Build Financial Flexibility For Your Future
Refinancing1 your mortgage with FSB can help you lower your rate, reduce your term, or access your home’s equity. Our local lenders guide you through every step, making the process quick, clear, and stress-free!
Talk to a Lender Estimate Your Savings
Try FSB's Mortgage Refinance Calculator
Estimate how much a lower rate or shorter term could impact your monthly budget. Enter your current loan details and new rate to see how much refinancing1 with FSB could save you.
Current Loan Terms
$
%
New Loan Terms
%
$
Taxes & insurance
$
$
Disclaimer: This calculator provides a rough estimate based on the information you provide. Actual rates, terms, closing costs, and savings may vary. Property taxes and insurance estimates are approximations. Please contact a mortgage lender for a personalized quote and complete analysis of your refinancing1 options.
Compare Our Current Refinance Rates
For information about USDA and FHA rates or assistance with your mortgage application, contact FSB's Mortgage Department at 319-730-6990 or submit a secure form.
Types of Mortgage Refinancing Available
There's more than one way to refinance1 a mortgage. FSB offers multiple options so you can choose the one that best fits your financial goals.
1
Rate-and-Term Refinance
This is the most common type of refinance. It replaces your existing mortgage with a new one that has a lower rate, a different loan term, or both.
A rate-and-term refinance is ideal for homeowners who want to save money over time or pay off their loan sooner.
2
Cash-Out Refinance
A cash-out refinance allows you to convert part of your home's equity into cash. You'll replace your existing loan with a larger one and receive the difference at closing.
Homeowners often use cash-out refinancing to fund major renovations, consolidate higher-interest debt, or cover education costs.
3
Streamline Refinance
A streamline refinance simplifies the process for homeowners with government-backed loans (FHA, VA, and USDA). It requires less paperwork and often no appraisal.
This option is best for reducing your interest rate quickly without a full credit review.
4
Cash-In Refinance
A cash-in refinance lets you pay a lump sum toward your mortgage during refinancing. This lowers your loan balance and may help you qualify for better terms.
Homeowners use this option to reduce monthly payments or eliminate private mortgage insurance.
Why Refinance Your Mortgage?
Refinancing1 can lower costs, shorten your term, or free up equity for important goals. Start by reviewing the most common reasons Iowa homeowners refinance.
Common Reasons Iowa Homeowners Refinance
Lower Your Mortgage Rate
- Replace your current loan with a lower rate
- Improve cash flow with a smaller monthly payment
Change Your Loan Term
- Move from 30-year to 20- or 15-year terms
- Build equity faster with focused payments
Switch to a Fixed-Rate Loan
- Replace an ARM with a fixed-rate mortgage
- Lock predictable payments for the long term
Access Home Equity
- Use a cash-out refinance for big projects
- Consolidate debts into one payment
Remove a Co-Borrower
- Refinance to change who is on the loan
- Align terms with your current goals
Restructure Your Loan
- Adjust term, rate type, or both
- Match your plan for savings or speed
Compare: Cash-Out Refinancing vs. Home Equity Loan
See how cash-out refinancing1 compares to a home equity loan before you decide.
Frequently Asked Questions: Mortgage Refinancing
Find answers to the most common questions from homebuyers in Iowa about refinancing1 mortgage loans.
Is it a good idea to refinance my mortgage?
Refinancing can be a good choice when it lowers your rate, shortens your term, or helps you move to a loan that fits your budget. The right time depends on your current loan, your goals, and how long you plan to stay in your home.
You might want to consider refinancing if you notice signs like:
-
Your current rate is at least 1% higher than what you could get today
-
Your monthly payment no longer fits your budget
-
You want a shorter loan term with faster payoff
-
You want to move from an adjustable rate to a fixed rate
-
You need to remove a borrower from the loan
-
You want to remove PMI
-
Your credit profile has improved since you first purchased your home
A local lender can review your numbers and help you decide if refinancing is the right move.
What does refinancing a mortgage do?
Refinancing replaces your current mortgage with a new loan that has different terms. The new loan pays off your existing balance and starts a fresh repayment schedule.
Most homeowners refinance to get a lower rate, change the length of the loan, or move from an adjustable rate to a fixed rate.
A refinance can also help you remove a borrower from the loan, update your monthly payment, or switch to a loan that better fits your long-term budget.
How much does it cost to refinance?
The cost to refinance varies based on the loan amount and the services required. Most refinances include closing costs, which can cover the appraisal, title work, and standard lender charges.
A lender will give you a clear estimate of all costs before you commit so you understand the full amount you will pay at closing.
What are the risks of refinancing?
Refinancing can offer savings, but it carries several risks to review before you decide.
Choosing a longer term may increase your total interest cost, and closing costs may reduce your short term savings. If you refinance late in your current loan, resetting the term can delay your payoff date.
It is important to compare the total cost of the new loan to your current loan and make sure the change supports your financial goals. An FSB mortgage lender can help you with this.
Does refinancing hurt your credit score?
Refinancing involves a hard credit inquiry, which can cause a small and temporary drop in your score. Your score often recovers as you make on-time payments on the new loan. Keeping your other accounts in good standing also helps protect your credit while you complete the refinance.
Still Have Questions About Mortgage Refinancing?
Contact FSB's Mortgage department at 319-730-6990 or fill out the form below to connect online!
Work With a Local Eastern Iowa Lender
At FSB, refinancing isn’t handled by a call center; it’s done right here in your community. Our local team serves Cedar Rapids, Marion, Iowa City, and the surrounding Eastern Iowa area. We underwrite loans in-house, keep communication open, and stay focused on helping you reach your goals.
Whether you want to lower your rate, pay off your loan sooner, or access your home’s equity, we’ll help you refinance with confidence.1
Mortgage Refinance Disclosures
1Must be 18 or older to apply. All loans are subject to credit approval.
†All rates are subject to change without notice. Actual rate may be higher based on credit history, occupancy, LTV and loan type. The rates provided assume the purpose of the loan is to purchase a single family residence that will be used as a primary residence. FSB is not responsible for typographical errors or omissions.
