Refinance · My Mortgage Company
Refinance Your Mortgage — Lower Your Rate or Access Equity
Whether you want to reduce your monthly payment, shorten your loan term, or pull cash from your home's equity, My Mortgage Company offers streamline and standard refinance programs for Bakersfield homeowners.
Is a Refi Right for You?
Four Reasons Bakersfield Homeowners Refinance
A refinance is only worth it when the numbers work in your favor. Here are the most common scenarios where it does.
Lower Your Rate
Reducing your interest rate by even 0.5% can save hundreds per month. If rates have dropped since you closed or your credit score has improved, a rate-and-term refinance may make sense.
Shorten Your Term
Moving from a 30-year to a 15-year mortgage can save tens of thousands in interest over the life of the loan — often with only a modest increase in monthly payment.
Cash-Out Refinance
Tap the equity in your home to fund home improvements, consolidate debt, or cover major expenses. Available on conventional, FHA, and VA loans up to 80–90% LTV.
Eliminate PMI
If your home has appreciated to 80% LTV or better, a refinance can remove private mortgage insurance — which often costs $100–$250 per month.
Programs
Refinance Programs We Offer
FHA Streamline
FHA BorrowersSimplified refinance for existing FHA loan holders. Reduced documentation, no appraisal required in most cases, and a faster close.
DetailsVA IRRRL
VeteransThe VA Interest Rate Reduction Refinance Loan allows eligible veterans to refinance an existing VA loan with minimal paperwork and no out-of-pocket costs in most scenarios.
DetailsConventional Refi
620+ CreditRate-and-term or cash-out refinance for conventional loan holders. Competitive rates for borrowers with strong credit and equity.
DetailsCash-Out Refi
Access EquityAvailable across FHA, VA, and conventional programs. Pull equity from your Bakersfield home to fund renovations, investments, or debt consolidation at mortgage rates.
DetailsThe Process
How Refinancing Works
Four steps from application to a funded loan.
Apply
Complete your application online or with Omar directly. We review your current loan, home value, and financial profile.
Appraisal
Most refinances require a home appraisal to confirm current market value. Streamline programs (FHA, VA) may waive this requirement.
Underwriting
Our team collects final documents and submits to underwriting. Conditions are cleared and a clear-to-close is issued.
Close & Fund
Sign your final loan documents, the new loan funds, and your old mortgage is paid off.
Know Before You Refi
Understanding Your Break-Even Point
The break-even point tells you how many months it takes to recoup the closing costs of a refinance through your monthly savings. It is the single most important number to calculate before committing.
Example: If your closing costs are $5,000 and your new monthly payment is $200 lower, your break-even is 25 months. If you plan to stay in the home longer than that, the refinance is likely worthwhile.
Streamline programs (FHA, VA) often have little to no out-of-pocket costs, which can make the break-even as short as a few months.
Calculate Your Break-Even →Get Started
Ready to Explore a Refinance?
Tell us about your current loan and goals. We will follow up within one business day.
Common Questions
Frequently Asked Questions
How long does a refinance take?
Most refinances close in 21–30 days from application. FHA Streamline and VA IRRRL transactions can sometimes close faster — in 14–21 days — because reduced documentation is required and appraisals are often waived.
Will I need a new appraisal to refinance?
It depends on the program. Conventional and standard FHA/VA refinances typically require a full appraisal. FHA Streamline and VA IRRRL refinances frequently waive the appraisal requirement, which speeds up the process and reduces costs.
What are typical closing costs on a refinance?
Refinance closing costs in California typically run 2–3% of the loan balance. On a $350,000 loan that is roughly $7,000–$10,500. Options include rolling costs into the loan balance, accepting a lender credit (no-cost refi), or paying out of pocket. We will show you a full fee breakdown before you commit.
Can I refinance with less-than-perfect credit?
Yes. FHA refinances accept credit scores as low as 580. VA IRRRL has no set minimum (though most lenders want 580+). If your credit has taken a hit since you bought your home, a streamline program may still be available depending on your loan type. Contact us and we will review your specific situation.
Ready to start your refinance application?
Apply securely online through our Blink mortgage portal. Takes about 10 minutes.
My Mortgage Company, Inc. · CA DRE #02168831 · NMLS #2269164 · Broker: Omar L. Ortiz, NMLS #951384, DRE #02056548. Licensed by the California Department of Real Estate. Loans subject to credit approval. Not all applicants will qualify. Interest rates and program availability subject to change without notice. All figures, rates, fee ranges, and examples shown on this page are for informational purposes only and are not a guarantee of rates, fees, loan terms, or qualification. This is not a commitment to lend.