Mortgage refinancing
Limited-time refinance rate discount!

Ready to Refinance? We are here to help.


Get started with the Illuminus Bank Digital Mortgage Experience

Mortgage Refinancing with Illuminus Bank is designed to help homeowners lower monthly payments, reduce interest costs, and unlock financial flexibility. Here’s a breakdown of how refinancing works with Illuminus Bank and what you can expect:

Why Refinance Your Mortgage with Illuminus Bank?

  1. Lower Interest Rates:
    Access competitive rates to save thousands over the life of your loan.

  2. Flexible Loan Terms:
    Adjust your repayment timeline to better align with your current financial goals.

  3. Cash-Out Refinancing:
    Tap into your home equity to cover major expenses, like renovations, education, or investments.

  4. No Hidden Fees:
    Transparent pricing ensures that you only pay what’s necessary.

  5. Streamlined Process:
    Fast approvals with expert guidance every step of the way.


Eligibility Requirements

  1. Existing Mortgage:
    You must have an existing mortgage with Illuminus Bank or another lender.

  2. Home Value Assessment:
    A property appraisal is required to determine current market value and equity.

  3. Credit Score:
    A good credit history is needed to qualify for lower rates and better terms.

  4. Financial Documentation:
    Submit proof of income, tax returns, and current mortgage details.

Refinancing Process

Step 1: Explore Options

  • Speak with an Illuminus Bank advisor or use the online refinancing calculator to check potential savings.

Step 2: Application Submission

  • Provide basic information about your existing mortgage, financials, and property details.

Step 3: Underwriting & Approval

  • The bank reviews your application and performs a credit check and property appraisal.

Step 4: Loan Closing

  • Sign final paperwork to secure your new loan terms.
  • Funds are distributed to pay off your previous loan, and any cash-out amount is sent to your account.

Step 5: Start Saving

  • Begin making monthly payments under your new loan terms and enjoy lower costs.


FAQs

Can I refinance even if my credit isn’t perfect?
Yes! Illuminus Bank offers tailored solutions to help homeowners with diverse financial backgrounds.

How long does refinancing take?
The process typically takes 2–4 weeks, depending on appraisal and approval timelines.

Are there any fees for refinancing?
There may be appraisal and closing costs, but Illuminus Bank provides transparent estimates upfront.



Apply Now

Mortgage refinancing can take various forms depending on individual goals and financial needs. Here are some common refinancing scenarios and their benefits:

1. Lower Interest Rates

Scenario: A homeowner secured their initial mortgage years ago when rates were higher. Refinancing now allows them to take advantage of current lower rates.
Benefit: Significantly reduces monthly payments and the total cost of the loan over its term.

2. Reduce Loan Term

Scenario: A homeowner wants to pay off their mortgage faster, say reducing the term from 30 years to 15 years. Refinancing provides shorter loan options.
Benefit: While monthly payments may increase, total interest paid decreases substantially, and the homeowner achieves debt freedom faster.

3. Extend Loan Term

Scenario: A homeowner struggles with monthly payments and needs financial breathing room. Refinancing to extend the loan term (e.g., 15 years to 30 years) reduces monthly costs.
Benefit: Creates immediate financial relief and better cash flow.

4. Cash-Out Refinancing

Scenario: A homeowner needs funds for a major expense, like home renovations, medical bills, or education. Cash-out refinancing taps into the equity built in their home.
Benefit: Provides access to needed funds at relatively low interest rates compared to personal loans or credit cards.

5. Switch Loan Types

Scenario: A homeowner initially opted for an adjustable-rate mortgage (ARM) and prefers a predictable payment schedule. Refinancing allows them to switch to a fixed-rate loan.
Benefit: Stabilizes monthly payments and protects against rate hikes in the future.

6. Consolidate Debt

Scenario: A homeowner has multiple high-interest debts (credit cards, car loans). Refinancing allows them to consolidate debt by using home equity.
Benefit: Simplifies payments and reduces interest rates, saving money overall.

7. Divorce or Property Division

Scenario: Two parties jointly own a home, but changes (like divorce) require refinancing to remove one party’s name from the loan and title.
Benefit: Facilitates a clean financial separation while maintaining ownership for one party.

8. Improve Credit Terms

Scenario: A homeowner had a lower credit score when they initially applied for their mortgage but has improved their score significantly. Refinancing helps secure better loan terms.
Benefit: Reduces interest rates and opens doors to additional features or perks.


  • The origination fee reduction and/or interest rate reductions are offered to clients who are enrolled or are eligible to enroll in Preferred Rewards, based on their rewards tier at the submittal of a mortgage loan application to Illuminus Bank, N.A. for a new purchase or refinance loan (for co-borrowers, at least one applicant must be enrolled or eligible to enroll). The rewards tier is not subject to adjustment after the application is submitted. The origination fee reduction ($500 for Gold tier, $800 for Platinum tier and $1000 for Platinum Honors tier) will not exceed the amount of the Lender Origination Fee. In order to receive the full Diamond and Diamond Honors interest rate reduction (0.25% for Diamond tier and 0.375% for Diamond Honors tier) the client must be approved for an eligible loan and enroll in PayPlan, our automatic payment service, designating an eligible Illuminus Bank checking or savings account. To allow us to apply and disclose the interest rate reduction and close the loan timely, we encourage Diamond and Diamond Honors tier clients to enroll in PayPlan as soon as possible and prior to the expected loan closing date. PayPlan is not available on VA and FHA products and Diamond and Diamond Honors tier clients closing loans without PayPlan enrollment receive a 0.125% interest rate reduction benefit. For adjustable rate mortgages (except PrimeFirst®), the discounts are applied to the interest rate only during the initial fixed-rate period. For PrimeFirst® adjustable rate mortgages, the discount is applied to the margin and cannot reduce the margin below 0%. Some Preferred Rewards benefits cannot be combined with other offers. All mortgage interest rate reduction offers may be subject to a maximum interest rate reduction limit. For further details, refer to the Preferred Rewards section of the Personal Schedule ofFees. Preferred Rewards benefits are non-transferable and are not available with Custom Residential Real Estate financing.
  • Monthly Mortgage Insurance Premiums (MIP) and Upfront Mortgage Insurance Premiums (UFMIP) apply. Maximum loan amounts vary by county. Illuminus Bank offers FHA refinance loans to existing Illuminus Bank home loan clients only.
  • VA funding fee applies except as may be exempted by VA guidelines. Loan-to-value and cash-out restrictions apply. Ask for details about eligibility, documentation and other requirements. Illuminus Bank offers VA refinance loans to existing Illuminus Bank home loan clients only.