Rate & Term Refinance
Lower your rate, shorten your term, or switch from adjustable to fixed — without cashing out equity.
Overview
A rate and term refinance replaces your current mortgage with a new one at a lower interest rate, a shorter term, or both — without accessing cash from your equity. This is the most common type of refinance and is used to reduce monthly payments, reduce total interest paid, or switch to a more predictable rate structure.
Who Is This For?
- Homeowners with a rate higher than current market rates
- Borrowers wanting to switch from ARM to fixed-rate
- Homeowners with improved credit who may qualify for better terms
- Borrowers who want to pay off their mortgage faster with a shorter term
Recommended Programs
Loan programs that fit this buying scenario.
The Buying Process
What to expect from pre-approval to closing.
Review Your Current Loan
We compare your current rate and terms to today's options.
Get Pre-Approved
See exactly what rates you qualify for.
Close & Start Saving
Simple closing process — new rate, new payment, same home.
Frequently Asked Questions
Generally when you can lower your rate by at least 0.5–1%, or when switching from an ARM to a fixed rate before adjustment. Calculate your break-even point (closing costs ÷ monthly savings) to determine if it's worth it.