Refinance on your terms.

Refinancing generally makes sense when you can reduce your interest rate by at least 0.5-0.75%, you plan to stay in your home long enough to recoup closing costs, or you want to change your loan term or type. With DC's higher loan amounts, even a smaller rate reduction can produce meaningful monthly savings — run your numbers with our free savings analysis.

Closing costs for a DC refinance typically run 2-4% of the loan amount, covering lender fees, appraisal, and title insurance. One pleasant surprise: DC fully exempts residential refinances from recordation tax — including cash-out refinances — with a one-page affidavit your settlement agent files at closing (D.C. Code § 42-1102(21)), so budget $0 for that line.

The break-even point is how long it takes your monthly savings to recoup your closing costs. Divide total closing costs by monthly savings to get the number of months. If you'll stay in the home longer than that, the refinance saves you money; if you might move sooner, it usually doesn't pencil out.

A rate-and-term refinance changes your interest rate, loan term, or both without increasing the balance — the goal is a lower payment or faster payoff. A cash-out refinance replaces your loan with a larger one and pays you the difference in cash, letting you tap your equity. See our DC cash-out refinance guide for how that path works.

Conventional refinances generally look for a score of 620 or higher, with the strongest pricing at 740+. FHA and VA streamline refinances can be more forgiving. A stronger score means better options — but don't assume you're shut out before we've looked at the whole picture.

For a conventional rate-and-term refinance, you can often refinance with as little as 5% equity, though 20% avoids mortgage insurance. Cash-out refinances typically require you to keep at least 20% equity after taking cash. FHA and VA streamlines may not require an appraisal at all.

A streamline refinance is a simplified process for existing FHA and VA loans — less documentation, often no appraisal, and a faster close than a standard refinance. The trade-off is that streamlines are rate-and-term only; you can't take cash out.

The VA Interest Rate Reduction Refinance Loan (IRRRL) is a streamlined refinance for veterans with existing VA loans — no appraisal, no income verification, and a low 0.5% funding fee. You're generally eligible if you have a current VA loan, are current on payments, and at least 210 days have passed since your first payment.

Usually, yes. Most refinances let you finance closing costs into the new loan balance instead of paying cash at the table. You'll pay interest on them over the life of the loan, so we'll show the math both ways — out-of-pocket versus rolled in — and let you choose.

Yes. Condo refinances add one extra step: the lender reviews the building as well as you — warrantability, HOA finances, and owner-occupancy. Most established DC buildings qualify. If yours is non-warrantable, we work with lenders who can still get it done.

District Mortgage is a licensed mortgage broker, not a bank or direct lender. We do not fund loans with our own money. We take your application and shop it across our wholesale lender network, so the lenders compete for your loan and you take the winning offer. NMLS #2819502 — verify us at nmlsconsumeraccess.org.

No. We are licensed in the District of Columbia only, so the property has to be in DC. We cannot accept an application or a pre-qualification request for a property in Maryland, Virginia, or any other state. If your property is elsewhere, nmlsconsumeraccess.org will show you licensed originators in that state.

Our rates page is the canonical source for our pricing and carries an effective date, the APR alongside every rate, and the borrower assumptions each example is priced on. Rates shown anywhere on this site are illustrative examples, not offers of credit or commitments to lend, and pricing moves daily. Anyone quoting a rate from us should cite the effective date it was published with.