stubs covering the most recent 30-pay period.
  • W2s for the previous two years.
  • Bank statements covering the past 60 days.
  • Current mortgage information.
  • Proof of homeowners insurance.

The exact amount of time it takes to refinance depends on your loan's complexity. Most refinance transactions take 30 to 45 days to complete.

Yes. You can replace your first and second mortgage with a single refinance loan. If you have a home equity loan, you may decide to keep it and only refinance your first mortgage. The second mortgage is kept intact through a process called subordination. This process can take time, and your second mortgage lender will likely charge a fee.

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More About Midland States Bank

If you're trying to decide where to refinance your mortgage, consider Midland States Bank. We provide affordable, reliable refinancing options and world-class service. As a leading financial services company, we can handle all your mortgage needs.

Start Refinancing Today

Refinancing with Midland States Bank is quick and easy. Start an online application, or reach out to mortgage expert for assistance.

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Estimated monthly payment for a conventional $180,000 15-year term fixed-rate mortgage with a 20% down payment at 6.692% Annual Percentage Rate (APR) would be $1,568. Estimated monthly payment for a $180,000 30-year term fixed-rate mortgage with a 20% down payment at 7.246% Annual Percentage Rate (APR) would be $1,213. Payments do not include amounts for taxes, homeowner's insurance, and flood insurance (if required) and the actual payment will be greater. If the down payment is less than 20%, mortgage insurance may also be required and could increase the monthly payment and APR. Payment examples are for illustrative purposes only and are subject to change.