Rate & Term Refinance
Replace your current mortgage with a new one to change your rate, your loan term, or both. No cash comes out of your home.
Who it's for
- Homeowners who want a lower rate or a smaller payment
- Anyone who wants to shorten their loan term and pay it off sooner
- Homeowners who want to drop mortgage insurance or switch loan types
Requirements at a glance
General information only. Eligibility, terms, and requirements vary by lender and borrower, and not everyone will qualify. This is not a commitment to lend.
Rate & Term compared with Cash-Out.
They share most of the process: both replace your current mortgage with a new one, involve closing costs and usually an appraisal, and review your credit, income, and home value. The big difference is cash.
| Rate & Term | Cash-Out | |
|---|---|---|
| Cash at closing | No cash taken out | Yes. You receive the difference in cash |
| Loan amount | About what you owe now | More than you owe now |
| Your home equity | Stays about the same | Goes down, because you borrow against it |
| Typical goal | Lower your rate or payment, shorten your term, or drop mortgage insurance | Fund a project, pay off higher-interest debt, or cover a large expense |
| Pricing and limits | Often the more favorable terms | Often priced a bit higher, with tighter limits on how much you can borrow |
Weighing both? See the Cash-Out page
Four steps. Zero guesswork.
Tell me your goals
A short, no-pressure conversation about what you want and your numbers.
I compare lenders
I look across lenders to find the best Rate & Term refinance option for your situation.
You apply, I run the file
One application. I manage the file and keep you updated.
Close with confidence
You know what to expect at every step, all the way to the keys.
Good to know.
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Ready to see what you qualify for?
It takes five minutes and a soft credit check. No obligation, no pressure, just a clear picture of your options.