Loan program
Rate-and-Term Refinance
A rate-and-term refinance replaces your current mortgage primarily to change the rate or the loan term—not to take large cash out.
What is a rate-and-term refinance?
A rate-and-term refinance pays off an existing mortgage and replaces it with a new one mainly to adjust the interest-rate structure or the amortization term. It is not designed to convert large amounts of equity into cash.
When does it make sense to look?
Homeowners who want to remove mortgage insurance, move from an adjustable structure to a fixed one, shorten the term, or change loan types (for example FHA to conventional) often start here. Whether it is worth comparing depends on costs, break-even, and how long you plan to keep the home—not on a headline rate alone.
What stays the same?
You still underwrite income, credit, equity, and property. Closing costs can be paid upfront or rolled in within guideline limits. We map the new structure against your remaining balance and timeline.
What should we compare next?
If you need funds for debt consolidation or major expenses, cash-out refinance is the parallel path. If you have VA eligibility, a VA refinance option may also be worth reviewing.
Other programs worth comparing
Ready for the next step?
Start an application or book a call. I will help you compare what fits.