What is a rate-and-term refinance?

A rate-and-term refinance replaces your existing mortgage with a new one that has a better rate, a different term, or both — without taking cash out. It's the classic way to lower your payment or pay off faster.

Because no cash leaves the deal, it has easier guidelines and more flexible LTV than a cash-out. We'll calculate the break-even point so you know how long it takes for the savings to cover the closing costs.

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