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Refinance Now to Lower Your Rate. Tap Your Equity. Pay Less.

Rate-and-Term Refinance

Lower Your Rate or Shorten Your Term

Replace your current mortgage with a better one. No cash out, just better terms.

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Calculate Savings
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What Is a Rate-and-Term Refinance?

A rate-and-term refinance replaces your current mortgage with a new one—without taking cash out. You're refinancing to either:

  • Lower your interest rate (and monthly payment)
  • Shorten your loan term (pay off your home faster)
  • Both

Your loan balance stays roughly the same (plus closing costs if you roll them in). You're just improving the terms.

Two people shaking hands while one holds a key labeled 'Home' and the other holds a home insurance policy document.

Why Do It

Why Rate-and-Term Refinance?

Lower Your Monthly Payment

Even a 0.5% rate drop can save you hundreds per month.

Example:
$300,000 loan at 7% = $1,996/month Same loan at 6.5% = $1,896/month

‍Savings: $100/month ($36,000 over 30 years)

Pay Off Your Home Faster

Switch from 30-year to 15-year and cut your timeline in half.

Example:
$300,000 loan, 30-year at 6.5% = $1,896/month (total interest: $382,633)Same loan, 15-year at 6.0% = $2,532/month (total interest: $155,760)
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‍Interest saved: $226,873 (and own your home 15 years sooner)

Build Equity Faster

Shorter terms and lower rates mean more of your payment goes to principal.

Remove PMI

If your home value has increased and you now have 20%+ equity, you may be able to drop private mortgage insurance.

The Rate-and-Term Refinance Process

Step 1

Check Your Rate

In 5 minutes, see what rates you qualify for based on credit and equity.

Step 2

Review Your Options

Same day. Compare your current payment to what you'd pay with a new loan.

Step 3

Lock Your Rate

When ready. Protect against rate increases while we process your loan.

Step 4

Appraisal

1-2 weeks. We'll order an appraisal to confirm your home's value.

Step 5

Close

30-45 days. Sign documents and start your new loan with better terms.

Start Your Rate-and-Term Refi

What You Need to Qualify

Home Equity

Typically 20% equity for best rates (some programs allow less)

Credit Score

620+ for conventional, 580+ for FHA, flexible for VA

Income Verification

Proof of stable income through pay stubs, W-2s, tax returns

Debt-to-Income Ratio

Typically 43-50% maximum

Appraisal

Property must appraise at current value to support refinance

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Rate-and-Term Refinance Questions

Contact Us

Typically 2-5% of your loan amount in closing costs. We'll provide exact figures upfront.

Yes, though this increases your loan balance slightly.

Divide your closing costs by monthly savings. If costs are $3,000 and you save $100/month, break-even is 30 months.

Yes, though you'll need to wait until you have enough equity (typically 20%). Some programs allow sooner.

Usually yes, unless you qualify for a streamline refinance (VA IRRRL or FHA Streamline).

See Your Rate-and-Term Options

Check your options in 5 minutes. See your rate, payment, and potential savings.

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