Mortgage Refinance

Yes, there can be costs associated with refinancing—but they vary depending on your lender, mortgage type, and the timing of your refinance.

Some of the most common costs include legal fees, appraisal fees, and possibly a prepayment penalty if you're breaking your current mortgage early. However, in many cases, these costs can be rolled into your new mortgage or offset by the savings you gain with a better rate or debt consolidation.

We’ll walk you through the numbers so you know exactly what to expect—and help you determine whether refinancing is the right move for your goals. In many cases, the long-term savings outweigh the upfront costs.

To refinance your mortgage and access your home’s equity (often called a “refi with equity take-out”), most lenders require that you retain at least 20% equity in your home after refinancing. That means you can typically borrow up to 80% of your home’s appraised value, including your existing mortgage balance.

If you're not looking to access equity and are simply refinancing for a better rate or to consolidate debt, the equity requirement may vary. Not sure how much equity you have? At Valko Financial, we’ll run the numbers and help you understand your options—so you can refinance with clarity and confidence.

Yes, you can refinance your mortgage before your term is up—but it’s important to understand the potential costs involved. Refinancing early may come with a prepayment penalty, especially if you’re breaking a fixed-rate mortgage. The amount depends on your lender and how much time is left in your term.

That said, in many cases, the long-term savings from a lower rate, better terms, or debt consolidation can outweigh the penalty. It’s all about running the numbers and weighing the pros and cons.