Rate-and-Term Refinance
A rate-and-term refinance replaces your existing mortgage to change the rate, the term, or both, without taking cash out.
What Rate-and-Term Refinance means
The goal is a lower payment, a shorter payoff, or switching from an ARM to a fixed rate. Without cash out, these refinances often price better than cash-out loans.
Florida example
A Florida homeowner refinances a 7.5% loan into a 6.5% rate-and-term loan, cutting the payment by about $230 a month. They keep the same balance and simply improve the terms.
What it is
A rate-and-term refinance replaces your current loan with a new one to change the rate, the term, or both. You do not take cash out.
The goal is a lower payment or a faster payoff.
When it helps
This refinance makes sense when rates drop or when you want to switch from an adjustable to a fixed loan. It can save real money.
We run the break-even math for you. Reach out and we will show if a refinance pays off.
Related program: Learn more →
Verify the details for your own situation against these government and agency sources: CFPB guide to refinancing and CFPB Owning a Home guide.