Refinancing a mortgage involves replacing your current home loan with a new one, typically to secure a lower interest rate, adjust your loan terms, or tap into your home’s equity.

For example, if you have a $350,000 balance from a 2020 loan at 6.25%, you might refinance into a new mortgage at 5.75% to reduce your monthly payments or pay off your home faster.

The refinance process mirrors much of what you experienced when you first purchased your home: application, documentation, appraisal, underwriting, and closing.

In the 2026 rate environment, expect the entire process to take roughly 30–45 days from application to closing, though this can vary based on lender efficiency and how quickly you respond to document requests.

Before diving into the steps, here are the most common reasons homeowners refinance:

• Lower the monthly mortgage payment by securing a reduced interest rate
• Switch from an adjustable rate mortgage to a fixed rate mortgage before rates reset
• Shorten the loan term to pay off the home faster
• Eliminate mortgage insurance on an FHA loan after building sufficient equity
• Access cash through a cash out refinance for home improvements, debt consolidation, or other major expenses

The rest of this guide walks you step-by-step through the mortgage refinance process and helps you decide whether refinancing makes financial sense for your situation.

What Is a Mortgage Refinance?

A mortgage refinance means paying off your existing mortgage—whether it’s a 30-year fixed from 2018 or a 15-year loan from 2021—with a new loan that carries different terms, a different interest rate, or a different balance.

When you refinance a mortgage, the original mortgage is completely discharged at closing, and you begin making payments on the new mortgage under its own set of conditions.

The new loan can come from your current lender or from a completely different mortgage company.

Either way, the mechanics work the same: your new lender pays off the old loan, and you start fresh with the new loan’s rate and terms.

Why do homeowners typically refinance?

• Lowering the interest rate: If rates have dropped since you took out your current mortgage, refinancing could save you significant money over the life of the loan. For instance, dropping from 7.00% to 5.75% on a $300,000 balance could reduce your monthly payment by roughly $250.
• Changing the loan length: You might refinance from a 30-year to a 15-year mortgage to become debt-free faster, or extend your term to lower monthly costs.
• Moving from ARM to fixed: If your adjustable rate mortgage is set to reset in 2027 and you’re concerned about rising rates, switching to a fixed rate loan locks in predictable payments.
• Pulling out equity: A cash out refinance lets you borrow more than your current balance and receive the difference as cash—useful for a $40,000 kitchen renovation or consolidating high-interest debt.
• Combining multiple loans: A refinance can consolidate a first mortgage and second mortgage—or a home equity line of credit—into just one loan with one monthly payment.

Before You Start: Decide If Refinancing Makes Sense

The refinancing decision should always begin with math and timing—not just a sense that “rates look lower.” In the 2024–2025 rate environment, where 30-year fixed rates have fluctuated between roughly 6% and 7.5%, running the numbers is essential before committing to a refinance.

Start by comparing your current rate to available refinance rates.

If you’re paying 7.00% on your existing loan and can refinance at 6.00%, you’ll see meaningful monthly savings.

But rates alone don’t tell the whole story—you need to factor in the costs of refinancing to determine whether the switch actually benefits you.

This is where the break even point comes in.

The break-even calculation divides your total refinance costs by your monthly savings to show how many months you need to stay in the home to recover those costs.

Break-even example:

1. Total closing costs on your refinance loan: $5,000
2. Monthly savings from lower payment: $200
3. Break-even period: $5,000 ÷ $200 = 25 months

In this scenario, you’d need to remain in the home for at least 25 months—roughly through early 2027 if you close in 2025—before the refinance starts putting money in your pocket.

Key considerations before moving forward:

• How long do you plan to stay in the home? If you’re relocating before 2029, a long break-even period may not work in your favor.
• Has your credit score improved since your original mortgage? Better credit often means better rates.
• Has your home value risen since purchase? Higher equity opens more refinancing options and may eliminate private mortgage insurance.

Set Clear Mortgage Refinance Goals

Before contacting lenders, identify one primary goal for refinancing your mortgage.

Trying to accomplish everything at once often leads to confusion and suboptimal outcomes.

• Lower your monthly payment: If cash flow is tight, extending your loan term or securing a lower interest rate can cut payments. For example, refinancing to drop a $2,600 payment to approximately $2,200 provides immediate budget relief.
• Pay off faster: Shortening from 26 years remaining on your current mortgage to a new 15-year loan means you’re mortgage-free by 2040 instead of 2050—and you’ll pay dramatically less in total interest costs.
• Lock in a fixed rate: If your ARM resets in 2026 or 2027, refinancing now into a fixed rate mortgage eliminates the risk of payment increases.
• Access cash: A cash out refinance can fund specific projects—a 2025 bathroom remodel, a 2026 addition, or consolidating credit card balances.
• Remove mortgage insurance: FHA loans carry mortgage insurance premiums for the life of the loan in many cases. Refinancing into a conventional loan once you have 20% equity can eliminate mortgage insurance entirely.

Be careful: Extending your term—like restarting a 30-year clock in 2024 after 8 years of payments—can increase total interest paid even if the monthly payment drops.

Always calculate the long-term cost, not just the immediate savings.

Check Your Credit, Income, and Debt

Your financial profile directly impacts the rates and terms you’ll qualify for.

Here’s what to examine:

• Pull your credit reports: Request reports from Experian, Equifax, and TransUnion at AnnualCreditReport.com. Review for errors and dispute any inaccuracies before applying.
• Know your credit score thresholds: Conventional refinances typically require at least 620. Many FHA loans allow scores as low as 580 as of 2024 guidelines. However, a solid credit score of 740 or higher qualifies you for the best refinance rates and lowest fees.
• Understand the rate impact: A 0.5% rate difference over 30 years on a $350,000 loan can cost you tens of thousands in additional interest. Improving your score before applying pays dividends.
• Calculate your debt-to-income ratio: Most conventional loans want your total monthly debts (including the new mortgage payment) under approximately 43% of your gross monthly income. Higher DTI ratios may limit your refinancing options.
• Prepare in advance: Pay down revolving debt like credit cards in the 3–6 months before applying. Avoid opening new credit cards, auto loans, or other financing during this period—new credit inquiries and accounts can temporarily lower your score and raise red flags for underwriters.

Estimate Your Home Equity

Home equity is your current fair market value minus your mortgage balance.

This number determines your loan to value ratio and significantly impacts your refinancing options.

Example calculation:

• Current market value: $500,000
• Mortgage balance: $340,000
• Equity: $160,000 (32%)
• Loan-to-value ratio: 68%

Most conventional refinances work best with at least 20% equity.

Below that threshold, you’ll likely pay private mortgage insurance on the new loan, which increases your monthly costs.

FHA loans and VA loans may permit higher LTV ratios, but each program has specific requirements.

Ways to estimate your home’s value:

• Review recent comparable sales from late 2024 in your neighborhood (homes similar in size, age, and condition that sold within the past 3–6 months)
• Use online valuation tools as a rough starting point (but recognize these can be off by 5–10%)
• Request a pre-listing opinion from a local real estate agent

Lower equity may limit your options for a cash out refinance or require mortgage insurance on the new loan—both of which affect your potential savings.

Choose Your Refinance Type

Not all refinances are created equal.

The type you choose depends on your goals, your home’s equity position, and your current loan type.

The main categories include:

• Rate-and-term refinance: Change your interest rate, loan term, or both without taking significant cash out
• Cash-out refinance: Borrow more than you owe and receive the difference in cash
• Streamline refinances: Simplified programs for existing FHA loans and VA loans with reduced documentation and often no appraisal

The best refinance type depends on whether you’re focused on payment reduction, term change, or accessing cash.

Underwriting standards vary by program and by 2024–2025 lender overlays, so eligibility can differ from one mortgage lender to another.

Rate-and-Term Refinance

A rate and term refinance changes your interest rate, your loan term, or both—without extracting significant equity.

You might receive small adjustments at closing, such as a few thousand dollars in lender credits, but the primary purpose is restructuring your existing loan.

Example scenario:

You have a 30-year loan at 6.75% with 25 years remaining.

You refinance into a new 20-year loan at 5.75%.

Your monthly payment may stay roughly the same, but you’ll be debt-free by 2044 instead of 2049—and you’ll save substantially on total interest.

This is typically the best option when your goal is purely a lower payment or faster payoff.

Rate-and-term refinances generally offer lower rates and simpler underwriting than cash-out options.

Cash-Out Refinance

A cash out refinance replaces your existing loan with a new loan for a larger amount.

At closing (or shortly after the mandatory rescission period), you receive the difference between your old payoff and the new loan amount in cash.

Example scenario:

• Current balance: $240,000
• New loan amount: $300,000
• Home value: $480,000
• New loan-to-value: 62.5%
• Cash received: $60,000 (wired after the three-day rescission period on owner-occupied homes)

Common uses for cash-out funds:

• Funding a 2025 kitchen remodel or home improvements
• Consolidating high-interest credit cards (often 20–30% APR) into a 6–7% mortgage rate
• Covering college tuition bills
• Making major purchases or investments

Important considerations:

• Cash-out loans often carry slightly higher rates (0.25%–0.75% above rate-and-term)
• Your total mortgage balance increases, as does long-term interest cost
• Most conventional cash-out refinances cap LTV at 80% as of 2024
• You’re trading shorter-term debt (credit cards) for longer-term debt (mortgage), which may not always make sense

Streamline and Specialized Refinances

If you currently have a government-backed loan, streamlined refinance programs offer faster, cheaper paths to better terms.

FHA Streamline Refinance:

• Available to borrowers with existing FHA loans
• Limited documentation requirements
• Often no new appraisal needed
• Requires a history of on-time payments (typically 6+ months)
• Cannot take significant cash out
• Administered through the Federal Housing Administration

VA Interest Rate Reduction Refinance Loan (IRRRL):

• Available to eligible veterans with existing VA loans
• Simplified process to lower your rate or switch from ARM to fixed
• Minimal paperwork and often no appraisal
• No cash-out allowed (beyond minor adjustments)

USDA Streamline:

• Available in some cases for existing USDA rural development loans
• Similar simplified process with reduced documentation

These programs generally don’t allow large cash-out amounts but can close faster and with lower appraisal fees and origination fees.

For borrowers in government-backed loans during 2024–2025, streamlines are often the most efficient path to savings.

Program rules change over time.

Always verify current eligibility requirements with your lender or the relevant agency before applying.

Shop for a Lender and Compare Offers

One of the most consequential steps in the refinance process is shopping multiple mortgage lenders.

Getting quotes from at least three lenders helps ensure you’re getting competitive rates and reasonable fees.

Here’s the good news: if you apply with several lenders within a 14–45 day window, credit bureaus treat all the mortgage-related inquiries as a single pull for scoring purposes.

This means shopping around won’t tank your credit score.

When comparing offers, look beyond the interest rate alone.

A lender offering 5.875% with $8,000 in closing costs might be more expensive overall than one offering 6.00% with $3,000 in costs, depending on how long you plan to keep the loan.

Using the Loan Estimate to compare:

Within three business days of your application, each lender must provide a Loan Estimate—a standardized document that lets you compare offers line-by-line.

Review these key fields:

• Interest rate and annual percentage rate (APR)
• Discount points or lender credits
• Origination fees
• Third-party fees (appraisal, title insurance, recording)
• Estimated monthly payment

Example comparison (for a $350,000 refinance in mid-2025):

Item	Lender A	Lender B
Interest Rate	6.00%	6.25%
Origination Fee	$3,500	$1,000
Total Closing Costs	$9,200	$5,800
Monthly Payment	$2,098	$2,155

In this scenario, Lender A has the lower rate but significantly higher costs.

If you’re staying long-term, Lender A may win.

If you might move in 3–4 years, Lender B’s lower upfront costs could be the smarter choice.

Don’t forget to check lender reviews for service quality, communication, and processing speed.

Delays in underwriting or appraisal can push your closing into a worse rate environment if your lock expires.

Decide Whether to Refinance With Your Current Lender

Your existing lender—the company that services your current mortgage—may have advantages worth considering:

• Potential fee discounts: If your loan is recent, the lender may waive or reduce title insurance costs since they already have much of the documentation on file
• Faster processing: Your current servicer already has your payment history and property records, which can streamline verification
• Familiar communication: You already know their systems and customer service processes

However, loyalty doesn’t guarantee the best deal. Always:

• Request a formal quote from your current lender
• Compare it directly to competing offers with concrete numbers
• Ask your current lender to match or beat competing quotes in writing
• Verify whether your existing loan has any prepayment penalties (rare on post-2010 owner-occupied mortgages, but worth confirming)

Apply for the Refinance and Submit Documents

The formal application can often be completed online or by phone in under an hour.

You’ll provide detailed information about:

• Property address and estimated current value
• Current loan balance and servicer name
• Income, employment history, and employer contact information
• Assets (bank accounts, investment accounts, retirement funds)
• Debts (credit cards, auto loans, student loans, other mortgages)
• Your refinance goals (rate reduction, cash-out amount, term change)

Within three business days of your application, the lender must provide a Loan Estimate.

Review it carefully to confirm that terms match the initial quotes you received.

Look for any unexpected changes in rate, fees, or loan type.

After reviewing the Loan Estimate, you’ll typically e-sign initial disclosures to move forward.

Then the real documentation phase begins.

Key Documents You’ll Need

Gathering your paperwork upfront dramatically speeds the process.

Have these ready before you apply:

Income documentation:

• Recent pay stubs covering the last 30 days
• W-2s from the past 2 years (or 1099s if you’re a contractor)
• Federal tax returns from the past 2 years

Self-employed borrowers also need:

• Two years of business tax returns
• Year-to-date profit and loss statements
• Business bank statements (often 2–3 months)

Asset documentation:

• Bank statements for all checking and savings accounts (2–3 months, including blank pages)
• Investment and retirement account statements

Property and loan documentation:

• Current mortgage statement showing balance and servicer information
• Homeowner’s insurance declarations page with agent contact information
• Property tax bill
• HOA statements if applicable

Pro tips for faster processing:

• Keep documents as digital PDFs for quick upload
• Respond to underwriter requests within 24–48 hours
• Don’t provide documents with missing pages—underwriters will request the complete versions anyway

Rate Lock, Appraisal, and Underwriting

After your initial application review, three critical steps happen: you decide when to lock your rate, an appraisal is ordered (in most cases), and your file enters underwriting for final approval.

Typical rate lock periods range from 30 to 60 days.

A longer lock—say 60 days in early 2025—might cost slightly more than a 30-day lock because the lender takes on more risk of rate movement.

Discuss timing with your loan officer based on your expected closing timeline.

During processing and underwriting, the lender verifies everything: income stability, employment history over the past two years, bank balances, outstanding debts, and property value.

This is where your documentation is scrutinized against investor guidelines.

Locking or Floating Your Interest Rate

A rate lock is the lender’s commitment to honor a specific interest rate and cost structure if your loan closes within the lock period—regardless of how mortgage rates move day-to-day.

Floating means you don’t lock immediately, hoping rates will fall before you close.

This strategy carries risk: if rates climb instead, you could end up with a worse deal than you started with.

Example scenario:

• You lock a 6.25% 30-year fixed on June 10, 2025, for 45 days
• Rates rise to 6.75% by late June
• Your locked rate protects you—you still close at 6.25%

Alternatively, if you floated and rates rose, you’d be stuck at 6.75% or higher.

Questions to ask your lender:

• What lock periods are available, and how does pricing differ?
• What are the fees if I need to extend my lock?
• Do you offer a float-down option that lets me capture lower rates if they drop?

Home Appraisal and Property Review

Most full refinances require a licensed appraiser to estimate your home’s fair market value.

The appraisal typically involves either an in-person visit or, in some cases, a desktop appraisal using comparable sales data.

What happens during an in-person appraisal:

• The appraiser visits for 20–60 minutes
• They photograph the exterior and interior
• They note updates like a 2023 roof replacement or 2022 bathroom remodel
• They compare your home to recent sales (comps) from the past 3–6 months

Why the appraised value matters:

The appraisal determines your loan-to-value ratio, which affects PMI requirements and cash-out availability.

A lower-than-expected value can force changes to your loan structure.

Example impact:

• Expected value: $500,000 (78% LTV on a $390,000 loan)
• Actual appraisal: $470,000 (83% LTV on the same loan)
• Result: You may now need to pay private mortgage insurance or reduce your loan amount

Preparation tips:

• Declutter and ensure the home is accessible
• Complete small repairs (fix that leaky faucet, replace burnt-out bulbs)
• Provide the appraiser a written list of recent upgrades with dates and approximate costs

Underwriting Review and Conditions

Underwriting is where the lender’s risk assessment happens.

An underwriter reviews your complete file: income stability, employment verification, bank balances, debt obligations, credit report, and the appraisal report.

Most files receive conditional approval rather than an outright approval.

This means the underwriter approves the loan subject to specific conditions being met.

Common underwriter conditions include:

• Updated pay stubs showing your most recent period
• Letter of explanation for a late payment from March 2023 that appeared on your credit report
• Verification of deposit for a large cash deposit in your bank statements
• Updated homeowner’s insurance showing the new lender as mortgagee

Automated underwriting systems (AUS) like Fannie Mae’s Desktop Underwriter run the initial analysis, but a human underwriter still reviews and signs off on the loan.

Respond to all conditions quickly and completely.

Delays at this stage can push your closing past the rate lock expiration, potentially requiring a costly extension or a worse rate.

Closing on Your New Mortgage

Once all underwriting conditions are cleared, the lender issues a “clear to close.” This means your loan documents are being prepared and closing can be scheduled.

You’ll receive a Closing Disclosure at least three business days before your closing appointment.

This final document shows:

• Your locked interest rate and APR
• Your monthly payment breakdown (principal, interest, taxes, insurance)
• Itemized closing costs

Compare the Closing Disclosure line-by-line against your original Loan Estimate.

Significant changes require explanation, and you have the right to ask questions before signing.

Typical closing cost ranges:

Expect closing costs to run approximately 2–5% of the loan amount.

On a $400,000 refinance, that’s roughly $8,000–$20,000, though the exact figure depends on your location, lender, and loan type.

You can pay these costs in three ways:

1. Cash at closing (write a check or wire funds)
2. Lender credits (accept a slightly higher rate in exchange for the lender covering costs)
3. Rolling costs into the new loan (increases your loan amount and monthly payment)

Example closing timeline:

• Monday: Receive Closing Disclosure
• Thursday: Sign documents at closing
• Friday–Monday: Three-day rescission period (you can cancel without penalty)
• Tuesday: Loan funds, old loan paid off, cash-out proceeds disbursed

The Closing Appointment

On closing day, you’ll meet with a notary or settlement agent (either in person or through a remote online notarization platform).

Bring:

• Government-issued photo ID
• Any certified funds required for closing costs not being rolled into the loan

You’ll sign a stack of loan documents including:

• The promissory note (your promise to repay)
• The deed of trust or mortgage (gives the lender a security interest in your property)
• Various disclosures and affidavits

For primary residence refinances in the United States, federal law provides a three-business-day right of rescission after signing.

During this window, you can cancel the refinance for any reason.

Because of this waiting period, funds aren’t disbursed until after rescission expires.

After the rescission period:

• The new loan funds
• Your existing loan is paid off electronically
• Any cash-out proceeds are wired to your bank or mailed as a check (often the next business day)
• Your first loan payment on the new mortgage is typically due 30–60 days after closing

After Closing: Managing Your New Loan

The refinance process doesn’t end at the closing table.

Here’s how to manage your new loan effectively:

• Store your documents securely: Keep the promissory note, Closing Disclosure, and deed of trust in both digital and physical formats. You’ll need these for tax purposes and any future refinance.
• Expect possible servicing transfer: Your loan may be sold or transferred to a different servicing company within the first few months. This is normal—your loan terms don’t change, only the payment address and customer service contact. You’ll receive written notice before any transfer.
• Set up autopay: Most lenders offer a 0.25% rate discount for autopay enrollment. Even without a discount, autopay ensures you never miss a payment.
• Consider extra principal payments: Adding even $100 per month to your payment can shorten a 30-year loan by several years and save tens of thousands in interest. Direct the extra amount to principal specifically.
• Watch for escrow adjustments: Your escrow account covers property taxes and homeowner’s insurance. Annual escrow analyses may adjust your monthly payment up or down based on changes in these costs.
• Verify payoff confirmation: Keep statements from both your old and new loans until you receive confirmation that the old mortgage was satisfied. This typically arrives within 30–60 days of closing.

Costs, Risks, and When Not to Refinance

While refinancing can lower your monthly payments or reduce total interest costs, fees and risks mean it’s not always the right move.

Typical fee categories:

Fee Type	Typical Range
Origination fees	0.5%–1% of loan amount
Appraisal fees	$400–$600
Credit report fee	$25–$50
Title search and title insurance	$700–$1,500
Recording fees	$50–$250
Prepaid taxes and insurance	Varies by location

Example: On a $400,000 refinance at 2% total closing costs, expect approximately $8,000 in expenses.

When refinancing may be a poor choice:

• You’re planning to move within 1–3 years (you may not reach break-even)
• You have a very low existing rate from 2020–2021 (current rates may not offer improvement)
• You’re late in your amortization schedule and would restart a 30-year clock (dramatically increases total interest paid)
• Your home value has dropped, leaving you with insufficient equity
• Your financial situation has worsened since your original mortgage, making approval difficult or resulting in a higher rate

Calculating Your Break-Even Point

The break-even calculation tells you exactly when your refinance savings exceed your upfront costs.

Step-by-step example:

1. Total refinance costs: $7,200
2. Monthly payment reduction: $300
3. Break-even period: $7,200 ÷ $300 = 24 months

If you’re planning to sell or relocate in late 2026—less than 24 months from a 2025 closing—the refinance may not benefit you financially.

Additional considerations:

• If you’re doing a cash out refinance to consolidate debt, factor in the interest savings on those debts (e.g., paying off a 24% credit card with a 6.5% mortgage)
• Consider the value of switching from an adjustable rate to fixed rate even if the monthly payment doesn’t drop significantly—rate stability has value
• Remember that a slightly higher monthly payment on a shorter term could save you more long-term than chasing the lowest possible monthly payment

Potential Pitfalls and How to Avoid Them

Even a smart financial move like refinancing can go wrong if you’re not careful:

• Overextending with cash-out: Pulling too much equity leaves you vulnerable if home values decline. Aim to keep at least 20% equity after the refinance when possible.
• Accepting longer terms for lower payments: A $2,400 payment dropping to $2,100 sounds great—until you realize you’ve added 10 years of payments. Always calculate total interest paid over the life of both loans.
• Choosing an ARM in a low-rate environment: If fixed rates are already historically reasonable for 2024–2025, locking in that certainty often makes more sense than gambling on an adjustable rate mortgage.
• Misunderstanding “no-closing-cost” refinances: These loans aren’t actually free—costs are typically baked into a higher rate or rolled into the loan amount. Over time, you may pay significantly more in interest.

Comparison example:

Option	Rate	Closing Costs	Total Interest Over 30 Years
Standard loan	6.00%	$7,500 upfront	$295,000
“No-cost” loan	6.50%	$0 upfront	$332,000

The “no-cost” option costs $37,000 more in interest over the loan’s life—far more than the $7,500 you “saved” at closing.

Additional warnings:

• Read all terms for prepayment penalties (rare but still exist on some loans)
• Verify no balloon payments exist in your new loan
• If uncertain about any terms, consult a HUD-approved housing counselor or financial planner before signing

Summary: Putting Your Mortgage Refinance Plan Into Action

The mortgage refinance process follows a logical sequence that any prepared homeowner can navigate:

1. Clarify your goals: Determine whether you want lower monthly payments, a shorter loan term, a switch to a fixed rate loan, or access to cash
2. Check your financial position: Review your credit score, debt-to-income ratio, and home equity to understand what you qualify for
3. Choose the right refinance type: Rate-and-term for pure savings, cash-out for equity access, or streamline for existing FHA and VA loans
4. Shop multiple mortgage lenders: Get at least three quotes within a 14–45 day window and compare using Loan Estimates
5. Apply and submit documents: Provide pay stubs, tax returns, bank statements, and property information promptly
6. Navigate appraisal and underwriting: Lock your rate strategically and respond quickly to any conditions
7. Close and manage your new loan: Review your Closing Disclosure, sign your documents, and set up autopay

Timing matters.

Whether you’re looking to refinance in 2025 and plan to stay through 2030 or beyond, run your break-even analysis honestly.

Consider total costs, not just the monthly payment difference.

Before contacting lenders, prepare your documents.

Have your recent pay stubs, tax returns, and bank statements organized digitally.

Know your current loan balance and approximate home value.

This preparation signals to lenders that you’re a serious borrower and accelerates your timeline.

Refinancing is a tool—powerful when aligned with your broader financial plan, but not automatically the right choice for every homeowner in every rate environment.

Run your numbers, understand your options, and when the math works, take action.

If you’re ready to explore whether refinancing makes sense for your situation, start by gathering your documents and requesting quotes from two or three reputable lenders this week.