Lower the rate or shorten the term — and keep your balance where it is.
A rate-and-term refinance swaps your loan for a better one without adding to what you owe. Use it to grab a lower rate, move from a 30-year to a 15- or 20-year payoff, or drop mortgage insurance once you've built enough equity. We only recommend it when the break-even actually works — in English or Spanish.
Who this is for
- Owners whose rate is higher than what's available now
- Homeowners ready to remove mortgage insurance after building 20% equity
- People who want to pay the house off faster on a 15- or 20-year term
- Anyone who wants a lower payment without pulling cash out
How it works
Compare your rate to today's
Send your current rate, balance, and payment. We check whether today's numbers actually beat what you have — if they don't yet, we'll say wait.
Pick your goal
Lower payment, faster payoff, or dropping mortgage insurance — each points to a different term. We map the option that matches yours.
Run the break-even
We show how many months of savings it takes to cover the closing costs, so you know the exact point the refinance pays for itself.
Lock and close
When it clears, we lock the rate, coordinate the appraisal and underwriting, and get you to a clean signing — your balance essentially unchanged.
A lower monthly payment
A better rate — or a longer term — frees up room in the budget every month.
Own it years sooner
Moving from a 30-year to a 15- or 20-year term can save tens of thousands in interest.
Shed mortgage insurance
Once you've built about 20% equity, refinancing off an FHA loan can drop the insurance for good.
A break-even you can trust
We only push go when the savings clear the closing costs in a timeframe that makes sense for you.
Today's sample rate-and-term refinance rates
Common questions
How is this different from a cash-out refinance?
This one doesn't hand you any money — it just improves the loan you already have. A cash-out refinance replaces your loan with a larger one and gives you the difference in cash. If you want a better rate or term but no lump sum, rate-and-term is the simpler, usually cheaper route.
How much lower does the rate need to be to make it worth it?
There's no magic number — it's about the break-even. If the closing costs are $6,000 and you save $200 a month, you break even in 30 months. If you'll stay past that point, it likely pays off. We calculate it for your exact loan before you commit.
Can I shorten my term without a big payment jump?
Sometimes. Moving from a 30- to a 20-year term raises the payment less than going to 15, and a lower rate softens the increase. We'll show you the payment at each term so you can pick what fits your budget.
Will this get rid of my FHA mortgage insurance?
It can. FHA mortgage insurance often stays for the life of the loan, but once you've built roughly 20% equity, refinancing into a conventional loan can remove it. We'll check whether you're there yet and whether the switch saves you money overall.
Do I have to pay closing costs up front?
Not always. Depending on the loan, closing costs can be rolled into the balance or offset by a lender credit in exchange for a slightly higher rate. We lay out both so you can decide whether to pay now or over time.
Will my loan restart at 30 years?
Only if you want it to. You can refinance back into a 30-year term for the lowest payment, or into a 15- or 20-year term to keep your payoff date on track. It's entirely your call.